Franken , Wicker : Justice Dept . sued S & P for fraud in AAA ratings ahead of financial crisis . They say ratings companies got rich , taxpayers paid up , crisis touched off call for reforms . They say SEC 's new study on ratings fraud shows conflict of interests led to financial crisis . The securities , of course , turned out to be toxic , but the agencies were paid anyway . Senators : New SEC chair , May Jo ##iner , has ties to industry , must prove she can pass reforms .
Franken , Wicker : Justice Dept . sued S & P for fraud in AAA ratings ahead of financial crisis . They say ratings companies got rich , taxpayers paid up , crisis touched off call for reforms . They say SEC 's new study on ratings fraud shows conflict of interests led to financial crisis . Senators : New SEC chair , May Jo ##iner , has ties to industry , must prove she can pass reforms .