Back To European Sov Exposure: Moody's Will Downgrade Austria's Erste Over Attempt To Hide Billions In Sovereign CDS

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Fri, 11/04/2011 - 10:16 | 1844976 GeneMarchbanks
GeneMarchbanks's picture

Erste is junk.

All who believe they are hedged should be getting itchy by now.

Fri, 11/04/2011 - 10:13 | 1844977 paarsons
Fri, 11/04/2011 - 18:48 | 1846860 Buck Johnson
Buck Johnson's picture

Along with the US also, we all are. 

Fri, 11/04/2011 - 10:15 | 1844983 snowball777
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Like the first person from the key party to turn up with the clap!

For anyone who thought that the ISDA playing "blind monkey" would avoid repercussions...

Fri, 11/04/2011 - 10:15 | 1844987 qussl3
qussl3's picture

Everybody waiting for a hail mary from the G20.

No shorts into the weekend.

Dont hold you breath.

Fri, 11/04/2011 - 10:17 | 1844988 RobotTrader
RobotTrader's picture

-1138 TICK

46 days in a row at -1000 or worse

New NYSE record in number of consecutive days of "panic selling" intraday.

http://stockcharts.com/h-sc/ui?s=$TICK&p=D&yr=0&mn=6&dy=0&id=p37322057532

 

Fri, 11/04/2011 - 10:25 | 1845040 qussl3
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AKA

"Sold to you sucka!"

Fri, 11/04/2011 - 10:59 | 1845206 disabledvet
disabledvet's picture

apparently someone didn't get their Groupon allotment this morning...

Fri, 11/04/2011 - 10:16 | 1844989 nyse
nyse's picture

Oops! (It is starting...)

Fri, 11/04/2011 - 10:17 | 1844990 Karl Tashjian
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|||||||\\\\\_ _ _ _ _

 

Get it?

Fri, 11/04/2011 - 10:20 | 1845000 Tsar Pointless
Tsar Pointless's picture

Gotten.

Fri, 11/04/2011 - 10:21 | 1845006 Dapper Dan
Dapper Dan's picture

Is it?

dominus domino

Fri, 11/04/2011 - 10:31 | 1845073 GeneMarchbanks
GeneMarchbanks's picture

Only for those who read right to left.

Fri, 11/04/2011 - 10:55 | 1845179 Miss Expectations
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See, if you're going to set up a huge line of dominoes, you need to leave spaces so that if you accidentally knock one over, you don't take down the whole project.  Then, when all your dominoes are set up and you are ready to take down the whole project, you carefully fill in the spaces and let the whole thing go.  All the G20 keeps trying to do is stop the first domino from falling, because they KNOW there are no spaces to stop this thing if it starts tumbllng down.  The spaces could have been created by taking out the too big to fail, but there was no f'ing way they would step away from the game.

Fri, 11/04/2011 - 11:35 | 1845317 SwingForce
SwingForce's picture

V Domino scene Like This?: http://www.youtube.com/watch?v=mdT163r3dUQ

Fri, 11/04/2011 - 10:19 | 1844997 Jay_Son
Jay_Son's picture

Check out the Italian 2 year - now over 5.5%.  10 year over 6.35%.  Where's the cavalry?

Fri, 11/04/2011 - 10:20 | 1844998 Vergeltung
Vergeltung's picture

this ties in with several other points made this week. this has been a rich week at ZH for us readers.

Fri, 11/04/2011 - 10:26 | 1845044 Sockeye
Sockeye's picture

A rich week indeed. Proving once again that the cynical and skeptical viewpoint is usually right when it comes to understanding the wizardry of bankers and high finance.

Fri, 11/04/2011 - 10:21 | 1845010 pendragon
pendragon's picture

france is clearly deep in recession witness the pmis...when can we expect the sovereign downgrade?

Fri, 11/04/2011 - 10:22 | 1845012 Tsar Pointless
Tsar Pointless's picture

This is shocking news. Banks lie about stuff.

I need a hug. Then a drink. Then a nap. Then a nice blowjob. Then another drink. Then another nap.

Fri, 11/04/2011 - 10:22 | 1845022 Ancona
Ancona's picture

Cue up the slow motion death spiral. As long as they fall one at a time, and there is a lag between explosions, the PTB will try to contain this, but when they start to pop all at once, it's lights out.

Fri, 11/04/2011 - 10:24 | 1845026 Zola
Zola's picture

Can we move to GS and JPM already ? These appetizers are leaving me unsatisfied. I m really looking forward to the MAIN COURSE !

Fri, 11/04/2011 - 11:02 | 1845224 disabledvet
disabledvet's picture

If it's any consolation the man picked to replace Treasury Secretary Tim Geithner has just abandoned SS MFGlobal just as it had hit the iceberg. "Good luck boys!" was heard off in the distance from what turned out to be the only life boat.

Fri, 11/04/2011 - 10:25 | 1845038 midgetrannyporn
midgetrannyporn's picture

Both Moody's Investors Service and Standard & Poor's Ratings Service placed their once-revered triple-A ratings on the Abacus deal...

http://finance.yahoo.com/banking-budgetingk/article/109350/abacus-deal-a...

 

Moody's and S&P are worthless.

Fri, 11/04/2011 - 10:26 | 1845047 sabra1
sabra1's picture

"the hills are alive, with the sound of mucas!" (everyone, sing with me!) 

Fri, 11/04/2011 - 11:00 | 1845184 Zero Govt
Zero Govt's picture

i knew nothing of Erste until yesterday catching their tv ad' on "growing CEE" (the economic zone of Slovakia, Czech, Hungary etc ...bascialy as my girlfriend ruthlessly commented, "every country with no money!")  

a simple Google search came up with enough headlines on write-offs, write-downs and remarkable contrasts to Erstes own website of sugar coated PR to wonder which story was nearer the truth: Glossy up-beat Erste or the crumbling down-beat debt

Fri, 11/04/2011 - 10:55 | 1845188 citrine
citrine's picture

In other news, Intesa halted in Milan.

Fri, 11/04/2011 - 10:56 | 1845193 youngman
youngman's picture

the G 20 meeting is going great...lol....and in Bank boardrooms across the world ...you can hear a pin drop....

But remember..its only paper money....how many calls are being made to Geitner and Bernanke right now......on the red phone..and what is China doing other than laughing their asses off..

 

But gold and silver are down...lol

Fri, 11/04/2011 - 11:04 | 1845239 disabledvet
disabledvet's picture

Brie, Champagne...a special meal called "Grapes of Wrath"...what could possibly be wrong with that?

Fri, 11/04/2011 - 11:21 | 1845263 slewie the pi-rat
slewie the pi-rat's picture

L0L!!!  "...a toxic spiral of accentuating losses whenever the risk situation deteriorates..."

can i get that cone dipped in butterscotch, please?

Fri, 11/04/2011 - 11:34 | 1845315 Iwanttoknow
Iwanttoknow's picture

Is this the new Kredit Anstaldt?

Fri, 11/04/2011 - 11:43 | 1845350 SwingForce
SwingForce's picture

You guys are sofa king FUNNY today!

Fri, 11/04/2011 - 11:54 | 1845376 M.B. Drapier
M.B. Drapier's picture

Yes, Austria's long been a dark horse in the race to European bankruptcy, hasn't it?

Fri, 11/04/2011 - 14:36 | 1846166 tony bonn
tony bonn's picture

"...which was not marked-to-market has left many investors scratching their heads..."

mark to market? they should be scratching their asses because that antiquated device for valuing assets is passe and decaying from mold thanks to fasb and the us congress....

and what brilliant wunderkind decided to hide the cds? more of the smarmy low rent iq b-school graudates no doubt - the kind who can't make it without cheating, "team work", or a prosthesis....

fuck you bankster crooks

Fri, 11/04/2011 - 15:53 | 1846386 larynx
larynx's picture

Thats what the austrian main population informer is reporting:

http://orf.at/stories/2087858/2087853/

Just ignore the wording as its the usual cool aid - but i would really like to know whos that guy in the pyjama.

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