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 S&P Accidentally Downgrades FrancePosted on Nov 10, 2011
The same ratings firm that held the United States hostage to its debt demands and gave the thumbs up to toxic mortgage assets is again in the news for bungling things. Standard & Poor’s accidentally announced a downgrade Thursday of France’s AAA credit rating. S&P is investigating the false announcement. With all these foul-ups, one wonders what rating Standard & Poor’s would get if someone bothered to evaluate the raters, themselves. —PZS
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By Lafayette, November 13, 2011 at 3:03 am Link to this comment
Only one more reason for the EU to establish a CRA-accreditation office.
Who is accredititing the CRAs? C’est cela, la question!
Anyone see perp-walks for their SubPrime Mess Triple-A ratings to their cronies at the Investment Banks?
C’mon, who is fooling who? The Finance Industry world-wide needs BADLY regulatory authority. Most have become Too Powerful To Not Fail. All it takes is one ... and the others learn the lesson quickly. (Like they did for Lehman Bros.)
Let’s take a lesson from Russia’s Putin: When he felt menaced by an oligarch (Khodorkovsky) he jailed the guy. The trial was a joke, but Khordorkovsky is still behind hars.
And the oligarchs are all in-line. (Putin wont have to work another day for the rest of his life.)
Meaning, they know who the real boss is - the guy with his hands on the court judges. In a land of lax, if the law is not enforced, it becomes a plaything for the powerful.
Report thisBy berniem, November 12, 2011 at 11:14 am Link to this comment
Who rates the S&P?
Report thisBy Marian Griffith, November 11, 2011 at 12:57 pm Link to this comment
(Unregistered commenter)
@DarkCycle
—-The mind boggles. What is their rating mechanism? Is it still the “Pin the Tail on the Donkey” system?—-
that would be random. It is more akin ‘what can we get away with that profits our customers’
Report thisBy MeHere, November 11, 2011 at 11:43 am Link to this comment
Mon Dieu!. Really? Are there many out there for whom this is comprehensible or
Report thisrelevant news?
By PatrickHenry, November 11, 2011 at 9:56 am Link to this comment
Sarkozy disses Netanyahoo as a liar and one of the zionist weapons of financial mass destruction fires a warning shot.
A la Madoff.
Report thisBy Miko, November 11, 2011 at 8:18 am Link to this comment
(Unregistered commenter)
Held the U.S. hostage? Are you kidding? U.S. debt is
Report thisterrible; it should and would have been downgraded a
decade ago if not for the U.S. coercing S&P with
threats of revoking their accreditation. The hostage
taker is usually the one with the guns—and last time I
checked, the U.S. had the guns, not S&P.
By Marian Griffith, November 11, 2011 at 3:34 am Link to this comment
(Unregistered commenter)
Considering the immense financial gains, and losses, that are going to happen when the financial sector finally manages to break up the euro zone I strongly doubt this was a mistake.
Much more likely it was a nudges paid for by some institutions to see how far the market could be moved on the subject of France (now that they have effectively moved Greece out of the Euro in all but name, managed to put Italy in the same position that Greece was in 4 months ago, and are still holding Spain, Portugal and Ireland hostage).
A warning of ‘we are going to downgrade France’ without actually saying so, so that certain parties can bet trillions against others on this event.
The arrogance of these institutions is towering. Already they have flat out told a country that they had to remove their prime minister (admitted, his incompetence was staggering too) and have no doubt that they will let it be know which replacement (probably one of their cronies from the big american investment banks) is acceptable and which will result in further ‘negative adjustments of expectations’, which is an euphemism for exorting billions of dollars from a country through increased interest rates. And even if somebody they approve of gets ‘elected’ this probably only means they have unrestricted ability to drain dry the country of all financial assests before the population revolts.
And make no mistake that after the euro zone is plundered and reduced to fragments small enough to exploit at their leisure the attention WILL be turned to the USA, which financially speaking is as badly off as Portugal or Spain, both countries set up to be slaughtered and parted out for cash.
Report thisBy darkcycle, November 10, 2011 at 9:47 pm Link to this comment
(Unregistered commenter)
WTF
Report thisThe mind boggles. What is their rating mechanism? Is it still the “Pin the Tail on the Donkey” system?
By Blueokie, November 10, 2011 at 8:15 pm Link to this comment
Is this supposed to mean anything when its been demonstrated time and again
Report thisthat S&P will say whatever they’re paid to say?
By YoungGringos, November 10, 2011 at 7:21 pm Link to this comment
That’s not a mistake.
Report thisThat’s a message.