Moody's Downgrades Unguaranteed Senior Debt Of Anglo Irish Bank By Three Notches To Baa3 From A3

Tyler Durden's picture

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Id fight Gandhi's picture

Ireland posted "surprise" negative GDP. I doubt they're growing enough to handle this.

Dismal Scientist's picture

Who's the winner ? The Bernanke put, aka USD or the singularity, aka the Euro ?

It was a trick question: the winner is Gold, of course...


virgilcaine's picture

not to be confused with Allied Irish Bank.

Id fight Gandhi's picture

Of course not.

But ashes ashes they all fall down...

Sudden Debt's picture

Last Friday, I've seen a documentary about the Irish banking and real estate markets... mind boggling! They'll never be able to recover ever again!


Ghost towns of newly build mansions that cost hundreds of millions of euro's that where never finished, hundreds of newly build hotels and resorts that are never finished, loans to common people that are just freaking nuts! Common people without collateral or a job who got a loan at a bank of 1 million euro because they had a "good" idea to start a bizz!

All I could say after watching was: O MY GOD!

butchee's picture

Sudden Debt

What would be the title of that documentary you watched?  thanks

TheGreatPonzi's picture

Who cares? Trichet will print some billions, and problem solved. If Trichet can't, Bernie will.

Ivanovich's picture

Yes, but it's all sterilized! 



saulysw's picture

3,2,1.... Buy Treasuries! (hint, hint)

BetTheHouse's picture

Horrible news.  Should be good for a 1 percent pop on the S&P.  Opposite day, bitchez!

Goldenballs's picture

What a game,your loosing 26-0 at half time,you print some money loan the National team and win 26-27.Only difference is,well what is the difference tell us something we don,t already know or already suspect.Gold United for the League and Cup Double.

Josephine29's picture

This situation just seems to go on and on. I did howver have a wry smile at this excerpt from noyayesmanseconomics blog.

"In a similar vein I notice that the chief of property lending at the Irish bad-bank NAMA said this last week.

“We’re really a property company, not a bad bank,”

Sadly no-one told the author of the article as just a few lines lower we get,

NAMA was set up to repair Irish banks’ impaired balance sheets and improve liquidity by removing the worst property loans."

I guess the Cheif was just getting reading for the Irish governments new campaign to combat media negativity.





doolittlegeorge's picture

it's called a "media business" isn't it?  and their tycoons are called "billionaires."  you bet the spin is in.

johngaltfla's picture

That's going to leave a mark.

poggi's picture

Given the ratings agencies' performance with MBS, who the hell cares about ratings?  Are we to rely upon them when downgrading but not upgrading?  The corporate credit unions taken over last week were bound by charter to invest member CU's funds in triple-A paper.  They did.  Rating agencies should be shuttered.  Accepting fees from issuers?  Give me a break.  Did Anglo Irish forget to make their payment to Moody?

doolittlegeorge's picture

Buffet when called before Congress stated flatly "i own Moody's because you have no choice but to pay once your downgraded."  Now I'm fairly free wheelin' with my words but i'm not sure i would have been THAT direct.  Phil Angelides had to remind him "you're talkin' the former Treasurer of California so tell me something I don't know."

Ivanovich's picture

Why isn't EUR/USD at 1.36 on this news yet?

Bringin It's picture

The rating agencies are the Fed'd assassins in the competitive money wars.

gwar5's picture

Moody's has more work to do out there with downgrades. They're two years behind.

Vampyroteuthis infernalis's picture

The ratings are a day late and a dollar short which is typical for the agencies. Inevitably, they will address the reality that Europe is broke.

doolittlegeorge's picture

Europe's not broke.  It could be "misguided" however.  In other words like the US "they could become broke."  Clearly all of us on both sides of the pond are going to be paying top dollar for our bread and oil for...well...ever i imagine.