U.S. sues S&P for approving bundles of failed subprime mortgages, WSJ reports In a lawsuit filed in a federal court in Los Angeles, the U.S. government wants Standard & Poor's Ratings Services to pay over $5B, equal to about what its parent company earned in the past seven years, for giving its seal of approval to a number of subprime mortgages that eventually collapsed, costing investors billions and helping to sink the economy, reports the Wall Street Journal. Reference Link
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