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Sue S&P?

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  • Description

    FBN’s Judge Andrew Napolitano discusses whether the ratings agency can be sued.

  • Duration 3:35
  • Date

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This transcript is automatically generated

-- consider this.

Stop and pause has angered a lot of people -- that downgrade notably the White House and Democrats -- a lot of people who have lost money because the markets down today.

Because all of that downgrade -- is the question.

Can you sue can anybody sue -- -- It's a -- question is -- And as a fan man to answer -- negative approach the volatile.

Could try to stop what is a fair question to establish the case yeah.

One of the reasons -- S&P downgraded America was because they said hey you the you and not politically able to make a decision.

You're not politically able to get a control of entitlement program.

And eventful -- simply made a value judgment and mixed it up with a mathematical calculation.

Death all of very -- very good description therefore no grounds for soon because cut because under American law S&P has what's called.

A qualified privilege qualified.

Meaning if they did the math if they did research and if they honestly believe what they're saying.

Privilege meaning they can't be sued for saying -- stated differently because we have a First Amendment.

And because what they're saying is just their opinion they are entitled to their opinion.

And they're entitled to express that so long is it it is truly their opinion so long as they truly believe.

Look -- a hold on a second.

They could surely still we hold before congress to explain that -- all -- -- goodies Roger Clemens -- -- -- before congress to -- asked about our contents of his Euro at his blood.

Congress got -- even for them to ask you anything they want -- care about the constitution.

But the courts do can anybody sue them.

Anybody can sue them with a complaint be dismissed.

Almost as soon as its files you wouldn't be surprised if there will hold before congress which no I wouldn't be surprised because politicians will want to assess blame and they will say what you really don't like this president you really don't like the.

But -- -- -- -- not going to get it they're not gonna get straight answer on that because we had John Chambers on promising young fox entrance where instead and He did not give a straight answer I asked him specifically is this a key party downgrade He would not answer that question first and hearings they wanna hear that they're not connected up.

And -- and -- -- whatever answers He wants because again it's just his opinion he's not obliged to defend his opinion in any forum.

Because the same First Amendment that guarantees freedom of speech also guarantees.

The right to silence that was just about their opinion.

What about OK -- it just like there's a difference between criminal and civil.

What about the damage that people can say happened from this in other words can -- sue because listen I just lost a lot of money.

Because -- your actions.

If absentee.

If S&P.

Did this in order to sabotage.

The market.

Did it for a nefarious purpose how no no sound basis for it.

Then that would lose the qualified portion of the privilege that is it was not honestly and truly their opinion and then there could be liability but if they really believe what they said they can say what they think could that be sued on the grounds that they made a misstatement them map.

No there is some question about that and elevated due diligence before they issued this opinion which lost -- all my money look that need the issue of the math is is equivocal it's not that they said two plus two equals five.

They just decided to use a different baseline.

Is there some intelligent argument to support that baseline of course there is if they say two plus two equals five and insists that that's correct.

There can be redress -- back judges always a pleasure thank you very much to help nice to -- liquidator balked.

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