Why has this not happened earlier. And why do these guys still have so much sway?
US launches civil action against S&P over pre-crisis ratings - The Irish Times - Tue, Feb 05, 2013
As the piece says....
And yet still a word from them and people make investment decisions in some cases they are obliged to disinvest if the ratings agency downgrades them. Hopefully this will soften their cough.S&P, Moody's and Fitch have long faced criticism from investors, politicians and regulators for assigning high ratings to thousands of subprime and other mortgage securities that quickly turned sour.