The credit rating firm being sued for its role in the financial crisis essentially argues that no one should have taken its ratings seriously in the first place.
The government contends that S&P committed fraud by continually asserting that its rating process was immune from client pressure and therefore rigorously objective. Investors who bought the mortgage securities thinking an S&P rating was the product of pristine analysis, in other words, got taken.
I didn't get to worked up when S & P downgraded the United States. Neither should anyone else.There S&P essentially argues that no one should have taken its ratings seriously in the first place. Its ratings, it says, "are not indicators of investment merit, are not recommendations to buy, sell or hold any security, and should not be relied upon as investment advice."