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Bank Downgrades Jump The Atlantic: S&P Cuts Numerous Italian Banks

Submitted by Tyler Durden on 09/21/2011 13:17 -0400

Just so the Italian banks don't feel isolated and get more than their fair share of intraday limit down closes, here comes S&P, via Bloomberg:

S&P Cuts Ratings on 15 Italian Banks After Italy Downgrade
S&P cuts Intesa Sanpaolo ratings to A from A+; outlook negative
S&P cuts Mediobanca ratings to A from A+; outlook negative
UniCredit Spa Rating Outlook to Negative by S&P
Findomestic Banca Cut to A From A+ by S&P

Judging by the market response, forget QE3: QE 3000 must be coming.

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Wed, 09/21/2011 - 13:18 | 1693143 Don Birnam

"Italian bank."

Seems rather an oxymoron.

Wed, 09/21/2011 - 13:20 | 1693165 BrocilyBeef

kinds like Italian bread...

too soon?

Wed, 09/21/2011 - 13:39 | 1693298 kito

im sure the troika will figure out a way to make italian dressing out of this...........

Wed, 09/21/2011 - 13:21 | 1693178 Ahmeexnal

S&P about to downgrade BNP, SocGen and Credit Agricole.

Wed, 09/21/2011 - 13:22 | 1693188 BrocilyBeef

S&P should downgrade the US GOVERNMENT! ... wait .., AGAIN!

Wed, 09/21/2011 - 13:24 | 1693203 GeneMarchbanks

S&P feeling left out? Maybe they can downgrade Moody's and vice versa.

Meanwhile I just upgraded my PM stash so put that in your newspipe and tell the algos.

Wed, 09/21/2011 - 13:28 | 1693230 Nothing To See Here

Hey, to me, "Italian" and "bank" sound like synonyms...

Wed, 09/21/2011 - 13:43 | 1693323 covert

so, who could protect your money from the mafia there?

http://covert3.wordpress.com

Wed, 09/21/2011 - 14:06 | 1693438 sabra1

please stop calling my ox a moron! now the bull won't give milk!

Wed, 09/21/2011 - 14:36 | 1693518 M.B. Drapier

Not really. Banca Monte dei Paschi di Siena is the world's oldest surviving bank. Of course it may not be for very much longer.

Wed, 09/21/2011 - 13:18 | 1693151 Da55id

Hiding in plain sight

Wed, 09/21/2011 - 13:19 | 1693153 Irish66

Superfecta,I win

Wed, 09/21/2011 - 13:19 | 1693157 spiral_eyes

If Bernanke wants a shitstorm of dollars he will cut interest on excess reserves.

Epic liquidity, bitchez.

http://azizonomics.com/2011/09/20/will-the-fed-trigger-big-inflation/

Wed, 09/21/2011 - 13:19 | 1693158 BrocilyBeef

KEEP IT COMING, T!

Wed, 09/21/2011 - 13:19 | 1693159 cossack55

Listen for the whop-whop sound of rotor blades approaching.

Wed, 09/21/2011 - 13:28 | 1693234 NotApplicable

I can hear it sitting on the pad. They're gettin' the engine warmed up.

Wed, 09/21/2011 - 15:17 | 1693915 Incubus

who you callin' a whop?

Wed, 09/21/2011 - 13:20 | 1693164 Spitzer

damn, they skipped Canada.

Wed, 09/21/2011 - 13:22 | 1693182 BrocilyBeef

and ruin Autumn?

Wed, 09/21/2011 - 13:22 | 1693187 sheeple

DBRS will get them lol

Wed, 09/21/2011 - 13:25 | 1693190 Mr Lennon Hendrix

Because Canada is doing everything they have been told to do: Long live the Queen. Oh, and hey, Spitz, what you think about silver? I think it is signaling a leg up for oil. My two cents....

Wed, 09/21/2011 - 13:36 | 1693279 Spitzer

Silver's been building a solid base for a while now, limited downside IMO

Wed, 09/21/2011 - 13:37 | 1693287 walküre

Have you seen the prices on Canadian banks?

Lots of room to give...

Canadian banks may not have had exposure to the US blowout but they have ample exposure to Asia and Europe, especially France.

Wed, 09/21/2011 - 14:07 | 1693443 sabra1

majority of americans think canada borders china!

Wed, 09/21/2011 - 13:20 | 1693166 TradingJoe

Oh so ya'll think Bennie is going for the Big One eh? How? With what? Any FEDster making (kneejerk)decisions would be fired instantly! My take is they want this market to tank, a lot, then they can say(with a smile) "here we are and now we HELP"!! But I could be utterly wrong! Eihter way, my PMs will shine or my Puts will rock! I'm Good!

Wed, 09/21/2011 - 13:37 | 1693289 Smiddywesson

Cascading bank downgrades and gold is flat lined. Nothing new there.

Wed, 09/21/2011 - 13:20 | 1693171 Mr Lennon Hendrix

New trade- Long scape goats/Short dollar

Wed, 09/21/2011 - 13:23 | 1693191 BrocilyBeef

and Long short shorts.

Wed, 09/21/2011 - 13:22 | 1693184 Dreadker

So basically there is a moodys guy and a S&P guy with a box of darts and wall covered with names of banks... they each get 3 throws then downgrade the institution... whoever causes the most "But we never saw this coming!" panic on wall street gets to impeach Bernanke....

If only this were true...

Wed, 09/21/2011 - 13:27 | 1693227 Mr Lennon Hendrix

The Moodys guy is throwing darts at America and the S&P guy is throwing darts at Europe. Finance warz, bitchez!

Wed, 09/21/2011 - 13:31 | 1693250 Dreadker

Its a game of 'Risk' without the Risk... thanks to printing!

Wed, 09/21/2011 - 13:23 | 1693195 mayhem_korner

A is the new AA. Move along...

Wed, 09/21/2011 - 13:27 | 1693225 BrocilyBeef

eventually they'll just start using lithium batteries, of course this is after we rate countries D, C and 9-volt.

Wed, 09/21/2011 - 13:34 | 1693271 mayhem_korner

Nice jug. Did you change avatars mid-stream, broc?

Wed, 09/21/2011 - 14:02 | 1693414 BrocilyBeef

why, thanks. this one took a google search.

Wed, 09/21/2011 - 13:27 | 1693223 monopoly

And they do come in 3s. There you go.

Wed, 09/21/2011 - 13:30 | 1693243 nope-1004

Anyone have a link to Benocides circus act? Would like to watch the convulsions live.

Wed, 09/21/2011 - 13:39 | 1693297 NotApplicable

If only the net would fail, then it might be an act worth watching.

Wed, 09/21/2011 - 13:29 | 1693244 monopoly

I think one of the best tells out there is FCX. Growth, where?

Wed, 09/21/2011 - 13:36 | 1693281 CvlDobd

FCX chart is the complete opposite during August- Now 2011 than July to Jackson Hole 2010. Is the wind soon to leave the NASDAQ sails?

Wed, 09/21/2011 - 13:36 | 1693282 Panafrican Funk...

I wouldn't necessarily call that a good tell, they have a strike to deal with right now. GE bouncing along the bottom below 50% of it's 2007 high is a stronger tell for me.

Wed, 09/21/2011 - 14:10 | 1693459 CvlDobd

How about a 52 week low for CU?

Wed, 09/21/2011 - 13:33 | 1693258 jbc77

Market started ramping on the Citi downgrade. Fucking Fed must be preparing to monetize hella big batches of debt. Gold and silver baby...............

Wed, 09/21/2011 - 13:33 | 1693260 lolmao500

Italy loses wars and now they lose their banks.

Wed, 09/21/2011 - 13:34 | 1693269 Smiddywesson

Mommy, I'm afraid.

Wed, 09/21/2011 - 13:35 | 1693275 GeneMarchbanks

Thought you have a gun?

Wed, 09/21/2011 - 13:42 | 1693318 Smiddywesson

No, a stake through the heart is what works on banksters

Wed, 09/21/2011 - 13:44 | 1693330 hunglow

Look mommy, a B-52 in the sky.

Wed, 09/21/2011 - 13:35 | 1693270 Irish66

45 minutes

Wed, 09/21/2011 - 13:39 | 1693273 vast-dom

QE is a helluva drug, bitch.

QE to the Nth times infinity. But be patient bitches. Bernank et. al will fail. Because in the end you can only fake it $caM it make excuses hijack hostage-take zombify blame everyone and everything else so long until there is some kind of correction to say the least. A correction is due. The Great Purge is immanent. Stay patient bitches. Eurozone teetering FuckYouShima radioactive corridor expanding blah blah blah bleh slop slop slothrop glop glup bleh...............

Wed, 09/21/2011 - 13:36 | 1693284 entendance