And The Surreal Morphs Into The Tragi-Pathetic: Portugal Opens Criminal Inquiry Into Rating Agencies

Tyler Durden's picture

Just a ROFL-inducing headline from Bloomberg for now:


Are blogs next?

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Thorlyx's picture

Speaking the truth has always been dangerous.....

Bastiat's picture

Maybe that's why they avoided it so carefully in their CDO ratings?

nope-1004's picture

I think Ratings Agencies are responsible for global warming, myself.


tmosley's picture

Global cooling too.

And obesity.


AR15AU's picture

I'm still waiting for 



ms1408's picture

Why are these commies complaining about rating agencies? They're the ones who gave them a monoploy by setting up barriers to competition. Plus, if a rating agency repeatedly gives inaccurate ratings you don't have to listen to them. It's just an opinion!

downwiththebanks's picture

Real truth tellers, those ratings agencies.

I expect to see a few ZeroHedgers jerking off the banker-gangsters, because that's how they can afford man-purses and manicures, but the ratings agencies?

For real?

I'm sure all the pensioners who lost their ass on piles of shit that these fucking getaway drivers rated AAA agree with you.

Zero Debt's picture

See..there is no honesty among thieves..

Picture the next phase of European austerity as a beauty competition with pigs using lipsticks where mirrors are banned and things become clear.

Translational Lift's picture

Amazing.....You don't like the ratings....just criminalize them.....

Mec-sick-o's picture

That's why nations should not issue debt into currency.  It's sovereignity is sold to debt holders.

FunkyMonkeyBoy's picture

Yay, the world isn't totally 100% evil just yet. Sue those American facist rating agency scum.

Not that anything coming out of the U.S. has any credibility what-so-ever anymore.

TruthInSunshine's picture

The ratings agencies have been so accurate and so resistant to corruption and buy-offs (hello, Fitch and your beaut on Abicus), this is surely Portugal attempting to merely sling mud and see where it sticks.

All that mortgage backed paper originated in 2002 through 2007 is AAA+, damnit, because Moody's, S&P and Fitch SAID SO!!!!!!!!

S&P, Moody's and Fitch are all incredibly accurate and impervious to being bought and paid for, so deal with it, Portugal!



centerline's picture

Pre-emptive strike after watching Greece getting a wedgie.

NotApplicable's picture

"Come at me Bro!"

-- Portugal Attorney General Fernando Jose Pinto Monteiro

Lazarus Long's picture

is it to early to start drinking?

SobaYobonay's picture

That's like asking, is it too early to be having a good time?  Drink a beer!

SobaYobonay's picture

We can B long distance drinking buddies.

Sudden Debt's picture

It's always 5 o'clock somewhere in THE world. Have à happy hour!

OldTrooper's picture

Nope.  Just finished off my scotch.  Got to go to the store to get something.  I'm thinking some Patron - and more scotch, of course.

Cdad's picture

Not sure why you are put off, Tyler.  I mean just this morning, the criminal syndicate Wall Street class of kleptocrats seemed quite clear that it was only a matter of lining up the political class before the print infinity Euro loans program would be in full stride.

And in that case, maybe the ratings agencies should be investigated so that the reasons behind why they are not on board with the criminal syndicate Wall Street infinity loan class might be revealed.

Could it be that the ratings agencies do NOT want to be thrown under the bus again?

downwiththebanks's picture

Tyler's probably taken a major short position against the Euro.  

Just like they did last year, the insolvent banker-gangsters are again trying to leverage the Euro into the tank.  And like last year, the ratings agencies carry their water.

count_de_monee's picture

Right. That's their evil dastardly yankee imperialist plan.

To bring the euro down and the dollar up so that German exports flood into the US and the US economy comes to a screeching halt with a strong dollar (I'm being ironic in case it doesn't show)

downwiththebanks's picture

The banker-gangsters who tried to bring the Euro to parity last year and are at it again now don't give a good god damn about imports, exports, or anything real other than the profits they make on their paper shuffling in the casino.

The real economy is irrelevant, or even problematic to the opium addicts.

The only way to save the dollar, even temporarily, is to crash the Euro.

count_de_monee's picture

Sorry, I have no love lost for the banksters and I have no illusions regarding them.

However, I don't buy the euro takedown story much in vogue in Europe. In fact it was easy to predict the euro would implode if one can see past the ideology and realise how untenable the whole currency union without political union experiment is.

I'm not saying the banksters wouldn't want to crash the euro too but

a) The EU doesn't need any outside help to bring about its collapse. It's doing a fine job on its own.

b) If you look at the correlation between the SPX and the euro you'll notice the risk on trade (which includes higher euro) actually benefits the banksters.

Just my opinion.

Vagabond's picture

It also helps the QE3 case quite a bit.

count_de_monee's picture

True. But I think that's farther out in time.

It's too soon.

Eternal Student's picture

Tyler asked: "Are blogs next?"

Yes. Make certain you use a condom which doesn't break, Tyler. You don't want that joke of "Law Enforcement" called Interpol after you.

SheepDog-One's picture

Well of course the ratings agencies are corrupt kickback crooks everyone knows it, why would an investigation be needed?

Cdad's picture

In this case, the answer is because they are not walking lock step with the criminal syndicate Wall Street kleptocrats.  They don't seem to be down with the print infinity loan program from the PIGS.

Investigate away...

Caviar Emptor's picture

All they need to do is flip their algos to negative correlation. Then they could upgrade in response to more printing. 

Global Hunter's picture

The Western World seems very keen to try and criminalize anything that doesn't correspond with the government's best interest.  This is bullish news indeed. We are on the slippery slope.

downwiththebanks's picture

The raters should be in jail for the fraud they perpetrated throughout the 2000s, and here you are carrying water for them.

Must be proud of yourself ...

kridkrid's picture

ah but what about the gov'ts role in the fraud?  So who should prosecute the criminal ratings agencies?  And it isn't until they call into question the credit worthiness of the government itself that gov'ts call for investigations.  I doubt anyone here is carrying water for the ratings agencies.... more pointing out the absurdity.

LawsofPhysics's picture

Bloody awesome.  Slow and steady escalation as the fraud continues to be ignored, currency wars, trade wars, protectionism and WWIII.  Bring it.

kushmere's picture

Not just Currency Wars, but now a Currency Civil War.

infotechsailor's picture

rating agencies are definitely guilty...

of holding such artificially high ratings for so long.

ratings of the U.S. and other bankrupt nations.

Hephasteus's picture

Didn't greece catch zerohedge in criminal blogging?

You fucking criminals. You should be ashamed.

Sudden Debt's picture

Nobody forces anybody to listen, and if they can they can alway prove it isn't so.

Freedom of speech is à bitch!

Sudden Debt's picture

THE greeks complained about THE same bastards who said shag was not supposed to be said

Sudden Debt's picture

Nobody forces anybody to listen, and if they can they can alway prove it isn't so.

Freedom of speech is à bitch!

orca's picture

Relentless application of a quiet coercion leading to compliance

NotApplicable's picture

Well, this looks like the classic "Stop airing my dirty laundry, else I'm going to air yours!"

There a couple of versions of this trick, depending on who has the strong hand at the table. Either (the criminals d.b.a. as) Portugal believe that they have the upper hand due to being a sovereign with the ability to influence business within its borders, combined with the idea that the agencies may have more dirt, and thus more to lose.

Or, the criminals are so weak handed they have nothing to lose by threatening to destroy the whole charade known as the "financial ratings" industry.

LawsofPhysics's picture

Yes, the financial terrorists are threatening us again.  Support our fraud, or, or, or...  ...things will be really bad.  All we have to fear, is fear itself people.