It seemed like S&P was never going to be held accountable for their actions. But after a months-long investigation, the SEC has declared that they may soon take action against S&P for their misleading mortgage ratings in the run-up to the 2008 financial crisis.

Reports indicate the SEC just issued a Wells Note indicating they were weighing ‘civil action’ against S&P — but that could amount amount to a pittance of a fine compared to the enormous profits reaped by S&P’s misdeeds.

So, I guess it has been a rather eventful week in the world economy and the lives of the Beltway Village Idiots Politicians, Pundits, and Courtiers. I’ll let Paul Krugman and Jane Hamsher do the honors of eviscerating the Standard & Poor downgrade of the US credit rating but do want to add my 2¢ in agreement that supposed neutral arbiters who sold their souls and “independent analysis” for the banksters crappy mortgage based securities should be well advised to STFU rather than interject themselves politically.

It was bad enough that Standard and Poors screwed the world economy by recklessly giving AAA ratings to worthless mortgage backed securities without ever reviewing the underlying pool of loans. But now they’ve decided to play the role of “enforcer” in Wall Street’s latest gambit: forcing the sale of US assets in an austerity fire sale.