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Moody's Leaked Again: Told Nancy Pelosi Will "Probably Not" Downgrade US Weeks Ago; Did Her Multi-Millionaire Investor Husband Know Too?
Moody's reputation for leaking inside information is well-known: after all it was one of its own employees, Deep "Throat" Shah, who leaked to infamous hedge fund Galleon information of upcoming LBOs. But at least that wasn't information originating from Moody's: the world's most incompetent rating agency was merely a conduit. Yet we were little surprised to learn that the firm that facilitated the housing bubble, and where such talking head apparatchiks as Mark Zandi reside, informed none other than House Minority leader Nancy Pelosi that it likely wouldn't downgrade the US debt as long as several weeks ago. Per Dow Jones: "Moody's earlier Thursday took the unusual step of warning that it might place the U.S. government's debt rating under review for a possible downgrade. The agency said the review would come if Congress doesn't make progress on raising the country's debt ceiling. Pelosi said she was alerted to the Moody's report just after House Democrats met with President Barack Obama at the White House. She said a few weeks ago she was in New York and the head of Moody's told her that it "would probably not downgrade, so this is interesting news today," she said. "But the fact is we cannot default" on the debt." We are relieved to learn that the head of Moody's, a firm which only last summer received a Wells Notice from the SEC, in an investigation which was promptly scuttled by powerful and rich people, takes its responsibility of protecting material, non-public information with such passion. Yet it is the topic of another leak of non-public information, and not Moody's criminal incompetence, that bothers us. Because as we noted last week, it is now proven scientifically that members of both Congress and Senate (especially democrats), tend to trade a littel too much on inside information. And even if not Ms. Pelosi, who precisely will guarantee us that Ms Pelosi's husband, multi-millionaire Paul Pelosi who just happens to be the owner of Financial Leasing Services, Inc., a San Francisco, California-based real estate and venture capital investment and consulting firm, did not procure the Moody's inside information courtesy of wagging tongues at Moody's and in his wife's mouth, and then proceed to trade accordingly. Alas, with the regulator in charge being the same one who let the whole Moody's investigation get deadended in record time, we are not hopeful of getting any information or justice. Ever.
From Dow Jones:
Pelosi said she was alerted to the Moody's report just after House Democrats met with President Barack Obama at the White House. She said a few weeks ago she was in New York and the head of Moody's told her that it "would probably not downgrade, so this is interesting news today," she said. "But the fact is we cannot default" on the debt.
When pressed a few minutes later about what Moody's told her, Pelosi said the ratings agency told her they "might not" downgrade the country's debt.
The country is set to default on its debt by Aug. 2 if Congress doesn't agree to raise the government's borrowing limit. Pelosi said all Democrats agree a default would have devastating consequences for the economy.
A downgrade of the government's debt could increase the country's borrowing costs.
And a little more on the mysterious Mr. Pelosi:
For more than 20 years, Paul Pelosi has been able to stay in the shadows, even as the millions he has made as a successful San Francisco financier and businessman have helped fuel the political career of his wife, Nancy.
"I've made a conscious effort to not be involved or give the appearance of being involved in her political career," he told The Chronicle in 2004. "People should realize that she's the one.
But the couple's net worth, most of it linked to Paul Pelosi's investments, has made the legislator the ninth-richest person in the 435-member House.
The family money, along with the many business and social connections Paul Pelosi has brought to their 43-year marriage, gave Nancy Pelosi the financial independence she needed to spend long hours doing unpaid Democratic Party business in the 1970s and 1980s. Since she was elected to Congress in 1987, it has also added a degree of comfort to her life in Washington, where she has a $1 million-plus residence and a lifestyle that doesn't depend on the $212,100 annual salary she will receive as speaker.
"Having a Town Car pick you up is way better than Yellow Cab," said Joe Cotchett, a Burlingame attorney and Democratic fundraiser who is a longtime friend of the Pelosis.
"Frankly, it's a copout to say, 'My husband makes the money,' " said Peter Schweizer, a fellow at Stanford's Hoover Institution whose recent book "Do as I Say (Not as I Do): Profiles in Liberal Hypocrisy" contains a chapter on the Pelosis.
In fact, Nancy Pelosi's most recent financial disclosure statement shows just how careful Paul Pelosi has been in his investment decisions. Because the federal statements require a politician to give only a range of value for investments, they show the Pelosis' net worth was $14.7 million to $55 million in 2005, ranking them ninth in the House and 17th in the entire Congress.
The bulk of the Pelosis' money comes from investments in stocks and real estate. Operating through Financial Leasing Services, his San Francisco investment firm, Paul Pelosi owns stock in companies including Microsoft, AT&T, Cisco Systems, Disney, Johnson & Johnson and a variety of tech stocks.
Real estate investments include a four-story office building at 45 Belden St. in the Financial District, office buildings on Battery and Sansome streets near the Embarcadero, a building housing a Walgreens drugstore near Ocean Beach and other commercial property in San Anselmo.
Other investments include a St. Helena vineyard worth between $5 million and $25 million, a $1 million-plus townhome in Norden (Nevada County), and minority interests in the Auberge du Soleil resort hotel in Rutherford, the CordeValle Golf Club in San Martin, and the Piatti Italian restaurant chain.
Yes, something tells us Mr. Pelosi would make quite a few financial decisions were he, like his wife, to know weeks in advance of the general public, what Moody's intentions vis-a-vis America's sovereign rating were...
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No such thing as insider trading for a Congressional Critter. Lucky them.
Jump..., please!
I thought Nancy Pelosi had retired to Madame Tussards Washington D.C. branch to fight gender-discriminination in wax dummies.
http://www.madametussauds.com/washington/
She will not say that under oath. The comment will be brushed off
Nah, that super tight face lift just makes her look like a wax figure...
So tight, Pelosi can't blink...
So I'm thinking the next 'big thing' could be exposing this corrupt racket for what it is? (a violation of humanity, natural law, decency, respect for others, a perversion of 'diversity'. Okay. I'll just calm down and make it simple.
LEFTIST POLITICS. THEY DO NOT WANT TO SO MUCH 'CHANGE' THE SYSTEM AS THEY WANT TO OWN IT. Manipulate it to their own advantage.
Get it yet?
I understand that we have been manipulated and abused by both so called 'Ideologies'. Fact is that the 'right' was highjacked by the banksters, the 'left' was highjacked by the banksters.
Individual POLITICIANS and the PARTIES that provide credibilty to them were and are comprimised.
We Americans do in fact live under the thumb of a regime. We do NOT have freedom, liberty ect..
If you retain some vestige of adoration for such an ideal....
VOTE AGAINST THE CORPORATE PICK!!
Hate Palin (stupid, right?).
The ability to communicate to you in the manner that you have been trained to accept as 'okay' might be your archilles heel.
THINK??
She is the cross between a goat and a horse!
you, you mean that she's a go-arse?
Nancy Pelosi = Enemy Combatant
As opposed to John Boner. Fuck you.
If you're not some kind of sarcastic comedian, you are the worst kind of twat the world knows. Just because someone points out that Pelosi is a piece of shit cunt does not mean they think Boehner isn't equally douchey. You have your head so far up your ass it's a miracle you haven't died from a methane overdose. If you choked to death on your own spit tonight, not a single fuck would be given.
+666
Of course, you know you are responding to a weiner.
I never knew weinerdogwas so hot for Palosi. lol
Hello. what I was thinking.
What the fuck does Boehner have to do with this you douche bag?
I don't recall Boehner chartering a trip to Syria with a boxload of head scarfs...
Seriously wtf is with all you partisan fags lately? I mentioned how Reid and Pelosi were the worst of the worst this week as well and immediately got multiple partisan fags on here calling me a sheep for blaming democrats. I could give a rat's ass what party you are in because they are both part of the same body. FOAD with your partisan shit stirring.
Nancy Pelosi = domestic terrorist
Pelosi: Food Stamps & Unemployment Give Us The "Biggest Bang For The Buck"
No comment needed
OMG, we are completely innocent of any wrongdoing! We will have no further comment until those slugs at Moody's are rounded up and shipped off to Guantanamo
Is that supposed to be a negative?
That is bailout money actually going to people. I mean, in the end it goes to some big food industry giant or to the bank via mortgage, but people at least get to touch it. And it creates or saves jobs; grocery, gas store, etc... If the whole bailout went through the people to the corporations instead of directly to businesses or banks, we would have a good false booming economy instead of a crappy false economy with booming markets... until they stopped booming.
Lord, Make me chaste, but not yet
Taking the Haves and the Have-Nots to another level
off-topic -- here's an elliott wave count showing the possibility for a market plunge beginning either tomorrow -- or Monday/Tuesday.
http://jeffreygtc.blogspot.com/2011/06/thursday-june-2nd.html
Quelle surprise!.....
Say what you want - the old money at least provided belly-laughs, in a ghastly Gormenghast type of way:
http://www.independent.co.uk/news/uk/home-news/ninety-gaffes-in-ninety-y...
Yours seem to be just pure spite wrapped in chicken breast and bacon, and stuffed with [government] cheese.
Oh, you cunning Man-in-the-Middle, stop it already.
[double post - no time out, no stoppage, dumped to landing]
USA 2K.
the frogs are officially boiled.
"But the fact is we cannot default" on the debt."
And why is that?!
Broke! We still have checks in the checkbook!
How the hell do these people get elected? When the republic fails, lets get some better requirements to vote. This citizen and a heartbeat criteria is killing us.
That's what I've been saying....
If you don't pay income/property taxes you don't get to vote. That would solve the problem right there.
Fukkin A! Like it was many decades ago.
I junked you.
The answer to the swindle that "representative democracy" is, is not more Fascism. The answer lies in direct democracy (the infrastructure to connect citizens already exists) which just means community. Believe it or not, fraternite, egalite & liberte are the answer.
With such a direct online community, without the truly Goebellian manipulation called the mainstream media, all sides to arguments would be heard and no special groups could manipulate the purse strings only a majority of members of the American community.
Direct democracy is our hidden DNA and it works. No society at war with itself survives much less thrives. One citizen, one vote.
The Ancients rule! Echoes of their untainted wisdom.
True, there are things we can do. We can change the rules to where congress can not trade on inside information for instance. Another one, they can't work for any industry that they cast a positive vote for. Same thing with a bank regulator, make a rule that states if an applicant takes a job as a regulator then they should be barred from ever working in the banking industry. The regulator idea was Bill Black's. The point is we can implement laws to make public officials more accountable to the electorate. Stop the revolving doors.
Well, at least there was no wiff of impropriety.
Pelosi...LOL!!!...and here I was completely convinced there was no such thing as shape shifting reptiles ;-)
It's to freaky ugly to be a reptile -- though it does look cold-skinned
I can never understand a word she says...I sometimes wondered if it was just me.
I always find myself watching her eyes, waiting for a Martin Feldman moment I guess, where one of them went left & the other stares straight up ;-)
http://www.youtube.com/watch?v=vIA4A3QRWCE&feature=related
LOL...good one.
Where the hell you been, long time...
It is a full time enterprise getting 4 kids ready spiritually, physically and emotionally for what is coming, especially since we don't know what is coming. Not complaining, it's what I signed on for. I've Been reading and lurking when I can, but not commenting. You have held the mantle extremely well by the way.
Hope you are fully recovered from the back surgery. You had my prayers.
"Not complaining, it's what I signed on for."
Responsibility has a way of finding you even if you try and avoid it, good man. I know the drill well.
"Hope you are fully recovered from the back surgery. You had my prayers."
Well I appreciate that, I can be less than angelic sometimes so I need all the help I can get. Its an ongoing thing (from my past) that I'll have to deal with. I'll be back to running soon enough, its a slow process, the biggest thing is patience.
Ha - a youtube link to that clip would be pretty cool!
I try not to look IT in the eye(s) but it's hard not to notice its eyes. Somethin' ain't right!
This should do it.
http://www.youtube.com/watch?v=oes5IMmaKAk&NR=1&feature=fvwp
ah...ha - lol - thanks...i think....ah, ... now how am i supposed to sleep tonight?!
So this proves Moodys is "in the bag". We need someone in CONgress to beat that bag. Of course that will never happen because they're all in the bag.
we need a new, modern Superhero...the kind that goes around abducting and torturing politicians... Captain Street Justice?!
Deep Nancy.
Does anyone know what they give to charity--- mr and mrs P.
They give fiat; they get back fully stocked BBQs.
http://www.dailymail.co.uk/news/article-1392713/Woman-caught-wheeling-tr...
Always a delivery issue, always with the delivery issues..
Are we supposed to bend over and care what these johnny come latelys say or are we smart enough to see the writing on the wall ourselves? I choose the latter.
Moody's, smoody's bitchez...
Shocking, just shocking, at the thought that there might be financial exploitation among our political representatives.
Oh, wait....no I'm not. That's why they get into that line of work.
How could they trade that information? I mean... it is obvious that the downgrade was not going to happen, maybe it will happen when they don't raise the debt limit, but my point is: how can you profit from knowing that a rating agency is not going to change the rating?
The biggest insider trading is done at the very top-- this is not what democracy nor policymaker should be about: padding one's own trading account.
There needs to be some recourse and justice in this matter-- it's utter bullshit.
no way, really?
Loot. Lie Loot Lie is a must to be in Congress.
I wonder who writes their resumes?
Capital treatment for bilateral counterparty credit risk finalised by the Basel Committee
http://www.bis.org/press/p110601.htm
BIS staff minutes.. we don't know what the fuck to do!!
I have an idea exclaims a BIS staff member, someone get a laptop Nowwwwww! Tap, tap, tap, tap, tap, tap, tap..
Dear Gennette, keep twatting to keep the masses distracted, we're working on another BIS press release. Your cooperation holds our fragile banking system intact. CUL8ER.
This is an example of Fraud as opposed to insider trading
My first and last thought on this matter:
Buy Gold
Thank you Zero Hedge. Both sides are corrupt and you are one of the few outlets that doesn't hold a complete bias. Let them spin in the wind.
If Pelousy is the best blow job they can expect, .......
As for Zandi, who is, no doubt, a complete idiot, I thought Moodys.economy and Moodys the rating agency are 2 different companies. Unrelated. Wrong?
Nevertheless I am right about Zandi being clueless.
There could be worse things in life. You could be married to Nancy and called upon on occasion to perform your marital duties.
Yikes. Blindfold? 2 bags? How is this done?
Who needs insider information when they have a mood ring... mojo rising.
http://tradewithdave.com/?p=6714
Dave Harrison
www.tradewithdave.com
Please don't overlook the fact that the M&A chasers are after SSN. Has been dead money for a month until the MRO-Eagle deal. And yes, I'm in it from 2.82.
(Was at the store when it dropped to 2.52. Figures.)
Pelosi has been hiding behind "liberalism" for a long time now whilst making ill gotten gains from her "privelege".
Time to out her for what she is...a low level, but highly paid...crook.
Even this too shall pass on. Like the rest of us mortals.
The. Most. Ethical. Congress. Ever. (and administration too - can't forget them)
I'd like to congratulate Tyler, whose tone of late has turned to, shall we say, vitriolicly anti-bankster (and bankster connected like Puh-loosy)? He'll with it... murderous!! LMAO
Finally, the deep, atavistic roar of the wounded beast enters the collective.
A hard rain is going to fall.
For my own I do read the term: weeks, after "downgrade USA".That's the certain.
and the strong information in the Pelosi's words. And the fact there
is the possibility (certainty) of inside trading is second, it will become
first after the event which will break the system no?
For my own I do read the term: weeks, after "downgrade USA".That's the certain.
and the strong information in the Pelosi's words. And the fact there
is the possibility (certainty) of inside trading is second, it will become
first after the event which will break the system no?
americans need to come to terms with the fact that our corrupt leaders are nothing more than a reflection of a society that eats BigMacs coated in corn syrup and finds meaning in softball tournaments, bowling and golf...
of course we're going down, the question is how did these idiots keep the circus going for so long...? Hats off to our political and corporate masters!
Who listens to Moody's anyhow?
This is the same company that was giving CDO's AAA ratings. You're a fool if you listen to them and there admittedly might be a lot fools.
US debt is junk, and it's never going to be paid back - that's why it's junk.