Rating Agencies vs Reggie Middleton Augmented Reality, Part 1

On Wednesday, 30 November 2011 I asked queried the blogoshpere, "Where Are The Ratings Agencies For UK & German Banks Before They Go Boom? How About Those Euro REITs? Agencies Anybody?", quickly followed by So, Now The Rating Agencies Want To Acknowledge The Existence Of The FrankenFinance Monster??? You see, the problems of these countries should have been known and evident for sometime know. At least it's safe to say that BoomBustBloggers knew about them. All of sudden, Moody's appears in the headlines, as per Bloomberg: Italy, Spain Cut by Moody’s; U.K. Top Rank at Risk

Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal and said it may strip France and the U.K. of their top Aaa ratings, citing Europe’s debt crisis.

Reference the subscriber document posted TWO years ago on the UK: UK Public Finances March 2010. For the more stingy amongst you who don't subscribe, reference the first three pages of said 710 day old document, then let me know if the rating agencies are showing up to pile of smoldering ashes with a fire hose again....

I have also warned extensively on the other nations that Moody's is just now getting to stripping, and will address them in detail in a separate post. In the meantime, this is a good time to bring up that Interesting Documentary on the Power of Rating Agencies, with Reggie Middleton Excerpts

Continuing my rant on the effectiveness (not) of the ratings agencies, I bring to you an interesting documentary on the rating agencies' effect on the sovereign debt crisis in Europe, produced by VPRO Tegenlicht out of Amsterdam. You can see the full video here, but only about half of it is in English. I appear in the following spots: 4:00, 22:30, 40:00...  Reggie Middleton Discussing the Rating Agencies effect on Sovereign Europe

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[ThisIsBob]

Breraking News:  S&P revises California to "Positive."  Take me now, Lord.

[I am a Man I am...]

apple is up more than 100% since you've been bashing the best company in the world with $100B in cash

[monoloco]

What do you have to say about that Reg?

[Hannibal]

 Magnificent Deception:

http://www.youtube.com/user/JanRichardus?feature=mhee#p/f/0/ohiyO-IcqG8

[Xkwisetly Paneful]

Illinois forced to pay two points higher than it's supposed rating.

The longest maturity in the Illinois bond deal, due in 2019, was sold at a yield of 5.877%. In comparison, a $400 million "junk" bond issued by auto-parts maker Dana Holding Corp. and maturing in 2019 had a yield of 6.24%.

Illinois officials were forced to promise a yield that is about two percentage points higher than was paid by companies with similar credit ratings in recent bond offerings.

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http://online.wsj.com/article/SB10001424052748703775704576162350542651930.html

[centerline]

UK is the center of the ponzi universe.  Has been for hundreds of years.  When things eventually get ugly the forensic evidence is bound to point at London.

[resurger]

Am long Reggie ...

[GotFood]

Really? Really? You guys are so disgusting! Reggie is fighting evil by being the beacon of truth. A little jealousy maybe?

Keep standing in the fire of the truth Reggie because I am greatful for the free research as I have just become a 99 er!

[sessinpo]

Reggie is simply selling a service. It's up to you to decide if he provides value for the cost of whatever subscription. Cheers to his entreprenuerial conquest. As for myself, I prefer to do my own research.

[CvlDobd]

I've always wondered what it would be like to have a 14" dick. I'll just live vicariously through Reg.

[Xkwisetly Paneful]

Entities that use the ratings agencies as gospel will go broke no matter what. A whole flaw in blaming them for the economic meltdown because anyone who lost because of a rating's agency was going to lose regardless in the end. 

[Zero Govt]

Comparing yourself to the ratings agencies, the biggest crones (after Auditors) in finance and (un-prosecuted) fraudsters it's not hard to look good Reggie

Having said that you're well ahead of the curve in this field, especially as so many analysts, journalists and Jim Cramer are (paid) to be behind it

[NotApplicable]

See there Reggie, you've pinned the champion pig. Congratulations!

[Zero Govt]

your avatar needs some colour... try lipstick

[falak pema]

rating a rating agency is like dating an employee from a dating agency; you better have your parachute open and you getaway mapped out. 

[NotApplicable]

That was much more succinct than my attempt. Kudos.

[Bullwinkle Moose]

Ratings agencies are supposed to give unbiased and truthful information so the investor can make his own decisions concerning where and when he wants to invest his money. When the ratings agencies put forth information based on politically influenced data, they become worse than evil. This whole market has become a rigged game. There is nobody willing or able to tell us the truth. There is no more investing these days, only people gambling with their money. It is as though they were in a casino. I have grave doubts about the financial future of our country and the world.

[donsluck]

"There is nobody willing or able to tell us the truth. There is no more investing these days, only people gambling with their money" correction, gambling with OTHER PEOPLE'S MONEY.

[steelhead23]

I believe Reggie is trying to encourage us to:1) become a BoomBust subscriber, and 2) take some of the gambler's rake from the house.  So, let's see how this hand ends - the gamblers have taken 3 cards and Reggie's holdin...

[NotApplicable]

Which is the sucker's bet. The casino, as you well know, is rigged, and as such there is no longer any space for legitmate gamblers. There are instead only fake "sure things" laid out like bait to trap those that think they can outsmart the trap. You can be completely correct in your forecast, and get totally Corzined, just like Celente did.

One of these days Reg might make a call so correct, that The Squid might be forced to destroy him rather than allow it to payoff. Now, Reggie might like to think himself a martyr (he sure is working the warrior meme), but I doubt he'd really like to end up roadkill just to prove a point.

Evil can never be defeated by "battling" it. Instead, all that is required is for good people to unmask it and recognize it for what it is, rather than playing along with the facade, as Reggie does above.

I doubt he even recognizes the support his critiques provide for the ratings agencies, let alone acknowledges it. Nope, instead he will tell you just how awesome he is at displaying their faults, just like they want him too (otherwise there would be a huge hole left unfilled, casting doubt on the whole scam). Just as only the ignorant would critique news provided by The Onion (http://literallyunbelievable.org/), the same holds true for those who would critique ratings agencies when they really should know better.

[Jack Kreuz]

"You can be completely correct in your forecast, and get totally Corzined, just like Celente did." Absolutely. Also, if you have a dominant position, you will always be right even if you are not correct.

[Bullwinkle Moose]

Point well taken. Thanks

[NotApplicable]

Well, Reggie is able. Some reason though, he just isn't willing. To me it's akin to pissing on an electric fence. Sure, it'll make your balls tingle, but there isn't any real value in the experience other than learning it isn't worth repeating.

[Gromit]

Moody's and S & P are a covert arm of the US Treasury. Realize that and many things begin to make sense.

[tony bonn]

"....they are putting the system at risk again, and again, and again... ..."

the purpose of a ratings agency is not to reduce risk but to provide a justification for a deal....they have enormous incentives to provide even more upward bias than the bls has for its unemployment data...ratings agencies are hopelessly conflicted....

[NotApplicable]

Other than talking his book, I don't understand why Reggie does this, as all he does is to provide cover for the criminals that he paints as incompetent.

Gotta give him credit though, he's a champion pig-wrestler, FWIW.