(CNN) - In a first for a U.S. credit ratings agency, Standard & Poor's has received official notice from Washington that it will face a civil lawsuit over imprecise ratings - now criticized as being too high by analysts, U.S. lawmakers and even S&P itself - of mortgage-backed investments that eventually contributed to the 2008 financial crisis.
Many of those investments received AAA ratings, a grade which implies highest safety and least risk, but imploded as the U.S. housing bubble burst.
As S&P awaits further word from the U.S. Department of Justice, ratings agencies Moody's and Fitch will be watching to see if they are next.
(CNN) – If you’re not South Korean, it may surprise you to know that Samsung is not just about smartphones. The hugely successful multinational has business investments in everything from military hardware to shipbuilding and hospitals. If you’re in the market for a new house you can buy a Samsung apartment. If you want to go to an amusement park there’s one made by Samsung outside the capital Seoul.
Daniel Tudor, author of Korea: The Impossible Country, tells CNN’s Matthew Chance that South Koreans view Samsung’s success with mixed emotions. On one hand, they are proud of a home-grown brand rising in prominence at home and abroad. On the other hand, Samsung has enormous economic, and thus, political clout which can lead to problems. Based on revenue, Samsung and all its interests account for a full one-fifth of South Korea’s entire economy.
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