Tell the SEC: Revoke Standard & Poors Credit Rating Authority.
UPDATE: SEC issues Wells note; charges against S&P are forthcoming. Sign our petition to revoke their NRSRO status.
First, Standard & Poors threatened to downgrade the US credit rating if cuts were not made to Social Securty and Medicare to reduce the deficit.
Then, two days after a bipartisan Senate committee found S&P's misleading mortgage ratings to be a 'key cause' of the 2008 financial crisis, the agency issued another downgrade threat.
A few months later, after the SEC announced they would investigate agencies like S&P for fraud, S&P issued yet ANOTHER downgrade threat, this time with the arbitrary ransom of $4 trillion in deficit reduction which would likely include deep cuts to Social Security and Medicare benefits.
Is S&P blackmailing the White House into absolving them of any responsibility for the 2008 crash by threatening downgrades every time there's an attempt to hold their feet to the fire? If that's the case, big benefit cuts are on their way.
Sign our petition demanding the SEC strip S&P of their coveted authority as a Credit Ratings Agency for their attempts to avoid accountability and use their ratings as a political weapon.