Domino #2: S&P Downgrades Largest French Retail Banking Group, Credit Agricole, To A+ From AA-, Due To "Greek Exposure"

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 05/20/2011 - 13:35 | 1296078 falak pema
falak pema's picture

good to know which french banks will now be shaking in their shoes. Explains why our banking account costs keep rising...

Fri, 05/20/2011 - 13:42 | 1296125 dlmaniac
dlmaniac's picture

Funny to watch these banks backstabbing each other now. Do Europeans have their own grading agency to downgrade US banks as retaliation?

Fri, 05/20/2011 - 13:49 | 1296153 LawsofPhysics
LawsofPhysics's picture

Yep, "rich" eating each other now?

Fri, 05/20/2011 - 14:59 | 1296411 Hard1
Hard1's picture

Banker...and French!!!! eewwwwww!!!

Fri, 05/20/2011 - 15:13 | 1296458 Rodent Freikorps
Rodent Freikorps's picture

French, socialist big wig banker who can post $1mm bail in cash, ftw.

I am losing my compassion for the proles.

Fri, 05/20/2011 - 15:56 | 1296591 falak pema
falak pema's picture

His wife is worth USD 40 million AT LEAST, painting collection, inherited from grandfather collector. So cool it. Its NOT his money. Some men have rich wives and a hundred mistresses...c'est la vie!

Fri, 05/20/2011 - 15:57 | 1296607 Rodent Freikorps
Rodent Freikorps's picture

Why do I get the feeling that he knows the taste of Soros' dick?

All the world's most evil are socialist/communist. Always.

It is an evil ideology that has failed every single time it has been tried.

Fri, 05/20/2011 - 16:05 | 1296633 falak pema
falak pema's picture

If you think Soros is a socialist then the Pope is a Puritan quaker! Your bible has some pages missing.

Fri, 05/20/2011 - 15:15 | 1296466 Manthong
Manthong's picture

Greek exposure, NY call girl exposure, African housekeeper exposure..

Geez, these French banking guys are exposed to everything.

Fri, 05/20/2011 - 16:07 | 1296638 falak pema
falak pema's picture

Don't worry as garlic eaters they can resist vampires from the NYPD.

Fri, 05/20/2011 - 13:33 | 1296086 SheepDog-One
SheepDog-One's picture

Banks on the hook? The horror....

Fri, 05/20/2011 - 13:48 | 1296148 camaro68ss
camaro68ss's picture

aww let them eat cake

Fri, 05/20/2011 - 13:54 | 1296156 jus_lite_reading
jus_lite_reading's picture



Fri, 05/20/2011 - 16:14 | 1296649 falak pema
falak pema's picture

Concerning the Fukushima incident there is a report on french TV by Areva president that this company, state nuclear monopoly now has a contract to send its team into ALL three reactors to start the dismantling work. TO remove over 100000 tons of contaminated water. So its a huge job. The radiation levels currently witnessed by this french team are impressive. Work has begun, based on initial robotic measurements within the reactor area. 

The french team seem to be front line now in TEPCO as subcontracted experts to do the clean um hands on.

Fri, 05/20/2011 - 13:34 | 1296090 Rodent Freikorps
Rodent Freikorps's picture

I think I'm gonna start listening to Hugo.

Fri, 05/20/2011 - 13:38 | 1296093 mynhair
mynhair's picture

This will be good for a green close.

Fri, 05/20/2011 - 13:36 | 1296106 Oh regional Indian
Oh regional Indian's picture

When swimming in a sea of debt, it is good to remember 3 things:

1) Un-intended consequences

2) The power of compounding interest, which bites both ways.

3) Rating sharks from the deep.

Such an interesting feeling to watch slow-motion, geo-political dominoes tumble...


Fri, 05/20/2011 - 13:39 | 1296107 LRC Fan
LRC Fan's picture

Yet another false alarm.  Buy the fucking dip in the Dow. 

Fri, 05/20/2011 - 13:37 | 1296109 Bindar Dundat
Bindar Dundat's picture


What Canada really thinks about the U.S. economic policy....

Fri, 05/20/2011 - 13:40 | 1296111 RobotTrader
RobotTrader's picture

Looks like another buying opportunity for some of the PIIGS banks.

BBVA dividend yield is now 7.36%

STD dividend yield is a whopping 11.76%

Some "enterprising speculator" is going to load up on these and clip coupons the rest of his life....


Fri, 05/20/2011 - 13:37 | 1296112 treemagnet
treemagnet's picture

How many dominoes are there again?

Fri, 05/20/2011 - 13:38 | 1296116 Dick Darlington
Dick Darlington's picture

This shud guarantee a green close. The worse it gets the more Timmah&Sackman will rape ES futures. No.downtics.allowed.

Fri, 05/20/2011 - 14:00 | 1296209 scatterbrains
scatterbrains's picture

well yea, the only ones left in the market are the ring fenced 19 shooting shares back and forth while the america sits on the sideline watching. Who's left to sell anything ?

Fri, 05/20/2011 - 13:38 | 1296119 aint no fortuna...
aint no fortunate son's picture

and market rallies...

Fri, 05/20/2011 - 13:40 | 1296131 Jim in MN
Jim in MN's picture

The French?  Overindulging in risky Greek exposure?


It's in the blood.

Fri, 05/20/2011 - 13:43 | 1296140 Flore
Flore's picture

If those greek savers switched their savings into gold coins and bars.. they would be king of the world in a couple of years


Fri, 05/20/2011 - 13:47 | 1296160 silvertrain
silvertrain's picture

Greece is tbtf and they know it, in the end they will get what they want...

Fri, 05/20/2011 - 13:52 | 1296173 oogs66
oogs66's picture

maybe it's too big to save

Fri, 05/20/2011 - 13:56 | 1296190 Lucius_Junius_Brutus
Lucius_Junius_Brutus's picture


Fri, 05/20/2011 - 16:06 | 1296627 Roger Knights
Roger Knights's picture

Too PIIG to bail.

Fri, 05/20/2011 - 13:49 | 1296170 Lucius_Junius_Brutus
Lucius_Junius_Brutus's picture

Their buisness is performing well... Considering the fees they charge me I'm sure it does!

Fri, 05/20/2011 - 13:50 | 1296174 silvertrain
silvertrain's picture

Meanwhile back at the ranch Iceland.s economy is moving right along on the road to recovery...

Fri, 05/20/2011 - 13:53 | 1296175 centerline
centerline's picture

Hot potato.  EU's turn to juggle.  Then toss it back to us in few months.

Fri, 05/20/2011 - 13:53 | 1296188 zaknick
zaknick's picture

Wonder how three "credit rating" scumbags "overlook" this:

Fri, 05/20/2011 - 13:53 | 1296189 buzzsaw99
buzzsaw99's picture

The French banks won't take a loss if Lagarde has anything to say about it. the imf and federal reserve will bail out europe.

Fri, 05/20/2011 - 13:58 | 1296197 LRC Fan
LRC Fan's picture

The Dow will be wildly positive by  Monday afternoon.  My guess is they announce a new IMF chief sometime between the close today and Sunday afternoon right around 5pm eastern.  That will "reduce uncertainty" and send the Dow soaring. 

OT: Let's all take a moment of silence for the Macho Man, Randy Savage.  Dead in a car crash.  :(

Fri, 05/20/2011 - 14:20 | 1296291 SheepDog-One
SheepDog-One's picture

What are you fucking crazy? Who cares about the DOW on Monday, world ends Saturday.

Fri, 05/20/2011 - 14:36 | 1296329 Rodent Freikorps
Rodent Freikorps's picture

No man knows the time. These people are not representative of Christians in general.

Armageddon will come only after the US abandons Israel, or so I am informed.

Fri, 05/20/2011 - 14:37 | 1296333 SheepDog-One
SheepDog-One's picture


Fri, 05/20/2011 - 14:00 | 1296221 gwar5
gwar5's picture

We could just downgrade everybody at the same time in a race to the bottom. Everybody wins. Nobody loses. Nobody figures it out. Like currencies.

Just Revealed: Possible reason for global economic chaos -- Dark Energy. It's driving the whole universe apart.

Fri, 05/20/2011 - 14:00 | 1296222 Clockwork Orange
Clockwork Orange's picture

Most fraudulent market I have ever seen.

Fri, 05/20/2011 - 14:09 | 1296246 williambanzai7
williambanzai7's picture

Well they got bailed out of AIG big time, might as well bail em in Greece too.

Fri, 05/20/2011 - 15:12 | 1296471 MrTrader
MrTrader's picture

Bla, bla, bla, bla, bla.  When, If, if at all, now, then tomorrow, last week, no - in 2013. What babblers! Greece will go through all of it until 2013 and then be rescued by the EFSF. For all newbies in the business:


Fri, 05/20/2011 - 15:39 | 1296551 Sudden Debt
Sudden Debt's picture

These guys need a crash course in banking, here it comes:


STEP 1: CHANGE YOUR NAME IN TBTF ______ (fill in name here)






Fri, 05/20/2011 - 16:03 | 1296618 falak pema
falak pema's picture

The other french banks are gleefully looking at this exposure of their rival...It may mean that the last big one on the block will be invited by Sarkozy to restructure with government aid to get a bigger national market share. Wait for the shit to unfold...there are three other dominoes...Mamma Mia...After the USD goes west, the Yen goes east, now the euro goes south...Maybe the Yuan is heading north. Anyways, Zimbabwe is looking very promising.

Fri, 05/20/2011 - 17:08 | 1296769 Volaille de Bresse
Volaille de Bresse's picture

"The other french banks are gleefully looking at this exposure of their rival..."


So true! BNP & SocGen are dying to lay their grummy hands on CA's network of agencies in rural areas. 

Do NOT follow this link or you will be banned from the site!