Blumenthal Issues Statement In Response To Federal Action Against Standard & Poor's

(Hartford, CT) – U.S. Senator Richard Blumenthal (D-Conn.) issued the following statement today in response to news that the U.S. Department of Justice, 16 states and the District of Columbia, led by Connecticut, filed lawsuits against Standard & Poor’s for misconduct that greatly attributed to the financial collapse:

“The rating agencies were preeminent culprits and enablers in financial abuse and fraud that crippled employment and nearly destroyed our economy-- a fact that led to my legal action against them nearly five years ago, and the DOJ's lawsuit today.  I hope this action will help vindicate victims of rating agency abuses.  Victims lost homes and life savings, and Connecticut lost jobs and taxpayer dollars, which is why my office sued them.  The DOJ needs to be even more aggressive in holding S&P and others accountable.

 I commend Connecticut Attorney General George Jepsen for continuing this legal course.”