Skip to main content

Newsroom

February 15, 2013

Shifting Blame Muddles S&P Suit

Like many other collateralized debt obligations, Delphinus CDO 2007-1 got a triple-A rating and then defaulted within months, causing painful losses to investors.

Who is responsible for the mess?

Last year, the Securities and Exchange Commission blamed Mizuho Financial Group Inc., and the Japanese bank paid $127.5 million to settle a lawsuit filed by the U.S. agency.

The U.S. Justice Department sees things differently. The Delphinus deal, which means “dolphin” in Latin and is the name of a small constellation in the Northern Hemisphere, was one of more than 30 CDOs included in the federal government’s lawsuit against Standard & Poor’s Ratings Services last week.”

***

Read full Wall Street Journal article here

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today