not that I actually think any bankster will go to prison but still - it is a step in the right direction. A direction toward correcting the fallacious notion that Wall Street cares very much about honest behaviour.
more from Bloomberg - Default in 10 Months After AAA Spurred Justice on Credit Ratings - BloombergFeds sue S&P over subprime ratings - Feb. 5, 2013
The Justice Department announced a lawsuit Tuesday against Standard & Poor's over its inaccurate ratings of investments tied to subprime mortgages in the run-up to the financial crisis.
The suit represents the first federal action in connection with the crisis against one of the country's major ratings agencies, which have long been cited as key culprits in the meltdown.
The Justice Department accuses S&P of giving deceptive ratings to mortgage securities between 2004 and 2007 that greatly underestimated the risk to investors. It did so, according to the suit, in order to collect fees from the firms that were pooling the risky home loans into securities.