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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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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
AR15AU's picture

I'm still waiting for 



Mon, 05/09/2011 - 22:12 | 1257786 Harlequin001
Harlequin001's picture

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
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!

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
bigwavedave's picture

just 1 blog

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



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
NotApplicable's picture

"Come at me Bro!"

-- Portugal Attorney General Fernando Jose Pinto Monteiro

Mon, 05/09/2011 - 13:42 | 1256094 Lazarus Long
Lazarus Long's picture

is it to early to start drinking?

Mon, 05/09/2011 - 14:00 | 1256191 SobaYobonay
SobaYobonay's picture

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
SobaYobonay's picture

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
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.

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
Vagabond's picture

It also helps the QE3 case quite a bit.

Mon, 05/09/2011 - 14:39 | 1256346 count_de_monee
count_de_monee's picture

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

It's too soon.

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

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


Mon, 05/09/2011 - 13:44 | 1256104 SheepDog-One
SheepDog-One's picture

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
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 ...

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
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.

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
Hephasteus's picture

Didn't greece catch zerohedge in criminal blogging?

You fucking criminals. You should be ashamed.

Mon, 05/09/2011 - 13:48 | 1256123 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 - 13:49 | 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
Oh regional Indian's picture


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
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.

Mon, 05/09/2011 - 13:48 | 1256138 hugovanderbubble
hugovanderbubble's picture

Look sell at eod

Mon, 05/09/2011 - 13:49 | 1256139 Caviar Emptor
Caviar Emptor's picture

NObody expects the Portuguese inquisition!!

Mon, 05/09/2011 - 13:55 | 1256155 Hephasteus
Hephasteus's picture

Welcome moodies. Please try the heroine salted cod at your next audit session.

Mon, 05/09/2011 - 13:58 | 1256179 Caviar Emptor
Caviar Emptor's picture

If that doesn't work then we can offer 5% of whatever money we print as a gift in exchange for ratings

Mon, 05/09/2011 - 14:46 | 1256367 Hephasteus
Hephasteus's picture

But warren gives 6 percent. Not really he gives 4 percent. But we can get 6 percent out of you we can cut warrens down to 3 percent.

Mon, 05/09/2011 - 13:49 | 1256141 slewie the pi-rat
slewie the pi-rat's picture

LOL--i wrote earlier that greece would start arresting raters and banksters.  portugal beat them to it!

i'm still confused re:  does portugal have a goobermint, right now, or not?  did they come back? 

blogs next?  sure!  free speech legal?  where, except h-e-r-e? 

Mon, 05/09/2011 - 13:52 | 1256153 TruthInSunshine
TruthInSunshine's picture

The IMF, World Bank and ECB (all one and the same, anyways) want to securitize the finest meats and pork sausages from Portugal, they want gold, and of course, they want land (including toll roads, toll bridges, and other strategic 'assets' and revenue producing real estate) in order to 'bail Portugal out.'

Mon, 05/09/2011 - 13:58 | 1256182 NotApplicable
NotApplicable's picture

"Your money or your life!"

Mon, 05/09/2011 - 14:25 | 1256293 Cdad
Cdad's picture

"Our money or your life."

Mon, 05/09/2011 - 13:50 | 1256142 LawsofPhysics
LawsofPhysics's picture

The financial sector of the world economy remains a cancer that the productive sectors (those that actually produce things of real value) of the world economy can no longer sustain.  Now things get interesting.  Possession remains 9/10 ths of the law (even more so now).  Got physical?  Crash the system already.  The sooner we do, the sooner compensation will return to those who are actually worth a shit.

Mon, 05/09/2011 - 13:53 | 1256143 count_de_monee
count_de_monee's picture


There's something you must know about Portugal to understand these silly dynamics.

Basically since the 1974 carnation revolution it has been a socialist country. In fact many of the prosecutors and judges are/were? die hard communists. If you say in Lisbon that you lean to the right, most people will look at you funny.

Thus, if the whole political spectrum is skewed to the left (one of the 4 plaintiffs that led to this inquiry is actually a member of the Left Bloc party), it doesn't take much of an imagination to see that the most expedient narrative is to blame speculators, those evil uncaring markets and the corrupt ratings agencies (ok, there's a valid point here in that they are incompetent and corrupt, but they're not the reason for Portugal's woes). 

The current socialist PM (as corrupt as they come) has been playing the evil markets and the evil ratings agencies card every chance he gets. He presents himself as some kind of hero throwing his body in front of the oncoming runaway truck from the evil speculators (cue Rocky music). Sadly this is quite effective because most people in Portugal are prejudiced against markets (a leftover from the carnation revolution days when a communist government actually took control briefly), so it jives nicely with their own preconceived ideas.

I think this whole exercise is for show and to score political points with an uneducated electorate. And let's not forget it's much easier to blame someone else (specially an evil speculating faceless foreigner) than to take responsibility for the mess you created.

Mon, 05/09/2011 - 13:59 | 1256171 Caviar Emptor
Caviar Emptor's picture

I think this whole exercise is for show and to score political points


There have been no political developments in the past 40 years the world that were not for show and to hide what the left hand is doing 

Mon, 05/09/2011 - 14:07 | 1256215 count_de_monee
count_de_monee's picture


That's why we're in the mess we're in.

Long gone are the days of Churchill and De Gaulle.

Now we have these B movie actors like Sarkozy and Socrates (Portuguese PM).


Mon, 05/09/2011 - 13:54 | 1256147 riley martini
riley martini's picture

  It's only a crime if  one is not a Fascist insider exempt from criminal law . In the USA the ratings agencies are exempt from criminal law under the guise of free speech to benefit their corrupt masters. Depending on the extent of corruption in Portugal will determine if the exemption from criminal law for ratings agencies will be applied in Portugal.

Mon, 05/09/2011 - 14:01 | 1256205 count_de_monee
count_de_monee's picture

Is that a trick question?

The current Portuguese PM is as corrupt as they get.

Check out just this one example ( of many corruption charges where he magically gets off scot free. In this video that a british businessman secretly recorded, you can hear them clearly state how they'd paid millions in bribes to the then environment minister Jose Socrates (now the PM that will go down in history for having bankrupted the country in a few short years). He comes from a humble background but now wears armani suits and shops at the most exclusive store in Rodeo Drive (see here  ). Your tax dollars (or euros) at work! Isn't democracy great?

He makes telfon Bill (Clinton) look like an amateur.

Mon, 05/09/2011 - 14:14 | 1256252 count_de_monee
count_de_monee's picture

Of course I forgot to say nothing came of these charges despite ample evidence.

The video was inadmissible because it was "illegaly recorded". wink, wink, nod, nod.

But there's a whole bunch of corruption cases involving Socrates (Cova da Beira, Freeport, Face Oculta, and many many more unexplained coincidences), but he always blames some mysterious occult right wing conspiracy to bring him down because he's fighting for the people, bla, bla, bla.

I know this sounds ridiculous, but the man even bought his own engineering degree from a private university that has since been disbanded and is under criminal investigation for everything from fraud to money laundering. His last "exams" supposedly occured on a Sunday!

Welcome to corrupt socialist Portugal circa 2011!

Mon, 05/09/2011 - 15:04 | 1256434 r101958
r101958's picture

Maybe he should retire and then become head of one of the ratings agencies. Probably fit right in.

Mon, 05/09/2011 - 15:29 | 1256559 count_de_monee
count_de_monee's picture

That's actually a great idea. That would be a fitting retirement.

He could probably teach them a thing or two. He's been around the block for many many years.

Now why didn't I think of that.

Mon, 05/09/2011 - 13:54 | 1256148 Rhone_Ranger
Rhone_Ranger's picture

I'm sure that Portugal will receive complete transparency in the agencies to be investigated?

Mon, 05/09/2011 - 13:53 | 1256159 SoNH80
SoNH80's picture

Commence the thawing of Salazar!  Novo Estado Novo coming right up!

Mon, 05/09/2011 - 13:53 | 1256160 Drag Racer
Drag Racer's picture

this is almost as funny as Newt Gingrich running for prez...

Mon, 05/09/2011 - 14:03 | 1256193 NotApplicable
NotApplicable's picture

I wonder how many clowns that car can hold...

Mon, 05/09/2011 - 13:55 | 1256166 tmosley
tmosley's picture

The West really is over, isn't it?

Shit sucks.

Mon, 05/09/2011 - 14:10 | 1256246 LawsofPhysics
LawsofPhysics's picture

Not really, buying opportunities for those of us with physical PMs will abound.

Mon, 05/09/2011 - 14:22 | 1256282 tmosley
tmosley's picture

I'd trade every ounce of silver and gold I have to have an honest, SMALL government. I would make far more purchasing power from my job, and be able to open up any of the numerous businesses that I feel are needed.

But that will never happen, so I will hold silver and gold and more silver.

Mon, 05/09/2011 - 14:46 | 1256374 Hephasteus
Hephasteus's picture

Small businesses are threat to coporations and will be extinquished.

Mon, 05/09/2011 - 14:00 | 1256194 Tense INDIAN
Tense INDIAN's picture

just what do they intend to find out???

Mon, 05/09/2011 - 14:03 | 1256196 Ricky Bobby
Ricky Bobby's picture

The Universal Department of Anti Discrimination has determined that Gravity as a force unduly discriminates against the poor and disposed. We have implemented Regulation Q which no longer recognizes gravity as an existing force. In addition all Universities will eliminate the concept from their curriculum.  Any citizens found studying, discussing or working with the concept of gravity will risk sanction. Breaking Regulation Q is punishable by 5 to 10 years of re-education and life in prison for repeat offenders.

Mon, 05/09/2011 - 14:11 | 1256234 Kataphraktos
Kataphraktos's picture

On last week's episode of Fringe we saw Zero Hedge spewing fire and brimstone at the ratings agencies. In this week's episode, taking place in the alternate universe, we get this post.


And while I understand that one of these things is not like the other, you have to admit that whatever hurts the ratings agencies is a good thing - similar to getting Al Capone on tax evasion.

Mon, 05/09/2011 - 14:12 | 1256239 I am a Man I am...
I am a Man I am Forty's picture

this is a drag you down with me sort of thing, very amusing

Mon, 05/09/2011 - 14:14 | 1256248 Ethics Gradient
Ethics Gradient's picture

Imagine how many financial geniuses there must be working for the Portugese government. Now think of all the analysts employed by the ratings agencies.

It's not exactly a straight fight...

Mon, 05/09/2011 - 14:18 | 1256251 gorillaonyourback
gorillaonyourback's picture

your honor we the greek, ireland, spain, oops i mean PORTUGAL people swaped income streams with the us mortgage backed securities and were told they were AAA.  we got fucked cuz we didnt do our due diligence and believed goldman sachs

basic argument right?

here is where it's gonna get good,,,, as they bring evidence to support the fact that the MBS are indeed JUNK lolololol.   THATS A DEFACTO rating.  guess who owns all those MBS?  you got it sucker, you do the taxpayers.  Now how much is the total mbs exposure?  Oh about 14 trillion with a right down of say 30 -50% and growing thats about another 5-7 trillion added to the deficit.   AM I WRONG?  really does that sound right?

Mon, 05/09/2011 - 15:04 | 1256438 Alex Kintner
Alex Kintner's picture

Would love to see a real accounting of the value of all that worthless MBS crap which the Benbankster continues to buy. So the world's largest debtor (US Taxpayer) keeps writing checks to buy them all for 100 cents on the dollar. Wait til they try to cash the checks -- 'returned for insufficient funds'. This cannot end well.

Mon, 05/09/2011 - 14:16 | 1256260 Rynak
Rynak's picture

What kind of kindergarden is this? Is the EU trying to top the USA in media bullshit?

Mon, 05/09/2011 - 14:23 | 1256287 count_de_monee
count_de_monee's picture


Keeping the masses distracted has always worked before, why not continue?

Next up? A Portugal vs. Finland no holds barred ultimate wrestling competition live on eurosport.

The winner gets a bailout.

Mon, 05/09/2011 - 14:40 | 1256355 Urban Redneck
Urban Redneck's picture

Hot women or ugly politicians for the prize?

If it's politicians, then it needs to be a death match.

Mon, 05/09/2011 - 14:34 | 1256324 Gargamel
Gargamel's picture

My work just demanded that I disclose my political position and my "commodities" accounts along with "forex" accounts?  WTF?  Is that even legal?

Mon, 05/09/2011 - 22:57 | 1257881 StychoKiller
StychoKiller's picture

Your "political" position:  Bent over an oil barrel, priced in soon-to-be-worthless FRNs!

Mon, 05/09/2011 - 14:37 | 1256334 willien1derland
willien1derland's picture

How DARE anyone question a 'sovereign' state? (I wonder how sovereign ANY country can be without control of one's currency..) - Somehow the quote "Gee Toto, I do not think we are in Oz anymore' comes to mind - However, at least in the movie there was a very distinctive change from Black & White to Color - however, although this has been far more suttle it appears to me that is nonetheless just as drastic - However, I believe that a some point more people will hopefully grasp the economic/financial issues & non-violently, but, presistently resist & influence positive change - I have a dream...Wish we had an economic/financial version of MLK or Gandi to lead the charge -

Mon, 05/09/2011 - 14:39 | 1256344 LawsofPhysics
LawsofPhysics's picture

"I wonder how sovereign ANY country can be without control of one's currency.."


You mean, like the U.S.?

Mon, 05/09/2011 - 14:51 | 1256391 bjennings
bjennings's picture

How DARE anyone question a financial institution or a ratings agency, especially one that might be owned by Warren Buffett.  Through 2008 and up to now the ratings agencies have such a fine record and reputation.

Mon, 05/09/2011 - 14:41 | 1256349 Ferg .
Ferg .'s picture

This is just pathetic . Whenever there is a ratings downgrade , particularly here in the EU , a shit storm of protest inevitably follows . When it comes to predictions on debt and GDP et al the ECB , IMF and individual EU countries themselves have been embarrassingly incorrect the vast majority of the time . Of course the predictions pretty much always turn out to be above the actual end figures , never , or at the most rarely , do they err on the side of pessimism . 


Given that their credibility is abysmal at best , they have little right to be throwing these types of childish tantrums . 

Mon, 05/09/2011 - 14:58 | 1256405 oogs66
oogs66's picture

If stupidity was a crime, the rating agencies would be guilty.  But then so would most of the politicians.

Mon, 05/09/2011 - 14:56 | 1256412 GFORCE
GFORCE's picture

Sad times. I doubt it was Moodys who were overspending the Portugese purse. Typical socialists.

Mon, 05/09/2011 - 14:58 | 1256421 count_de_monee
count_de_monee's picture


See my replies above (if you care)

Mon, 05/09/2011 - 15:01 | 1256433 monopoly
monopoly's picture

Where do these countries get their material from. This is better than the E ride on Space Mountain. What planet am I on.

So glad I bought more physical last week.

Mon, 05/09/2011 - 15:06 | 1256443 ThreeTrees
ThreeTrees's picture

Oh puh-fucking-lease.  What's the crime?  Stating the obvious?

Mon, 05/09/2011 - 15:09 | 1256473 Alex Kintner
Alex Kintner's picture

Very silly exercise. The Rating Agencies have the perfect defense, "Your honor, we are not crooked!! We are stupid."  Oh crap, am I now liable for slander?


Mon, 05/09/2011 - 15:21 | 1256487 strannick
strannick's picture

I would have thought ratings agencies would be sued for being too idiotically easy on these PIGS. But if the 'Criminal Inquiry' is anywhere near as efficient and expeditious as the CFTC's inquiry into 'Silver Manipulation' begun in 2008, or as competent as the governments finanical management, I dont think the ratings agencies have anything to worry about.

Mon, 05/09/2011 - 15:35 | 1256570 russwinter
russwinter's picture

Not to really to defend Portugal which is a true bagunca (mess), but I really think they are another straw man to divert attention away from the US. Portugal's debt to GDP is 77% about on par with France. The US is currently at 96%. Portugal is being put in the penalty box because their deficit is looking on the order of 4.1%.  The model of kleptocratic corruption, the US, is running 11% annual deficits with zero serious attempt at a cure, but who is even counting.   Why are Portuguese yields 640 bp above UST.

As a consequence Portugal is being attacked by hegemonic speculators and I think in part as a decoy.  Despite the fact that many Portuguese themselves are awful, and answer questions from tourists with a standard "eu nao sei" (I don't know) or, "como poderia que possivelmente  saber"  (How could I possibly know), I am still simpatico with their rather unfair situation.  It is true that they really don't know anything,  so just leave them alone, the fado is great.

Mon, 05/09/2011 - 18:49 | 1257257 midnight
midnight's picture

Maybe you are wierd at asking questions. I never had any problem

Mon, 05/09/2011 - 15:49 | 1256626 buzzsaw99
buzzsaw99's picture

Die Moody's!

Mon, 05/09/2011 - 16:03 | 1256689 Troy Ounce
Troy Ounce's picture

Portugal should stop complaining.

Kick the rating agencies in the nuts, default, back a new currency with goold and be happy afterwards.


Mon, 05/09/2011 - 18:23 | 1257182 nah
nah's picture

water board them

Mon, 05/09/2011 - 19:03 | 1257286 midnight
midnight's picture

It's a pity that the SEC and congress doesn't seem to be serious about sending people to jail or you wouldn't even have to report this.

Mon, 05/09/2011 - 19:14 | 1257318 Piranhanoia
Piranhanoia's picture

no worries.  This blog isn't a part of the rating agency/bank/government entity they intend to sue for damages for criminal acts of fraud.  not until you are "absorbed".

Mon, 05/09/2011 - 20:51 | 1257569 zippy_uk
zippy_uk's picture

Its the Portugese socialists outing all the "scabs". Just where is Marx when you really need him...?

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