• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Fitch Downgrades 8 Global Banks Including BNP, SocGen, BofA, Deutsche, And Morgan Stanley

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Thu, 12/15/2011 - 17:16 | 1984851 Strut
Strut's picture

BoA under $5 Bitchez!

Thu, 12/15/2011 - 17:18 | 1984863 ucsbcanuck
ucsbcanuck's picture

As much as I would like to see that - don't hold your breath.

Thu, 12/15/2011 - 17:30 | 1984942 WonderDawg
WonderDawg's picture

What about Citi? Fuck, they need downgrading, too. My puts are waiting...

Thu, 12/15/2011 - 17:38 | 1984996 Comay Mierda
Comay Mierda's picture

today is opposite day, as is everyday in this market for the last 4 months, so normally this would be pretty bad, but spx will probably rally on this

Thu, 12/15/2011 - 17:40 | 1985017 Fukushima Sam
Fukushima Sam's picture

What about the JP Morgue?  I'm really disappointed they were not included!

Thu, 12/15/2011 - 18:03 | 1985134 CClarity
CClarity's picture

Why no Spanish banks or Italian banks?  And where the hell is Commerzbank?

Thu, 12/15/2011 - 18:30 | 1985231 Strut
Strut's picture

S&P nailed 10 Spanish banks today. hasta la vista!

Thu, 12/15/2011 - 21:08 | 1985703 Hard1
Hard1's picture

Bofa after hours rallying!!!! I jus't don't get how did the algos process this piece of news.

Thu, 12/15/2011 - 21:26 | 1985747 Strut
Strut's picture

PPT player... 

 

 

On top of the downgrade, Lehman (Talk about a zombie bank) just sued BoA over Archstone, somewhere in the neighborhood of 5B. I guess this is just chump-change nowadays??? Totally bullish.

 

Thu, 12/15/2011 - 22:49 | 1985886 I did it by Occident
I did it by Occident's picture

It's just SkyNet messing with our heads.  It makes perfect sense for BAC to go up when downgraded, right?  :)

Fri, 12/16/2011 - 08:27 | 1986385 dcb
dcb's picture

yup, almost always close oput shorts thursday. don't mind a rebuy at the close friday, I almost always buy close thorsday as well.

Thu, 12/15/2011 - 23:02 | 1985902 J 457
J 457's picture

All we need is one day Rodney.

Missed it by that much...

 

Thu, 12/15/2011 - 17:29 | 1984937 willien1derland
willien1derland's picture

Great post!...Your Avatar will require me to extend my pyschiatrist sessions for another 6 months! I feel empathy for the Corn Dog....

Thu, 12/15/2011 - 21:44 | 1985774 Abitdodgie
Abitdodgie's picture

You know I never noticed the corn dog untill you said something.

Thu, 12/15/2011 - 22:52 | 1985894 I did it by Occident
I did it by Occident's picture

LONG Pfizer (makers of Zoloft), bitchez!  and of course by LONG I mean a pun on the Corn dog.  :)

Thu, 12/15/2011 - 22:28 | 1985871 Wixard
Wixard's picture

Not so sure. They won't risk a bank catastrophe. 

We have LOTS of ink. 

 

Go long green ink!

 

We see 5.50 before 4.50. 

 

Thu, 12/15/2011 - 22:55 | 1985896 I did it by Occident
I did it by Occident's picture

maybe 3.00, then 5.50 after the ink.  Then 0.00 after that at some point.

Thu, 12/15/2011 - 17:16 | 1984853 i love cholas
i love cholas's picture

cool

Thu, 12/15/2011 - 17:20 | 1984858 GeneMarchbanks
GeneMarchbanks's picture

'The banks cut are Bank of America, Barclays, BNP, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Societe Generale, UBS.'

3 US

2 French

2 Swiss

1 German

1 British = 9

Thu, 12/15/2011 - 17:22 | 1984882 SeverinSlade
SeverinSlade's picture

Bullish because it's only 1 German bank.  And Fitch could have slashed ratings much more.  BTFD!  [/sarc]

Thu, 12/15/2011 - 17:25 | 1984913 moonman
moonman's picture

It says 8 global. They must not consider one of these global

 

Thu, 12/15/2011 - 17:27 | 1984928 GeneMarchbanks
GeneMarchbanks's picture

Good point.

BAC ain't global...

Fri, 12/16/2011 - 08:31 | 1986390 jeff montanye
jeff montanye's picture

i think the eight refers to downgrades.  ubs's ratings were kept the same (affirmed).

Thu, 12/15/2011 - 17:44 | 1985041 machineh
machineh's picture

How do the two French banks -- BNP Paribas and Societe Generale -- merit a rating one notch above the others?

Paging Reggie Middleton! 

Thu, 12/15/2011 - 18:03 | 1985136 TheEmperor
TheEmperor's picture

8 is correct...UBS was not downgraded, but affirmed.

 

Thu, 12/15/2011 - 21:05 | 1985695 Raisuli
Raisuli's picture

I think that UBS was affirmed and not cut, so 8 out of 9 were cut as stated in the piece. No?

Thu, 12/15/2011 - 17:19 | 1984867 PaperBear
PaperBear's picture

BOOM.

Thu, 12/15/2011 - 17:57 | 1985114 kito
kito's picture

you must mean BOOM to the upside for stocks. ah and dow is up 60 points...market just doesnt give a shit anymore. this isnt anything that the market isnt aware of............there is never a crisis till there is a crisis, and right now there isnt a crisis..............

Thu, 12/15/2011 - 17:20 | 1984870 SHEEPFUKKER
SHEEPFUKKER's picture

Uncle Warren? React. 

Thu, 12/15/2011 - 17:24 | 1984904 Temporalist
Temporalist's picture

Warren is singing the Mr. Bubbles song with Erin...he's distracted at the moment.

Thu, 12/15/2011 - 17:34 | 1984974 Hippocratic Oaf
Hippocratic Oaf's picture

Becky Quick is washing his taint

Thu, 12/15/2011 - 17:24 | 1984905 GeneMarchbanks
GeneMarchbanks's picture

He did. Check the Depends.

Thu, 12/15/2011 - 17:21 | 1984876 slaughterer
slaughterer's picture

No large effect whatsoever on AH and futures.  I think this actually might take the relief off financials for the moment.  

Thu, 12/15/2011 - 17:21 | 1984878 Scalaris
Scalaris's picture

 

All we need now is for Blackrock to come up with a statement saying that Greece has decided to embrace the Drachma afterall, and we are all set.

My money is on S&P for its next downgrade bonanza and I'm thinking sovereign downgrade instead of banks and maybe on Sunday, just to make for a giddy beginning of the week.

Thu, 12/15/2011 - 17:22 | 1984884 ziggy59
ziggy59's picture

Controlled financial demolition...

Thu, 12/15/2011 - 17:26 | 1984922 sabra1
sabra1's picture

only controlled 'cause they waited 'till market close!

Thu, 12/15/2011 - 17:23 | 1984889 Temporalist
Temporalist's picture

Fitch: "Our arms are getting tired from this circle jerk."

Thu, 12/15/2011 - 17:23 | 1984891 sabra1
sabra1's picture

mommy, is my piggybank safe with uncle corzine? WELL! DAMN IT MOTHER! IS IT SAFE OR NOT, BITCH?

Thu, 12/15/2011 - 17:35 | 1984977 Sudden Debt
Sudden Debt's picture

Mommy's doing "uncle" Corzine right now to get your money back dear, just a few more rides.

 

Thu, 12/15/2011 - 17:25 | 1984910 stocktivity
stocktivity's picture

oops...make that 10

Thu, 12/15/2011 - 17:26 | 1984895 hedgeless_horseman
hedgeless_horseman's picture

 

 

...and find out just who (ahem Bank of America) will need to post far far higher collateral as a result of all these relentless downgrades.

There is that word, again!  Why can't the banks just rehypothecate some more collateral from that Gerald Celente guy? 

Thu, 12/15/2011 - 17:27 | 1984923 GeneMarchbanks
GeneMarchbanks's picture

You think they've been... uh... er... you know... commingling? No! I meant hyper-hypothecating?

Thu, 12/15/2011 - 17:51 | 1984976 hedgeless_horseman
hedgeless_horseman's picture

 

 

Read in the post where Fitch refers to it as,

"...reshaping business models to address the challenges..." 

We can call it re-hypo-co-collateral-mingling, or just agree to use the colloquialism, "clusterfucking."

Thu, 12/15/2011 - 19:15 | 1985384 blu
blu's picture

Genius

Thu, 12/15/2011 - 17:24 | 1984902 willien1derland
willien1derland's picture

Fitch gets a SET baby - and to think the MIGHTY GOLDMAN SACHS GROUP's credit rating is almost identical to BoA is choice - Remember BoA 'purchased' Toxicwide Tanning Salons (aka Countrywide Financial) - Take that BlankenSTEIN...The light in the distance just might be the Villagers descending upon your Castle!

Thu, 12/15/2011 - 17:24 | 1984906 The Reich
The Reich's picture

World Domino Dooms Day coming at the soonest!!

Thu, 12/15/2011 - 17:25 | 1984914 midgetrannyporn
midgetrannyporn's picture

This is different. They usually wait until after the bankruptcy to downgrade.

Thu, 12/15/2011 - 17:26 | 1984921 Raskolnikoff
Raskolnikoff's picture

It's so meaningless anymore, the few things remaining about capitalism and those left to grade and evaluate the system and give useful commentary are irrelevant, the government and the big boys behind them pulling the strings now are in charge and will decide what is kosher now and everyone else has no choice but to fall in line and like it. 

Thu, 12/15/2011 - 17:28 | 1984930 monopoly
monopoly's picture

Getting very tired of all this. And we are just starting.

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