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Moody's Receives Wells Notice, SEC To Commence "Cease & Desist" Proceedings Against Rating Agency

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Sat, 05/08/2010 - 13:06 | 338028 w a l k - a w a y
w a l k - a w a y's picture

Another crack in the dam, it seems.

Sat, 05/08/2010 - 13:09 | 338031 MsCreant
MsCreant's picture

Or a crack in the damned?

Sat, 05/08/2010 - 13:39 | 338079 Cistercian
Cistercian's picture

 Or cracking down on the damned.

Sat, 05/08/2010 - 18:23 | 338371 bc0203
bc0203's picture

Naw, the damned will just keep doing crack.  We've still got two rating agencies to bribe!

Sat, 05/08/2010 - 20:58 | 338536 Problem Is
Problem Is's picture

Uncle Warren can put a stop to crack with some home spun transparency...

Would you really want to view that decrepit, wrinkled ol' crack. It would make the entire industry put down the pipe and go to rehab...

Worked for Amy W... isn't she still in leaky tit job rehab?

Sat, 05/08/2010 - 20:19 | 338492 Translational Lift
Translational Lift's picture

Any chance of Moody's downgrading itself in a timely manner??

Sat, 05/08/2010 - 23:22 | 338662 BlackBeard
BlackBeard's picture

Beautiful.  I'm short Moody's.

Sat, 05/08/2010 - 13:07 | 338029 ambrosiac
ambrosiac's picture


"Go Now", The Moody Blues



Sat, 05/08/2010 - 13:16 | 338042 MsCreant
MsCreant's picture

Not entirely right. We are not still in love with them.

How bout this:

Gold Dust Woman, Fleetwood Mac:


Rock on, gold dust woman
Take your silver spoon
And dig your grave

Heartless challenge
Pick your path and I'll pray

Wake up in the morning
See your sunrise, loves, to go down
Lousy lovers, pick their prey
But they never cry out loud

Did she make you cry
Make you break down
Shatter your illusions of love
Is it over now, do you know how
Pick up the pieces and go home.

Rock on, ancient woman
Follow those who pale
In your shadow

Rulers make bad lovers
You better put your kingdom up for sale

Did she make you cry
Make you break down
Shatter your illusions of love
Is it over now, do you know how
Pickup the pieces and go home.

Sat, 05/08/2010 - 13:35 | 338071 cougar_w
cougar_w's picture

Nicely played.

Sat, 05/08/2010 - 23:30 | 338668 Oh regional Indian
Oh regional Indian's picture


that was what I considered music before I gave up on wordy 3-5 minute songs completely.

Them and CSN.


Sat, 05/08/2010 - 23:38 | 338674 MsCreant
MsCreant's picture

Ah, but what of Young? Does he not make your grade?

Sun, 05/09/2010 - 00:02 | 338691 Oh regional Indian
Oh regional Indian's picture

Nope MsC, there is something about the three part harmony that a fourth cannot fit into.

Trines and octaves, betwixt them lie all laws of creation and harmony.

Add a fourth or a ninth and its harm-only!


Sat, 05/08/2010 - 13:48 | 338090 Pure Evil
Pure Evil's picture

That was the Moody Blues? What happened to them between then and toward the later stages of their career?

Grandma: they looked like such nice boys.

From clean cut to sex, drugs, and rock & roll!

Sat, 05/08/2010 - 13:25 | 338034 Fish Gone Bad
Fish Gone Bad's picture

I am thinking this is more than "a teachable moment" thing.  I am thinking uncle Warren knew about this and dumped his holdings.

Sat, 05/08/2010 - 13:38 | 338077 mikla
mikla's picture


Warren totally had the inside track on this.  A shame he's not worthy of his hero status, but that's been known for some time.

This means one of the following:

  1. Consolidation of the cartel, we need a scapegoat.  Sorry Moody's, nothing personal.
  2. The ratings cartel is about to go super-nova (the markets are broken, nobody trusts, and only morons had faith in the ratings anyway).

I don't see a third option...

Sat, 05/08/2010 - 13:54 | 338102 Pure Evil
Pure Evil's picture

What you takin' bout Willis?

MoFo is still a hero!

Likes to make money the old fashioned way, and that is, 'anyway he can'.

You don't get rich dreaming about sunshine, lollipops, and rainbows.

It takes scheming, conniving, luck, and a little insider information.

Sat, 05/08/2010 - 14:07 | 338119 mikla
mikla's picture

Such a shame it's a crapshoot without insider info.

Sat, 05/08/2010 - 15:43 | 338247 anony
anony's picture

Wall Street Motto:

"Profit is other people's ignorance".

Sat, 05/08/2010 - 20:38 | 338514 whacked
whacked's picture

Pity that Buffett doesn't come under more scrutiny in his dealings.

Sat, 05/08/2010 - 13:11 | 338035 Catullus
Catullus's picture

Bullish. Can't downgrade debt if there's no rating agency.

Sat, 05/08/2010 - 13:16 | 338044 SteveNYC
SteveNYC's picture

LOL!! Or:


"Cease and Desist" from downgrading shit European debt and junk bonds. Fall in line with "hope" strategy.

Sat, 05/08/2010 - 14:38 | 338166 AN0NYM0US
AN0NYM0US's picture


Sat, 05/08/2010 - 13:17 | 338046 MsCreant
MsCreant's picture

Oh Fuck! I suspect you have something there.

Sat, 05/08/2010 - 13:38 | 338078 cougar_w
cougar_w's picture

That was my first thought.

The system is doomed when there is this much cynicism on the streets. The real economy goes Greek (underground and off the books) when there is this much cynicism on the streets.

Sat, 05/08/2010 - 14:06 | 338123 Cheeky Bastard
Cheeky Bastard's picture

Dear Catullus

We have an open post seeking our new Chief Economist. Give us a call

Sincerely yours

Federal Reserve Bank Chairman

Ben Shalom Bernanke


Sat, 05/08/2010 - 14:52 | 338188 faustian bargain
faustian bargain's picture

My first thought too.

I wouldn't put it past the SEC to be gunning for taking over the duties of the rating agencies. We'll probably see some arguments surfacing soon, that private industry has no right to give credit ratings.

Sat, 05/08/2010 - 15:12 | 338225 MsCreant
MsCreant's picture

Would that also expand their power to watch porn? Taking bribes can pay for some serious porn subscription action.


I know the porn jokes are getting old, but hey...they heaped this on themselves.

Sat, 05/08/2010 - 18:35 | 338382 faustian bargain
faustian bargain's picture

That's basically what getting and keeping power is all about: unlimited porn.

Sat, 05/08/2010 - 13:12 | 338036 Mitchman
Mitchman's picture

Interesting.  they should have filed an 8-K when they got the notice as this is a material development.  More interesting is the question of what the notice is about.  It looks like not everyone at the SEC has been surfing porn LOL.

Sat, 05/08/2010 - 13:12 | 338037 philgramm
philgramm's picture

Now the SEC can hire GS to rate all the sovereign debt.  Let's face it GS is as objective as Moody's.

Sat, 05/08/2010 - 14:12 | 338138 snowball777
snowball777's picture

+1 Funny!

Sat, 05/08/2010 - 13:14 | 338040 BabyShoes
BabyShoes's picture

Moody's came up a little short on last months payment to the SEC.

Sat, 05/08/2010 - 14:09 | 338129 Cheeky Bastard
Cheeky Bastard's picture

Morrie: Henry, you're a good kid, I've been good to you, you've been good to me. But there's something really unreasonable going on here. Jimmy's being an unconsionable ball-breaker. I never agreed to 3 points on top of the vig! Am I something special? Some sort of schmuck on wheels? 
Henry Hill: Morrie, please! You borrowed Jimmy's money, pay him. 
Morrie: I never agreed to 3 points on top of the vig! What am I, fuckin nuts? Come on! 
Henry Hill: Are you gonna argue with Jimmy Conway? Just give him his money so we can get the fuck outta here! 
Morrie: Hey! Fuck 'em! Fuck 'em in the ear! What are you talking about? Fuck 'em in the other ear, that son of a bitch! Did I ever bust his balls? Did I? Did I? I could've jumped the dime a million times, and I wouldn't have to pay tip! 
Henry Hill: Come on, Morrie, you're talking crazy, stop it! 
Jimmy Conway: [Grabs telephone cord and chokes Morrie with it, then his wig falls off and Henry starts laughing] You got money for that fuckin commercial. Fuckin' commercial, you don't got my money, you don't got my fuckin money, huh? 

Sat, 05/08/2010 - 14:42 | 338171 Simon Jester
Simon Jester's picture

Alas, I long for the bye gone days of good 'ol fashioned racketeering....It was loaded with humor.

I really wish Benji wore a toupée...

Sat, 05/08/2010 - 14:51 | 338184 Atomizer
Atomizer's picture

+ 10

Sat, 05/08/2010 - 13:17 | 338048 Schwantz
Schwantz's picture

It's now clear to anyone with a brain that Uncle Warren is one of the banksters.

Sat, 05/08/2010 - 15:00 | 338204 Ned Zeppelin
Ned Zeppelin's picture

That has been clear for a while. Mr. Ethics, Mr. "anti-Wall Street," Mr. Middle America.  Pathetic pile of merde.

Sat, 05/08/2010 - 13:19 | 338051 b_thunder
b_thunder's picture

"Paging Dr. Buffett.... paging Dr. Buffettt.... Patient is critical... Need some positive comments in the media ASAP"


Sat, 05/08/2010 - 16:09 | 338267 Hephasteus
Hephasteus's picture

He's busy killing and poisoning kids in the 3rd world with Mr. Gates.

Sun, 05/09/2010 - 16:00 | 339647 Careless Whisper
Careless Whisper's picture

Actually they're "just" making them sterile with their vaccines. But they know what's best for the world.

Sat, 05/08/2010 - 13:26 | 338057 Nihilarian
Nihilarian's picture

Lovely Put volume for May and June.

Sat, 05/08/2010 - 13:29 | 338060 Glenjo
Glenjo's picture

Ah, such a shame.  Hard to tell if they're being punished for years of shitty puffed up ratings or the current occasional truthful rating.  Couldn't happen to a nicer bunch of people with a moral compass that always points at the easy money.

Sat, 05/08/2010 - 13:34 | 338067 FischerBlack
FischerBlack's picture


Moody's Corporation:

Committed to excellence since March 18, 2010.

Sat, 05/08/2010 - 14:07 | 338126 Nihilarian
Nihilarian's picture


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