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

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Mon, 09/27/2010 - 07:51 | 606851 Id fight Gandhi
Id fight Gandhi's picture

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

Mon, 09/27/2010 - 07:52 | 606855 Dismal Scientist
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...


Mon, 09/27/2010 - 07:54 | 606857 virgilcaine
virgilcaine's picture

not to be confused with Allied Irish Bank.

Mon, 09/27/2010 - 08:33 | 606920 Id fight Gandhi
Id fight Gandhi's picture

Of course not.

But ashes ashes they all fall down...

Mon, 09/27/2010 - 07:55 | 606863 Sudden Debt
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!

Mon, 09/27/2010 - 11:10 | 607236 butchee
butchee's picture

Sudden Debt

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

Mon, 09/27/2010 - 07:56 | 606865 TheGreatPonzi
TheGreatPonzi's picture

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

Mon, 09/27/2010 - 08:15 | 606891 Ivanovich
Ivanovich's picture

Yes, but it's all sterilized! 



Mon, 09/27/2010 - 08:00 | 606870 saulysw
saulysw's picture

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

Mon, 09/27/2010 - 08:02 | 606874 BetTheHouse
BetTheHouse's picture

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

Mon, 09/27/2010 - 08:04 | 606880 Goldenballs
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.

Mon, 09/27/2010 - 08:05 | 606882 Josephine29
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.






Mon, 09/27/2010 - 10:39 | 607145 doolittlegeorge
doolittlegeorge's picture

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

Mon, 09/27/2010 - 08:15 | 606893 johngaltfla
johngaltfla's picture

That's going to leave a mark.

Mon, 09/27/2010 - 08:16 | 606897 poggi
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?

Mon, 09/27/2010 - 10:42 | 607157 doolittlegeorge
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."

Mon, 09/27/2010 - 08:20 | 606901 Ivanovich
Ivanovich's picture

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

Mon, 09/27/2010 - 08:35 | 606924 Id fight Gandhi
Id fight Gandhi's picture

Lol, but its barely down.

Mon, 09/27/2010 - 09:00 | 606957 Bringin It
Bringin It's picture

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

Mon, 09/27/2010 - 09:15 | 606982 gwar5
gwar5's picture

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

Mon, 09/27/2010 - 10:37 | 607140 Vampyroteuthis ...
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.

Mon, 09/27/2010 - 10:48 | 607171 doolittlegeorge
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.

Mon, 09/27/2010 - 11:05 | 607220 Magua
Magua's picture


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