Friday, September 23, 2011

ABOVE TOP SECRET - DENY IGNORANCE (I LIKE THIS NICE BLOG!)

Moody's downgrades Bank of America, Wells Fargo, and Citigroup

www.blacklistednews.co m
In yet another blow to the financial sector, Moody's Investors Services announced the downgrade of Citigroup, Wells Fargo, and Bank of America -- three of the United States' top banks.

Moody's downgraded Bank of America (BAC, Fortune 500)'s long-term debt two notches to Baa1, Wells Fargo (WFC, Fortune 500)'s long-term one notch to A1, and Citigroup (C, Fortune 500)'s short-term debt one notch to Prime-2. Moody's offered a negative outlook for all three.
(visit the link for the full news article)


reply posted on 21-9-2011 @ 05:12 PM by pwrthtbe

reply to post by Aggie Man



Exactly! What is their credit rating? Who decides what theirs is? They ARE a publically traded company after all.



reply posted on 21-9-2011 @ 05:57 PM by Jakes51

I am not going to put much stock into their ratings, or the criteria on how they determine such ratings. If I remember correctly, they were totally aloof during the Mortgage Back Securities (MBS) fiasco which led to the economic emergency of 2008.

Moody’s, S&P Caved In to Ratings Pressure From Goldman, UBS Over Mortgages

The world’s two largest bond-ranking companies, both based in New York, made exceptions to rules when bankers asked for better safety ratings on complex mortgage-backed securities, the Senate Permanent Subcommittee on Investigations said yesterday. When Moody’s and S&P changed their assessments of hundreds of those bonds in July 2007, it helped trigger the financial crisis, the panel said.


I am not denying that the US economy is in dire straights, because everyone should have that feeling in their gut. Especially with the astronomical spending, lack of industry, and bailouts. However, this rating agency got wrong one of the biggest blunders in economic history, and now all of sudden they are in the downgrade game with US corporations and the government? This seems politically motivated to me? Lately, a lot of credit downgrades from this rating agency are aimed at the US? Hmm? What about the other economies? As far as I am concerned, the name Moody's is mud to me. They lost their legitimacy a long time ago. Those who live in glass houses should think twice about throwing stones.
edit on 21-9-2011 by Jakes51 because: (no reason given)



reply posted on 21-9-2011 @ 09:35 PM by loam
reply to post by AGWskeptic



Originally posted by AGWskeptic
That's called the "Normalcy Bias", the best friend of the apathetic.

It's coming, no doubt about it.


I have often wondered what the 'day before' looked like before the collapse of any great power.

Would any of those days look so different than the one we had today, for example?

I wonder.edit on 21-9-2011 by loam because: (no reason given)
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