• News

    Maybe This Will Make Vladimir Putin Sorry?

    If international sanctions don’t have the Russian leader thinking twice about his Ukrainian Anschluss, perhaps this will keep his territorial ambitions in check.

    / Apr 28, 2014 at 12:56 PM
  • News

    Banana Republic Watch ’14: Argentina Gets Junkier

    Emerging market investors looking to put their rubles elsewhere now that the Russian Empire Federation no longer qualifies (among other reasons) should probably skip that trip to Buenos Aires.

    / Mar 18, 2014 at 3:06 PM
  • News

    Moody’s Is Pretty Sure Greece Won’t Leave The Eurozone

    They’re gonna downgrade their outlook from stable to negative though, just in case. [WSJ]

    / Jul 23, 2012 at 6:30 PM
  • News

    Moody’s: Banks Do Things That Are Bad And Good And Bad For Them

    Moody’s Investors Service downgraded the debt ratings of 15 major international banks and securities firms on Thursday, a move that could cost the banks billions of dollars in extra collateral…U.S banks that were downgraded included: Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley. “All of the banks affected by today’s actions have significant […]

    / Jun 21, 2012 at 5:54 PM
  • Banks

    Spare Some Worrying For Ratings-Triggered Collateral

    Remember how a week ago people went around bothering themselves about Bank of America’s derivatives? Specifically how if they get downgraded, as seems plausible, they will have to come up with a zillion more dollars for derivative collateral? And how earlier this week they did the same for Morgan Stanley? Anyway we talked about it […]

    / May 11, 2012 at 6:22 PM
  • News

    Fitch Has Something To Say About Fudgie

    “Manageable” but “raises questions.”

    Fitch Ratings has downgraded JPMorgan Chase & Co.’s (JPM) Long-term Issuer Default Rating (IDR) to ‘A+’ from ‘AA-‘ and its Short-term IDR to ‘F1′ from ‘F1+’. Fitch has placed all parent and subsidiary long-term ratings on Rating Watch Negative. Fitch has also downgraded JPM’s viability rating (VR) to ‘a+’ from ‘aa-‘ and placed it on Rating Watch Negative. In addition, Fitch affirmed JPM’s ‘1’ support rating and ‘A’ support rating floor. The rating actions follow JPM’s disclosure yesterday of a $2 billion trading loss on its synthetic credit positions in its Chief Investment Office (CIO). The positions were intended to hedge JPM’s overall credit exposure, particularly during periods of credit stress.

    Fitch views the size of loss as manageable. That said, the magnitude of the loss and ongoing nature of these positions implies a lack of liquidity. It also raises questions regarding JPM’s risk appetite, risk management framework, practices and oversight; all key credit factors. Fitch believes the potential reputational risk and risk governance issues raised at JPM are no longer consistent with an ‘AA-‘ rating.

    Fitch Cuts JPMorgan Ratings [Reuters]

    / May 11, 2012 at 4:50 PM
  • News

    Moody’s Treads Where No Other Rating Agency Dare

    “Moody’s Investors Service downgraded six European nations and became the first ratings firm to warn the U.K.’s rating could be at risk, citing the area’s weakening ability to implement measures aimed at reducing debt…Where Moody’s did deviate from recent actions by other ratings firms was in changing the outlook for the U.K. There had been […]

    / Feb 13, 2012 at 8:03 PM
  • News

    Standard & Poor’s Just Getting Started

    Standard & Poor’s Ratings Services has notified the French government of its decision to downgrade the country’s credit rating, a senior French government official said Friday, a move that marks the long-awaited blow to France’s international standing and knocks the country out of the top financial league of the euro zone. S&P has informed the […]

    / Jan 13, 2012 at 1:12 PM
  • Rating Agencies

    Don’t Ask To Speak With Brian Moynihan Today

    He may be in a mood.

    / Sep 21, 2011 at 12:39 PM
  • Rating Agencies

    Italy Will Agree To Disagree On S&P Downgrade

    The Italian government reacted angrily Tuesday to the decision by the credit rating agency Standard & Poor’s to downgrade its debt, describing the move as out of touch with reality…Prime Minister Silvio Berlusconi’s office issued a statement early Tuesday noting that his government had a solid majority in Parliament. It said the government was preparing […]

    / Sep 20, 2011 at 11:03 AM
  • News

    Michael Moore Demands Justice

    [via WT]

    / Aug 11, 2011 at 2:41 PM
  • News

    Egan-Jones Demands Someone Hire A Plane And Tell Them They Should Be Fired

    Three weeks ago, Egan-Jones Ratings Co. downgraded America. Almost no one paid attention. “S&P’s downgrade was on the front page of every newspaper,” said Sean Egan, president of the Haverford, Pa., ratings firm, which has been issuing ratings since 1995. Mr. Egan’s disappointment that Standard & Poor’s rattled the world with its Friday-night rating cut […]

    / Aug 10, 2011 at 5:51 PM
  • News

    Bill Gross Thrilled To See Standard And Poor’s Grow A Pair

    As you may have heard, Standard and Poor’s knocked the US’s debt down to double-A plus from triple-A Friday evening. Several hours before it was made official, the ratings agency was notified their team had made some calculation errors but chose to say “fuck it, on with the downgrade.” This made a whole bunch of […]

    / Aug 8, 2011 at 9:39 AM
  • News

    So Standard & Poor’s Maybe Can’t Do Basic Math, So What?

    Off by $2 trillion? NBD.

    / Aug 5, 2011 at 8:15 PM
  • News

    S&P Prepared To Downgrade Anything With Two Legs And A Pulse*

    Standard & Poor’s Friday put a broad range of financial firms on negative credit watch, warning they could all be downgraded if the United States has its credit rating cut. The S&P action takes in Fannie Mae, Freddie Mac, all “AAA”-rated insurers, clearinghouses, fixed-income and exchange-traded funds and hedge funds, some Federal Home Loan Banks […]

    / Jul 15, 2011 at 4:07 PM
  • News

    Dick Bové Isn’t Going To Mince Words On Goldman Sachs

    “This is not a good investment.”

    / May 12, 2011 at 12:18 PM
  • News

    Opinion: S&P Downgrade Was Just The Sort Of Tough Love The US Needs

    “It’s a kick in the pants for authorities to now get their act together in terms of a coherent long-term deficit/debt plan,” said Alan Ruskin, global head of Group of 10 foreign- exchange strategy at Deutsche Bank AG in New York. “It’s given a little bit of a lifeline to euro-dollar.” [BusinessWeek]

    / Apr 18, 2011 at 10:25 AM
  • News

    S&P Not Loving US’s Longterm Debt Outlook

    Sayeth the ratings agency: Standard & Poor’s Ratings Services said today that it affirmed its ‘AAA’ long-term and ‘A-1+’ short-term sovereign credit ratings on the U.S. Standard & Poor’s also said that it revised its outlook on the long-term rating of the U.S. sovereign to negative from stable. Our ratings on the U.S. rest on […]

    / Apr 18, 2011 at 9:36 AM

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