Cempaka Belanda: S&P to pay $1.5 bn to resolve financial crisis lawsuits

"A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) - (Text version)

"The Timing of the Great Shift" – Mar 21, 2009 (Kryon channelled by Lee Carroll) - (Text version)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.
They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."

"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)

"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

“… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …”

Tuesday, February 3, 2015

S&P to pay $1.5 bn to resolve financial crisis lawsuits

Yahoo - AFP, 3 Feb 2015

S&P said it had not admitted to any legal violations in the settlements, which
resolve lawsuits filed by the US Department of Justice, 19 states and the
District of Columbia (AFP Photo/Eric Piermont)

New York (AFP) - Standard & Poor's, the world's leading credit rating agency, will pay $1.5 billion to settle US allegations of inflated ratings linked to the financial crisis that unleashed the Great Recession.

The settlement agreements announced Tuesday resolve civil lawsuits filed by the US Justice Department, 19 states, the US capital and the nation's largest pension fund.

S&P, a unit of McGraw Hill Financial, will pay $1.375 billion to resolve lawsuits accusing it of bilking investors by hiding the true risks of mortgage bonds linked to the financial crisis, the Justice Department.

Half will go to the Justice Department and the other half to the 19 states and Washington, DC.

Separately, S&P will pay $125 million to California state pension fund CalPERS to settle allegations of fraud that led to its investment losses.

The Justice Department and the states sued S&P two years ago for giving undeservedly rosy ratings to bonds that were backed by subprime mortgages, risky home loans that defaulted in droves as the housing price bubble collapsed.

The subprime crisis was at the center of the US financial meltdown that led to the 2008-2009 Great Recession.

According to the Justice Department suit, S&P's alleged fraud occurred from at least 2004 until 2007 and ultimately caused investors, including many financial institutions backed by the federal government, to lose billions of dollars.

S&P had claimed that its ratings were independent and not affected by its relationship with the companies hiring it to rate their securities.

But in a statement of facts as part of the settlement, S&P admitted that company executives had complained internally that it was not downgrading already-soured bonds because it was worried about losing some ratings business.

"The company's leadership ignored senior analysts who warned that the company had given top ratings to financial products that were failing to perform as advertised," said US Attorney General Eric Holder.

"While this strategy may have helped S&P avoid disappointing its clients, it did major harm to the larger economy, contributing to the worst financial crisis since the Great Depression."

Retaliation claim dropped

S&P acknowledged its fraudulent conduct with the ratings of the structured financial products, but it said it had not admitted to any legal violations.

"The settlement agreement states that all parties, including the company, the DOJ and the states, settled this matter 'to avoid the delay, uncertainty, inconvenience, and expense of further litigation,'" the company said.

It said agreeing to the payments was "in the best interests of the company and its shareholders."

S&P also agreed to formally retract an allegation that the US government sued the company in retaliation for its decision to strip the United States of its coveted AAA sovereign debt credit rating in 2011.

In January, S&P agreed to pay $77 million to settle allegations from three US regulators, including the Securities and Exchange Commission, that it had overvalued 2011 mortgage bonds.

As part of that agreement, S&P was stripped of its authority to rate certain bond deals for one year.

CalPERS said that the $125 million settlement addresses losses on three S&P-rated structured investment vehicles that collapsed during the financial crisis.

CalPERS still has similar charges outstanding against S&P rival Moody's Investors Service.

Moody's is also under investigation for allegedly overvaluing bonds between 2007 and 2007 in the ongoing Justice Department probe of crisis-era failings, according to the Wall Street Journal.

Justice authorities and Moody's executives have been holding talks in recent months on the matter, the newspaper reported.

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