Why is the Justice Department suing Standard & Poor's for mis-rating structured credit securities before the financial crisis, and not suing Moody's, which gave a lot of the same products the same ratings? I have a theory, but Standard & Poor's has another, and theirs is a corker:
Twice a year, Standard & Poor's releases a “SPIVA Scorecard” -- a report comparing the performance of active managers versus three passive indexes. The S&P 500 large caps, S&P MidCap 400 and S&P SmallCap 600 are pitted against the median returns of active managers.
Gold premium in India has reportedly surged to $120 this month compared to a discount of $60 in September. The government has raised import taxes three times this year to curb the gold import demand and the current account deficit.
Oil is falling after tropical storm Karen and now faces the stormy seas of U.S. politics. Production is now coming back on-line and except for being oversold the bulls are finding it hard to find much to hang their hat on.
Oil Prices look like they found support around $86.00 as I expected. After the massive sell-off because of the fears of a global slowdown and massive U.S. supply, oil could start rebounding on the more mundane seasonal and refinery factors.
A couple of weeks ago, Standard & Poor's was sued by the U.S. government and a number of state governments for allegedly inflating credit ratings. Once again, Stephen Colbert brings his unique take on the S&P lawsuit.