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

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Mon, 05/09/2011 - 13:37 | 1256084 Thorlyx
Thorlyx's picture

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

Mon, 05/09/2011 - 13:44 | 1256117 Bastiat
Bastiat's picture

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

Mon, 05/09/2011 - 13:56 | 1256168 nope-1004
nope-1004's picture

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


Mon, 05/09/2011 - 13:59 | 1256183 tmosley
tmosley's picture

Global cooling too.

And obesity.


Mon, 05/09/2011 - 14:12 | 1256235 AR15AU
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I'm still waiting for 



Mon, 05/09/2011 - 22:12 | 1257786 Harlequin001
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The real enquiry should be into the fools who followed them...

Mon, 05/09/2011 - 14:02 | 1256187 Ahmeexnal
Ahmeexnal's picture


Mon, 05/09/2011 - 16:00 | 1256670 ms1408
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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!

Mon, 05/09/2011 - 14:13 | 1256244 downwiththebanks
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.

Mon, 05/09/2011 - 14:25 | 1256294 Zero Debt
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.

Mon, 05/09/2011 - 19:47 | 1257427 Translational Lift
Translational Lift's picture

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

Mon, 05/09/2011 - 23:52 | 1258036 Mec-sick-o
Mec-sick-o's picture

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

Mon, 05/09/2011 - 13:38 | 1256088 FunkyMonkeyBoy
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.

Mon, 05/09/2011 - 13:38 | 1256091 bigwavedave
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just 1 blog

Mon, 05/09/2011 - 13:46 | 1256092 TruthInSunshine
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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!



Mon, 05/09/2011 - 13:42 | 1256093 centerline
centerline's picture

Pre-emptive strike after watching Greece getting a wedgie.

Mon, 05/09/2011 - 13:59 | 1256175 NotApplicable
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"Come at me Bro!"

-- Portugal Attorney General Fernando Jose Pinto Monteiro

Mon, 05/09/2011 - 13:42 | 1256094 Lazarus Long
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is it to early to start drinking?

Mon, 05/09/2011 - 14:00 | 1256191 SobaYobonay
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That's like asking, is it too early to be having a good time?  Drink a beer!

Mon, 05/09/2011 - 14:01 | 1256197 SobaYobonay
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We can B long distance drinking buddies.

Mon, 05/09/2011 - 14:54 | 1256390 Sudden Debt
Sudden Debt's picture

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

Mon, 05/09/2011 - 15:19 | 1256511 OldTrooper
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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.

Mon, 05/09/2011 - 13:40 | 1256097 Cdad
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?

Mon, 05/09/2011 - 14:17 | 1256261 downwiththebanks
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.

Mon, 05/09/2011 - 14:21 | 1256280 count_de_monee
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)

Mon, 05/09/2011 - 14:23 | 1256288 downwiththebanks
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.

Mon, 05/09/2011 - 14:33 | 1256329 count_de_monee
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.

Mon, 05/09/2011 - 14:37 | 1256337 Vagabond
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It also helps the QE3 case quite a bit.

Mon, 05/09/2011 - 14:39 | 1256346 count_de_monee
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True. But I think that's farther out in time.

It's too soon.

Mon, 05/09/2011 - 13:41 | 1256102 Eternal Student
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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.

Mon, 05/09/2011 - 13:46 | 1256114 Cow
Cow's picture


Mon, 05/09/2011 - 13:44 | 1256104 SheepDog-One
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Well of course the ratings agencies are corrupt kickback crooks everyone knows it, why would an investigation be needed?

Mon, 05/09/2011 - 13:46 | 1256115 Cdad
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...

Mon, 05/09/2011 - 13:54 | 1256149 Caviar Emptor
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. 

Mon, 05/09/2011 - 13:42 | 1256107 Global Hunter
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.

Mon, 05/09/2011 - 14:18 | 1256269 downwiththebanks
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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 ...

Mon, 05/09/2011 - 14:27 | 1256311 kridkrid
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.

Mon, 05/09/2011 - 13:46 | 1256113 LawsofPhysics
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Bloody awesome.  Slow and steady escalation as the fraud continues to be ignored, currency wars, trade wars, protectionism and WWIII.  Bring it.

Mon, 05/09/2011 - 13:47 | 1256134 kushmere
kushmere's picture

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

Mon, 05/09/2011 - 13:47 | 1256118 infotechsailor
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.

Mon, 05/09/2011 - 13:47 | 1256119 Hephasteus
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Didn't greece catch zerohedge in criminal blogging?

You fucking criminals. You should be ashamed.

Mon, 05/09/2011 - 13:48 | 1256123 Sudden Debt
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Nobody forces anybody to listen, and if they can they can alway prove it isn't so.

Freedom of speech is à bitch!

Mon, 05/09/2011 - 13:49 | 1256125 Sudden Debt
Sudden Debt's picture

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

Mon, 05/09/2011 - 13:48 | 1256126 Sudden Debt
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!

Mon, 05/09/2011 - 13:46 | 1256128 orca
orca's picture

Relentless application of a quiet coercion leading to compliance

Mon, 05/09/2011 - 14:40 | 1256348 Oh regional Indian
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Mon, 05/09/2011 - 13:47 | 1256136 NotApplicable
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.

Mon, 05/09/2011 - 13:52 | 1256150 LawsofPhysics
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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.

Mon, 05/09/2011 - 13:48 | 1256138 hugovanderbubble
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Look sell at eod

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