Why is Standard & Poor’s still in business?

Standard & Poor's jolted the world markets today by warning that the United States was taking on too much debt.

Duh. U.S. debt stands at $14.3 trillion.

Standard & Poor's changed its outlook on the United States from “stable” to “negative” and said the federal government could lose its AAA rating if officials fail to bring spending in line with revenue.

Great point, but where was such caution when S&P was giving glowing ratings to junk mortgage securities that caused the collapse of banks and threw our nation into a recession?