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- No tailgating allowed at Super Bowl XLVIII
- Pentagon to transport African troops to Central African Republic
- Chinese man fed up with his girlfriend’s shopping jumps to his death
- Ukraine leader to talk with protesters; Washington urges caution
- Pope Francis: A nun saved my life
- Israeli P.M. Netanyahu backs out of Mandela funeral
- Elian Gonzalez makes first trip outside Cuba since custody battle
- U.S., British intelligence agents enter online sci-fi world to spy on gamers
- Sarah Palin to host the outdoors show ‘Amazing America’
Fitch keeps U.S.’s debt at AAA level, dims outlook
Fitch Ratings said Monday that it will keep its rating for long-term U.S. debt at the top AAA level, despite a congressional panel’s failure to agree on long-term deficit cuts. But it is lowering its outlook to negative.
The rating agency said it has less confidence in the federal government’s ability to take the necessary steps to rein in the deficit.
A special congressional panel failed last week to reach agreement on $1.2 trillion in deficit cuts over the next decade. The impasse triggered automatic cuts of the same amount, which are scheduled to kick in beginning in 2013.
Moody’s Investors Services and Standard & Poor’s also left their ratings unchanged last week. But Moody’s and S&P warned that they could lower their ratings if Congress backed off the automatic cuts.
S&P downgraded long-term U.S. debt in August to the second-highest level, AA+ and switched its outlook to negative. It was the first time the credit rating agency had lowered the nation’s AAA rating since granting it in 1917.
$285 million Citigroup agreement rejected by judge
NEW YORK — A federal judge on Monday used unusually harsh language to strike down a $285 million settlement between Citigroup and the Securities and Exchange Commission, saying he couldn’t tell whether the deal was fair and criticizing regulators for shielding the public from the details of what the company did wrong.
U.S. District Judge Jed Rakoff said the public has a right to know what happens in cases that touch on “the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives.” In such cases, the SEC has a responsibility to ensure that the truth emerges, he wrote.
Judge Rakoff said he had spent hours trying to assess the settlement but concluded that he had not been given “any proven or admitted facts upon which to exercise even a modest degree of independent judgment.”
The SEC shot back in a statement issued by enforcement director Robert Khuzami, saying the deal was “fair, adequate, reasonable, in the public interest, and reasonably reflects the scope of relief that would be obtained after a successful trial.”
The SEC had accused the bank of betting against a complex mortgage investment in 2007, making $160 million in the process, while investors lost millions. The settlement would have imposed penalties on Citigroup but allowed it to deny allegations that it misled investors.
Citi said it was reviewing the decision and declined to comment.
By Tom Fitton
New photos confirm the attack's coordination and its cover-up
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- MSNBC host: Obamacare a 'wealthy white men' racist word
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