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

Tyler Durden's picture

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Strut's picture

BoA under $5 Bitchez!

ucsbcanuck's picture

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

WonderDawg's picture

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

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

Fukushima Sam's picture

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

CClarity's picture

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

Strut's picture

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

Hard1's picture

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

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.


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?  :)

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.

J 457's picture

All we need is one day Rodney.

Missed it by that much...


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....

Abitdodgie's picture

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

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.  :)

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. 


I did it by Occident's picture

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

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

SeverinSlade's picture

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

moonman's picture

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


GeneMarchbanks's picture

Good point.

BAC ain't global...

jeff montanye's picture

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

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! 

TheEmperor's picture

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


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?

kito's picture

you must mean BOOM to the upside for stocks. ah and dow is up 60 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..............


Uncle Warren? React. 

Temporalist's picture

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

Hippocratic Oaf's picture

Becky Quick is washing his taint

slaughterer's picture

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

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.

ziggy59's picture

Controlled financial demolition...

sabra1's picture

only controlled 'cause they waited 'till market close!

Temporalist's picture

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

sabra1's picture

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

Sudden Debt's picture

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


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? 

GeneMarchbanks's picture

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

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."

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!

The Reich's picture

World Domino Dooms Day coming at the soonest!!

midgetrannyporn's picture

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

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. 

monopoly's picture

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