Headline of the Day: S&P Cuts Bear Stearns' Rating
OMG: This is simply too funny at 2:17 pm:
Standard & Poor's cut some of its credit ratings on investment bank Bear Stearns Friday following news of the bank's cash crisis and emergency bailout.
S&P cut its long-term counterparty rating on Bear Stearns to "BBB" from "A" and its short-term rating to "A-3" from "A-1."
S&P said Bear Stearns' need for temporary financing to continue operating normally led to the downgrade. Earlier Friday, Bear Stearns said it is receiving a financing line from JPMorgan Chase that is secured by the Federal Reserve Bank of New York.
The agency also placed the bank's long- and short-term ratings on negative watch, meaning they could be downgraded in the next three months.
WTF is going on at S&P ? Are these guys smoking the chronic?
PUT THE BLUNT DOWN AND BACK AWAY FROM THE KEYBOARD.
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Source:
S&P Cuts Bear Stearns' Rating
AP, Friday March 14, 2:21 pm ET
http://biz.yahoo.com/ap/080314/bear_stearns_ratings.html?.v=1
Friday, March 14, 2008 | 02:27 PM | Permalink
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Comments
You just have to get calibrated, Barry.
Obviously BBB means "very chancy junk."
Thus A means chancy junk, AA means junk, and AAA means, well, still junk.
As for S&P, well, sometimes a girl's gotta do what a girl's gotta do to get a f, eerr, buck.
Posted by: anonimouse | Mar 14, 2008 2:33:42 PM
I guess S&P realizes that TOO many financial institutions are carrying way too much bad debt...all they can do...is wait until financial institutions collapse...and then downgrade them.
They lost their credibility long ago.
There goes the dollar...
Posted by: blin | Mar 14, 2008 2:34:11 PM
Didn't those A$$clowns just say we've seen the last of the losses? Is everyone on Wall Street clueless?
Posted by: Terry Thomas | Mar 14, 2008 2:35:01 PM
Aren't these the clowns who said the subprime write-downs are almost complete; clowns, lol.
Posted by: nk | Mar 14, 2008 2:38:37 PM
"Could be downgraded in the next three months."
Oh, surely they wouldn't take such precipitous and unwarranted action as that! So hasty!
Besides, aren't we way overdue for an AMBAC bailout rumor? I think I'm going through withdrawal...
Posted by: bluestatedon | Mar 14, 2008 2:39:03 PM
Damn, when they raid the whorehouse, they even take the piano player.
I'm even getting short term bullish. SOMEBODY STOP ME.
Posted by: Ross | Mar 14, 2008 2:40:57 PM
BBB: Bear's Back in Business!
The people on Wall Street aren't the true assclowns. The people who believe the people on Wall Street are real assclowns.
Posted by: KirkH | Mar 14, 2008 2:41:47 PM
Par for the course anymore. This is now a dark comedy.
Posted by: SPECTRE of Deflation | Mar 14, 2008 2:44:38 PM
think they are going to start at 3 or earlier today
Posted by: costa | Mar 14, 2008 2:46:19 PM
Where are Cinefoz and the other permabulls?
Even after Tuesday's 'miracle rally' the Dow is lower for the week.
And with all the destruction to the dollar this week, the Dow is down even further in real terms.
I know; this must be the bottom! Buy! Buy! Buy!
Posted by: Pool Shark | Mar 14, 2008 2:46:48 PM
Barry, I can hear Marley in the background. They are definitely doing the chronic, but I'm thinking water bong for these these boys and girls of S & P because you can't get close to where they are on a blunt.
Posted by: SPECTRE of Deflation | Mar 14, 2008 2:49:06 PM
no they will save it for monday........today is already toast.
Monday is when we will be told that JPM shooting BSC is the end of the credit crisis.
For me, it's always been a solvency issue, today made that painfully obvious to even the unaware.
Ciao
MS
Posted by: michael schumacher | Mar 14, 2008 2:49:48 PM
What a shame Larry Kudlow's interview with president Bush wasn't taped after the Bear Stearns news. Larry would've had the red meat of his life right in front of him....
Posted by: Chief Tomahawk | Mar 14, 2008 2:51:31 PM
Long time lurker....first post. Fantastic website Barry.
Just was wondering if this guy Art Laffer is an idiot or what...
http://www.youtube.com/watch?v=LfascZSTU4o
Posted by: Quant | Mar 14, 2008 2:55:52 PM
Barry we clearly need a S&P guide just like you published the equity research guide when you said a Buy rating = sell and hold = run for the hills.
Here's my best shot
AAA = we were paid ludicrous money, everyone gets a 2nd vacation home
AA = they coulda and shoulda paid more, but the dinners were pretty good
A = buncha broke bastards, they didn't even tip us
BBB = these a-holes actually wanted a straight up rating, no cash under the table
BB & under - rated by our interns who make minimum wage, so we have no friggin clue what's going on here
Posted by: Michael Donnelly | Mar 14, 2008 2:57:27 PM
Oh, and btw,
The once powerful US$ is now worth less than a Swiss Franc, and it only buys 99 Yen.
Congrats Ben.
"How's that 'strong dollar' policy workin' for you Mr. President?"
Posted by: Pool Shark | Mar 14, 2008 2:57:27 PM
Our gov't is in our market today buying billions of $'s of US shares.
Posted by: John Borchers | Mar 14, 2008 2:57:49 PM
S&P applies a little A-1 sauce for a very well-done BSC. a lot of New Yorker co-op owners getting thrown back on the barbie
Posted by: scorpio | Mar 14, 2008 2:58:02 PM
You know, it's one thing to be the lone voice in the wilderness who has clarity of vision.
It's another to enjoy the problems of others so much. This is a common theme I know, but I'm starting to think your problem is more than just attitude. I'm seriously starting to think you are a little off.
I don't think the credibility you have worked so hard for is deserved at this point.
~~~
BR: Understand who I am trashing here -- not BSC, but S&P.
As to credibility, I am at a loss to comprehend my loss of crediblity . . .
Posted by: cinefoz | Mar 14, 2008 3:04:47 PM
Barry:
You really didn't expect anything else, did you.....?
I mean, did you.....?
Best regards,
Econolicious
Posted by: ECONOMISTA NON GRATA | Mar 14, 2008 3:08:07 PM
75 or 100 basis point cut?
Posted by: Humor | Mar 14, 2008 3:08:48 PM
Hmm. Did they ever get around to downgrading Enron?
Posted by: Jay | Mar 14, 2008 3:08:58 PM
It's another to enjoy the problems of others so much. This is a common theme I know, but I'm starting to think your problem is more than just attitude. I'm seriously starting to think you are a little off.
I don't think the credibility you have worked so hard for is deserved at this point.
Posted by: cinefoz | Mar 14, 2008 3:04:47 PM
------
Says the anonymous poster who loves to flaunt the "boatloads" of money that he "makes" when the market is green.
How's that housing call looking, cinefoz?
Posted by: Mr. Obvious | Mar 14, 2008 3:09:15 PM
cfz;thanks for condescending
Posted by: cathompson | Mar 14, 2008 3:09:18 PM
hey, look, it's Charlie Gasparino telling us who's going to be bailing out BSC over the weekend! the only thing that seems to change is the name of the firm in trubble....
Posted by: scorpio | Mar 14, 2008 3:12:16 PM
