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Egan-Jones Downgrades Goldman From AA To AA-
Just out by the only rating agency that is even remotely credible.
Goldman Sachs Group Inc/The: EJR lowered AA to AA- (S&P: A) (GS)
Synopsis: Across the valley - GS recorded $2.96B in investing and lending losses and a $378M decline in IB revenues, totaling a $3.34B decline. Hence, the total loss of merely $393M is respectable. Furthermore, given the political pressure, now is not the time to show robust results. The major issues facing GS is the cost of complying with the Volker rule (look for some changes or exemptions from the proposed rule), changes in senior management (to appease Sen. Levin) and a still weak IB and trading environment. However, with the demise of most of its major competitors, GS benefits from the lack of competition, attractive LT trading opportunities, and various forms of federal government support. Other raters might take neg. actions.
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'Gods work' not so profitable these days?
do they still rule the world? I think so, but not for long.
Well at least it seems the 'Gods Rulers of the World' still have 'govt assistance' going for them...
Pretty bad when even 'The Chosen' have to fall back on Gubment Cheese to power their ministry.
Mommy, why is the market melting up still?
close your eyes hun, it will all end soon.
And the stock melts up.
Makes perfect sense.
what is this incredibly violent melt up all about???
No wonder stocks shot up.
The banks look closer to disaster = buy buy buy
krugmanomics at its finest: all hail disasters, very bullish indeed.
Does a fascist backed bank holding company give a flying fig about its credit rating? I think not. Money for nothin', chicks for free.
Only care cuz it was Egan-Jones. Bits of truth. If S&P, Moody's or Fitch not at all. Just advertising.
Heheheh. This is kinda fun. Now Apple drops 4% after a solid earnings beat.
Too bad the rater is talking about a pig that wants to fly. Every day becomes more humorous for those of us that find comfort in the black comedy that is our life.
The skeptic paranoid side of me can't help but wonder how GS has planned this to coincide with the OWS activity. Sorry, perhaps too much of a coincidence, especially when MSM like the Globe and Mail today frontlining the story of GS's woes. Who knows what pig in a poke off balance sheet surprises the enacters of God's work have planned for after the next QE announcement, which they will have frontrun by about 10 minutes.
OK, maybe I'm too paranoid.
Did I say 10 minutes? How anachronistically quaint of me. My apologies. Make that 10 microseconds.
Careful they might downgrade them back!
The whole of WS is playing humble these days. THey have an audience ya know. Now that they raked in billions in illicit bonuses and pumped their incomes while everyone else's was in a nosedive, they can afford to play poor for a while.
I recently saw a bankster buying new suits at Emporio Armani. "Man of the people!" , he thought to himself.
Bwahaha...
"Downgrade me? You can't downgrade me! I am doing God's work!" - Blankfein
I downgrade Goldman Sachs to fff- outlook negative.
Egan Jones is so credible, that they downgrade GS to a rating higher than either Moody's or S&P!
Clearly Goldman is in better shape than we thought...
considering that Goldman has NO Trading Losses for how many quarters in a row.. but now that Occupy Wall Street is camped out a few blocks away.. there are loses! LOL!! please dont be a sheep and fall for this bullshit!