Even if you're bored of hearing about pre-crisis financial industry shenanigans, the government's complaint against rating agency Standard & Poor's (S&P) is worth your while.
The Justice Department alleges that S&P had full knowledge that the ratings it was stamping on Residential Mortgage Backed Securities (RMBS) were too high, and they seem to have collected e-mails and instant messages that corroborate that assertion in the most embarrassing and damning way possible.
