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Los Angeles Will Stop Paying Standard and Poor's to Rate Its Investments

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The City of Los Angeles will no long hire Standard and Poor's to rate the city's investment portfolio. From the LA Times:

"We have really lost faith in S&P's judgment," Interim Treasurer Steve Ongele said.

After its downgrade of U.S. debt last week, S&P cut its rating of L.A.'s general investment pool to AA from AAA. It also downgraded dozens of other municipalities with large investments in U.S. Treasury notes.

One of them, Northern California's San Mateo County, has decided not to renew its contract with S&P. Florida's Manatee County has also dropped its contract with the company, according to news reports.

Read the rest of the story HERE:

At fdlaction.firedoglake.com

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