by John Galt February 27, 2012 17:00 ET While the world burns and turns, the Dow flirts with the big 13K (why it is big, who knows other than CNBC), and the MENA region disintegrates into a flaming pyre, the one predictable action of the day has occurred after the Greek government decided to obey their Germanic masters and follow the U.S. government example of screwing bondholders as a practice to achieve even further disorder in the markets. The statement from S&P is pretty...
by John Galt January 13, 2012 18:00 ET And now, presenting the Tweet of the day courtesy of ZeroHedge: I think old “Tyler Durden” said it without thinking of us minions and our twisted sense of humor. However, here is S&P’s downgrade in full from their website (Click on this link to read the full damage): S&P downgrades Italy rating via Channel News Asia Posted: 14 January 2012 0508 hrs ROME: Standard and Poor’s has decided to downgrade Italy’s credit rating by two...
By John Galt December 5, 2011 – 16:45 ET From Standard & Poor’s website: RATINGS LIST To From Long-term ratings on CreditWatch negative Austria (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Belgium (Kingdom of) Sovereign Credit Rating AA/Watch Neg/A-1+ AA/Negative/A-1+ Finland (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ France (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Germany (Federal Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Luxembourg (Grand Duchy of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Netherlands (The) (State of) Sovereign...
By John Galt November 29, 2011 – 17:20 ET All but 7 of the Primary Dealers from the NY Federal Reserve list were downgraded today. Gee, maybe holding AAA crap paper from the U.S. Government isn’t enough to insulate the banksters from even more hurt. Or maybe all parties involved just need to print more money, more bonds, more equities, and call it the largest crap issue in history. All banks in bold and italicized were downgraded today. Bank of Nova Scotia, New York...
By John Galt November 28, 2011 – 17:20 ET From La Tribune de Francais: D’ici dix jours, le triple A français risque de se retrouver “sous perspective négative” In English: In ten days, the triple A French risk of being “negative outlook” Oops. Basically speaking, the ratings war is on between the least worst of the credit risks, aka, the U.S. and France which means the U.S. and France are unofficially in a pissing match to junkdom. From the article (translated via Google/my interpretation):...
By John Galt August 9, 2011 – 03:55 ET I couldn’t sleep as something was bugging me and sure enough it was a Bernanke mosquito that flew into my house and took a bite out of my wallet as I attempted to slumber. When I was last on these pages just a little over 3 hours ago, the S&P ES futures were down over 20 points, Dow futures down over 245, and world markets were gripping for a nightmare today. I am theorizing that...
By John Galt August 3, 2011 – 10:24 From Standard & Poor’s, full press release available by clicking on the title and registering: Ratings On Select GREs And FDIC- And NCUA-Guaranteed Debt Lowered After Sovereign Downgrade On Aug. 5, 2011, Standard & Poor’s lowered its long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’. As a result, we have also lowered the long-term issuer credit ratings and related issue ratings on select government-related entities (GREs) to ‘AA+’ from ‘AAA’....
By John Galt August 8, 2011 – 09:50 ET There is no possible way I could post all of the downgrades in an efficient nor legible manner but if you wish to read them, follow the link below and subscribe for free to Standard and Poor’s press releases and ratings actions: Standard and Poor’s Website Anything with a government backing TLGP, FDIC, tax-exempts, or any other government backed guaranteed note is being cut from AAA to AA+. Buckle up ladies and gents, we’re in...
By John Galt August 8, 2011 – 09:35 ET From Standard & Poor’s Press Release: Ratings On The U.S. Central Securities Depository And Three Clearinghouses Lowered Following U.S. Sovereign Downgrade Standard & Poor’s has lowered the sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’. We have lowered the long-term counterparty credit ratings on three independent clearinghouses and The Depository Trust Co., the U.S. central securities depository, to ‘AA+’ from ‘AAA’. The long-term ratings on the U.S. exchanges and clearinghouses...
By John Galt August 7, 2011 Odds are fairly good that the three major Bubblevision networks will open tonight’s Asian markets with live coverage involving their major personalities and discussions as naseum about the evil of Standard and Poor’s and how the economy will be impacted by a political downgrade. There will also be the usual suspects uttering their stock predictions and prognostications advising the viewers to “stick to the buy and hold strategy over the long haul because stocks go up and stocks...
By John Galt August 6, 2011 16:44 ET Just out within the past hour from the U.S. Treasury website: Just the Facts: S&P’s $2 Trillion Mistake By: John Bellows 8/6/2011 In a document provided to Treasury on Friday afternoon, Standard and Poor’s (S&P) presented a judgment about the credit rating of the U.S. that was based on a $2 trillion mistake. After Treasury pointed out this error – a basic math error of significant consequence – S&P still chose to proceed with their flawed...
By John Galt August 6, 2011 I wouldn’t get too excited about today’s 5.46% drop in the TASI (Tadawul Stock Exchange) in Saudi Arabia as they are the largest holder of US Treasuries in the region. Sunday, when many of the markets who have been closed due to Ramadan, will re-open and that will be the true measure of the reaction to the S&P ratings action. In the mean time, here are some pretty charts now that the Saudi markets are closed including a...
By John Galt August 6, 2011 Just dang. I hate it when the commies are right. From Xinhua today: U.S. debt problem remains unsettled BEIJING, Aug. 6 (Xinhua) — Far from an end to the U.S. debt problem, the last-minute congressional approval of an increase in the debt limit is merely a technical time-out. President Barack Obama on Wednesday signed legislation to increase the U.S. debt ceiling, after Congress voted in favor of a compromised bipartisan deal. As for the details, the debt deal...
By John Galt August 5, 2011 21:31 ET For immediate release August 5, 2011 Agencies Issue Guidance on Federal Debt Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA . With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations). For risk-based capital purposes, the risk weights for Treasury securities...
By John Galt August 5, 2011 21:01 ET Barry Ritholtz just said on Bloomberg Television just called the action by S&P “political opportunism” and not justified. Do I smell a Democrat in the room? Wow, just wow, this is going to get nasty. EDIT TO ADD UPDATE 21:13 ET: Now if the politicians proceed on their current course, this will be a “Tea Party Recession” and repeat of 1937. Do you get the idea that old Barry has his lip imprints on the Messiah’s...
By John Galt August 5, 2011 20:21 ET Will link the S&P story when it is available as their webpage has blown up. Headline only for now. FULL TEXT OF STATEMENT FROM STANDARD & POORS: United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating. We have also removed both the short-...
By John Galt August 5, 2011 Just a news flash, no details, no validated facts yet. Got FAZ?
By John Galt August 5, 2011 19:31 ET Breaking as I’m on the air…. per CNBS: S&P advised that they made “trillions of dollars in miscalculations” by the U.S. Government with their GDP calculations and the error must be on their part. Hence S&P has said they may revise or drop the case from a downgrade. Per CNBS: S&P Calculations in Possible US Downgrade Were Off by ‘Trillions’: Source (Story developing) Finally a wire story: Aug. 5, 2011, 8:03 p.m. EDT from Marketwatch.com: S&P...
By John Galt July 4, 2011 The headline this morning at the Wall Street Journal screams it out: S&P: Greece Debt Plan Is a Default The key sentences from the story create a picture of what happens when a rating agency refuses to play along (or is forced to) with the extend and pretend central bankers: “The S&P statement that the model would constitute a “selective default” will take banks and officials back to the drawing board,” interest rate strategists at Commerzbank said....
By John Galt July 3, 2011 Yeah, the same guys who said this was a AAA company from 2007 until, well, darned near the end. The story coming out of Europe this morning via the British paper the Guardian is: Ratings agencies could wreck Greek rescue by declaring it a default The story by Heather Stewart and Richard Wachman has two very significant statements that should alert everyone that the game is either over or about to be rigged as usual: The debt-swap...
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