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KABOOOM: BERKSHIRE HATHAWAY INC OUTLOOK TO NEGATIVE FROM STABLE BY S&P

Tyler Durden's picture




 

More shortly. And yes, just as ZH predicted an hour ago.

Full report:

Overview

On Aug. 5, 2011, Standard & Poor's Ratings Services lowered its long-term sovereign credit rating on the United States of America to 'AA+' and assigned a negative outlook.

As a result, we have lowered the long-term counterparty credit and financial strength ratings on five U.S. insurance groups to 'AA+' and assigned negative outlooks.

We have also affirmed the ratings on five other U.S. insurance groups and revised the outlooks on these companies to negative from stable.

In our view, the U.S. sovereign credit rating constrains the long-term ratings on these U.S. insurers because their businesses and assets are highly concentrated in the U.S. and they have significant holdings in U.S. Treasury and agency securities.

Rating Action

On Aug. 8, 2011, Standard & Poor's Ratings Services lowered to 'AA+' from 'AAA' its long-term counterparty credit and financial strength ratings on the member companies of five U.S. insurance groups: Knights of Columbus, New York Life, Northwestern Mutual, Teachers Insurance & Annuity Assoc. of America (TIAA), and United Services Automobile Assoc. (USAA). The outlooks on the ratings on all of these companies are negative. In addition, Standard & Poor's lowered the ratings on approximately $17 billion of securities issued by New York Life, Northwestern Mutual, TIAA, USAA, and their affiliates.

At the same time, Standard & Poor's affirmed the 'AA+' ratings on the members of five other insurance groups--Assured Guaranty, Berkshire Hathaway,
Guardian, Massachusetts Mutual, and Western & Southern--and revised the outlooks on ratings on these companies to negative from stable.

Rationale

The rating actions on these 10 insurance groups follow the lowering of the long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' (see "United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative," Aug. 5, 2011.) We factor direct and indirect sovereign risks--such as the impacts of macroeconomic volatility, currency devaluation, asset impairments, and investment portfolio deterioration--into our financial strength ratings. Per our criteria, the sovereign local-currency credit rating constrains our financial strength ratings on insurers (see "Counterparty Credit Ratings And The Credit Framework," April 14, 2004). The 10 affected insurance groups operate in the U.S. and generally have significant holdings of U.S. Treasury and agency securities. For the insurers with the most exposure, these investments constituted as much as 200% of total adjusted capital at year-end 2010.

In our opinion, very strong financial profiles and favorable business profiles support the 'AA+' ratings on the 10 affected U.S. insurance groups. In our view, these companies maintain very strong capital and liquidity. In addition, we believe that the significant retail insurance liabilities--such as whole life insurance and deferred annuities--that some of these companies have are less prone to withdrawals or surrenders than institutional liabilities. Knights of Columbus, TIAA, and USAA also benefit from affinity relationships with their policyholders, which enhance the persistency of liabilities.

Our view of these companies' fundamental credit characteristics has not changed. Rather, the rating actions reflect the application of criteria and our view that the link between the ratings on these entities and the sovereign credit ratings on the U.S. could lead to a decline in the insurers' financial strength. This is because these companies' businesses and assets are highly concentrated in the U.S.

For related rating actions on other U.S. financial services companies, select GSEs, and funds, see "Ratings On Select GREs And FDIC- And NCUA-Guaranteed Debt Lowered After Sovereign Downgrade," also published today.

Outlook

Under our criteria, the local-currency sovereign credit rating on the U.S. constrains the ratings on domestic insurance operating and holding companies. If we were to lower our rating on the U.S. again, we would likely take the same rating action on the affected insurers and their related obligations. Alternatively, if we were to revise the rating outlook on the U.S. to stable, we would likely revise the outlook on the affected insurers to stable, assuming there is no deterioration in a particular insurer's business and financial profiles.

Related Criteria And Research

    Ratings On Select GREs And FDIC- And NCUA-Guaranteed Debt Lowered After Sovereign Downgrade, Aug. 8, 2011
    United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative, Aug. 5, 2011
    Counterparty Credit Ratings And The Credit Framework, April 14, 2004

Ratings List

Ratings Lowered And Removed From CreditWatch Negative
                                 To                    From
Knights of Columbus
 Counterparty Credit Rating      AA+/Negative/--       AAA/Watch Neg/--
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg

New York Life Insurance Co.
 Counterparty Credit Rating      AA+/Negative/A-1+     AAA/Watch Neg/A-1+
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg
 Subordinated Debt               AA-                   AA/Watch Neg
New York Life Insurance & Annuity Corp.
 Counterparty Credit Rating      AA+/Negative/--       AAA/Watch Neg/--
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg
New York Life Funding
New York Life Global Funding
 Senior Secured                  AA+                   AAA/Watch Neg

Northwestern Mutual Life Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AAA/Watch Neg/--
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg
 Subordinated Debt               AA-                   AA/Watch Neg
Northwestern Long Term Care Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AAA/Watch Neg/--
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg

Teachers Insurance & Annuity Assoc. of America
 Counterparty Credit Rating      AA+/Negative/--       AAA/Watch Neg/--
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg
 Senior Unsecured                AA+                   AAA/Watch Neg
 Subordinated Debt               AA-                   AA
TIAA-CREF Life Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AAA/Watch Neg/--
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg

United Services Automobile Assoc.
USAA Casualty Insurance Co.
USAA General Indemnity Co.
USAA Life Insurance Co.
USAA Life Insurance Co. of New York
 Counterparty Credit Rating      AA+/Negative/--       AAA/Watch Neg/--
 Financial Strength Rating       AA+/Negative          AAA/Watch Neg
USAA Capital Corp.
 Counterparty Credit Rating      AA+/Negative/A-1+     AAA/Watch Neg/A-1+
 Senior Unsecured                AA+                   AAA/Watch Neg
 Commercial Paper                A-1+                  A-1+

Ratings Affirmed; Outlook Revised To Negative
                                 To                    From
Assured Guaranty Ltd.
 Counterparty Credit Rating      A+/Negative/--        A+/Stable/--
 Junior Subordinated Debt        A-                    A-
 Senior Unsecured Debt           A+                    A+
Assured Guaranty (Bermuda) Ltd.
Assured Guaranty (Europe) Ltd.
Assured Guaranty (UK) Ltd.
Assured Guaranty Corp.
Assured Guaranty Municipal Corp.
Assured Guaranty Municipal Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative          AA+/Stable
 Financial Enhancement Rating    AA+/Negative          AA+/Stable

Berkshire Hathaway Inc.
 Counterparty Credit Rating      AA+/Negative/A-1+     AA+/Stable/A-1+
 Senior Unsecured                AA+                   AA+
 Commercial Paper                A-1+                  A-1+
Berkshire Hathaway International Insurance Ltd.
 Counterparty Credit Rating      AA+/Negative/A-1+     AA+/Stable/A-1+
 Financial Strength Rating       AA+/Negative          AA+/Stable

Berkshire Hathaway Life Insurance Co. of NE
Columbia Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative/--       AA+/Stable/--
 Financial Enhancement Rating    AA+/Negative          AA+/Stable
GEICO Corp.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Senior Unsecured                AA+                   AA+
General Re Corp.
 Counterparty Credit Rating      AA+/Negative/A-1+     AA+/Stable/A-1+
 Commercial Paper                A-1+                  A-1+
General Re Financial Products Corp.
National Re Corp.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
Berkshire Hathaway Assurance Corp.
 Financial Strength Rating       AA+/Negative          AA+/Stable
 Financial Enhancement Rating    AA+/Negative          AA+/Stable
National Fire & Marine Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative          AA+/Stable
 Financial Enhancement Rating    AA+/Negative          AA+/Stable
Central States Indemnity Co. of Omaha
Continental Divide Insurance Co.
Cornhusker Casualty Co.
CSI Life Insurance Co.
Cypress Insurance Co. (CA)
Fairfield Insurance Co.
GEICO Casualty Co.
GEICO General Insurance Co.
GEICO Indemnity Co.
General Reinsurance AG
General Reinsurance Australia Ltd.
General Reinsurance Corp.
General Star Indemnity Co.
General Star National Insurance Co.
Genesis Indemnity Insurance Co.
Genesis Insurance Co.
Government Employees Insurance Co.
Kansas Bankers Surety Co.
Medical Protective Co.
National Indemnity Co.
National Indemnity Co. of Mid-America
National Indemnity Co. of the South
National Liability & Fire Insurance Co.
National Reinsurance Corp.
Redwood Fire & Casualty Insurance Co.
Wesco-Financial Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative          AA+/Stable
Faraday Reinsurance Co. Ltd.
General Re Life Corp.
General Reinsurance Africa Ltd.
General Reinsurance Life Australia Ltd.
 Financial Strength Rating       AA+/Negative          AA+/Stable

Guardian Insurance & Annuity Co.
Berkshire Life Insurance Co. of America
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative          AA+/Stable
Guardian Life Insurance Co. of America
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative          AA+/Stable
 Subordinated Debt               AA-                   AA-

Massachusetts Mutual Life Insurance Co.
 Counterparty Credit Rating      AA+/Negative/A-1+     AA+/Stable/A-1+
 Financial Strength Rating       AA+/Negative          AA+/Stable
 Commercial Paper                A-1+                  A-1+
 Subordinated Debt               AA-                   AA-
C.M. Life Insurance Co.
MML Bay State Life Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative          AA+/Stable

Western & Southern Financial Group Inc.
 Counterparty Credit Rating      AA-/Negative/--       AA-/Stable/--
 Senior Unsecured                AA-                   AA-
Western and Southern Life Insurance Co.
Western-Southern Life Assurance Co.
Columbus Life Insurance Co.
Integrity Life Insurance Co.
National Integrity Life Insurance Co.
 Counterparty Credit Rating      AA+/Negative/--       AA+/Stable/--
 Financial Strength Rating       AA+/Negative          AA+/Stable
Lafayette Life Insurance Co.
 Financial Strength Rating       AA+/Negative          AA+/Stable

 

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Mon, 08/08/2011 - 12:18 | 1537580 TheTmfreak
TheTmfreak's picture

Its clear somebody really pissed off S&P. Probably got cut out of the loot.

Mon, 08/08/2011 - 12:19 | 1537588 Harlequin001
Harlequin001's picture

That's what happens when you refuse to give them immunity from prosecution for their own (over) ratings...

Mon, 08/08/2011 - 12:29 | 1537663 dbach
dbach's picture

Was that part of the Frank Dodd bill? If so, HA! This is what happens when you make the cheerleader go back to math club.

Mon, 08/08/2011 - 12:39 | 1537738 Haywood Jablowme
Haywood Jablowme's picture

 

"SUCK IT UP" MUNGER!  YOU FUCKIN' ASSHOLE!  BWAAAA-HAAAA-HAAAAA


Mon, 08/08/2011 - 13:00 | 1537854 RockyRacoon
RockyRacoon's picture

Yeah, take THAT Mr. Oracle, sir.

Mon, 08/08/2011 - 13:26 | 1538044 fx
fx's picture

I'd say, S&P is playing their final cards. the US govt will of course NOT shut them down asap - as that would look like punishing them for their downgrade of the US. And imho getting that kind of 'protection' was S&P's ONLY motivation behind their downgrade action. But expect regulatory issues and accusations of fraudulent behaviour agains S&P to surface by October at the latest both in Europe and in the US. S&P will not be around any more one year from now. And boy, do they deserve it - and Moody's, too. Nobody needs ratings agencies - at least not in the powerful market driving position that they command these days.

Mon, 08/08/2011 - 12:20 | 1537593 schoolsout
schoolsout's picture

I just texted my buddy the same thing...someone is just a little pissed off...

Mon, 08/08/2011 - 12:26 | 1537644 TheTmfreak
TheTmfreak's picture

There is no question about it. For all of the talk about "TPTB" its always assumed that they will work together lock and step. In reality, piss one of them off and they'll blow the lid off of the whole scheme. I welcome these downgrades if anything to continually destablize these clowns.

Mon, 08/08/2011 - 12:32 | 1537675 Don Birnam
Don Birnam's picture

It appears Uncle Warren needs a shoulder to cry on. A nice pair of legs is always good for some "alpha" as well.

http://cdn1.benzinga.com/files/becky%20quick%20222%20hot%202.jpg

Mon, 08/08/2011 - 12:43 | 1537767 gorillaonyourback
gorillaonyourback's picture

uncle warren should call becky quick for a blow job.

Mon, 08/08/2011 - 12:33 | 1537699 High Plains Drifter
High Plains Drifter's picture

no honor among thieves.   however,  they are also pissing off the boys from brighton beach (maybe)........

 

Mon, 08/08/2011 - 13:12 | 1537945 slewie the pi-rat
slewie the pi-rat's picture

@ "I just texted my buddy the same thing...someone is just a little pissed off..."

hey! at least it isn't the Justice Dept.!!!

Mon, 08/08/2011 - 12:22 | 1537607 Aductor
Aductor's picture

Didn't the "Oracle" say that in his book, the US was AAA? LoL.

Mon, 08/08/2011 - 12:28 | 1537656 TruthInSunshine
TruthInSunshine's picture

Que Obama in 32 minutes.

He's going to speak some more words. Into the camera. Read from the teleprompter. About.....stuff.

Mon, 08/08/2011 - 12:35 | 1537712 duffelpud
duffelpud's picture

He'll recommend we all drink Brawndo because "it has electrolytes".

 

Mon, 08/08/2011 - 13:39 | 1538141 toady
toady's picture

'Everybody go shopping!'

'If you don't shop the terrorists win!'

Actually, a talking head just said its about chanook down. I'm sure he will work in some 'I hate s&p'.

Mon, 08/08/2011 - 12:36 | 1537717 Pontificating B...
Pontificating Buffoon's picture

It will sound something like this:

 

"Whaaa, whaa, whaaa, whaaa, whaaan, whaaan, whaan!" (Kind of like the sound of the teacher on the Charlie Brown cartoons, use your imagination)

Mon, 08/08/2011 - 12:37 | 1537732 aheady
aheady's picture

lol

Mon, 08/08/2011 - 12:33 | 1537704 citrine
citrine's picture

If I recall correctly, he also suggested to "bet havily against double dip recession"

Mon, 08/08/2011 - 12:58 | 1537845 Shock and Aweful
Shock and Aweful's picture

Shit...

 

This old fool said the U.S. should be rated "QUADRUPLE A". . . just yesterday

I thought it was funny all weekend....all of the shills were out in full force making statements about how they saw no need to sell U.S. Treasuries....

You know for a damn fact that Obungo and Jeethner were on the phones all weekend...calling in "favors" from their billionaire friends....I can hear it now...

 

"Hey Warren...we know that for some reason...millions of morons in the U.S. actaully listen to you....so do you think you could do Barry a favor and make a statement ...bsacially calling into question the reasoning of the move by S&P and saying how wonderful of an investment idea you think Treasuries are?"

The next 30 days are going to be very, very interesting me thinks....

Mon, 08/08/2011 - 12:23 | 1537619 OnTheWaterfront
OnTheWaterfront's picture

Armageddon is at hand!!!

Mon, 08/08/2011 - 19:43 | 1539975 Diogenes
Diogenes's picture

Armageddon addahere.

Mon, 08/08/2011 - 12:24 | 1537626 Chief KnocAHoma
Chief KnocAHoma's picture

Buy tangibles - food, water, silver, gold and land -

http://sotcksdairyroadfarm.blogspot.com/

Mon, 08/08/2011 - 13:07 | 1537903 cossack55
cossack55's picture

Don't forget the means to protect above list.

Mon, 08/08/2011 - 13:51 | 1538241 Zeppelin5637
Zeppelin5637's picture

Gold and Lead,  bitchez!!

Mon, 08/08/2011 - 15:48 | 1538755 madbomber
madbomber's picture

in the photos of your farm there is a real alien inside the

second pacman's head eating the property (forest) ?

i see.

I LIKE TURTLES.

Mon, 08/08/2011 - 12:24 | 1537629 slaughterer
slaughterer's picture

Berkshire Hathaway: gigantic derivative positions.   S&P no longer overlooks them.  The day S&P made history. 

Mon, 08/08/2011 - 12:44 | 1537773 gangland
gangland's picture

 

+SPV

 

Mon, 08/08/2011 - 12:18 | 1537581 H. Perowne
H. Perowne's picture

Suck it up, buddy. Suck it in and cope.

Mon, 08/08/2011 - 12:18 | 1537582 Greater Fool
Greater Fool's picture

...but they're still AAA in Omaha.

Mon, 08/08/2011 - 12:33 | 1537702 Cow
Cow's picture

+1

Mon, 08/08/2011 - 12:18 | 1537583 The Shootist
The Shootist's picture

Wow, things are moving fast, sorry Gwandpappy Wawwen.

"Where did ya come from, where did ya go, where did, ya come from, Cotton eyed Joe!"

Mon, 08/08/2011 - 12:19 | 1537584 dbach
dbach's picture

Is S&P under new management or something? What's gotten into them?

Mon, 08/08/2011 - 12:46 | 1537763 Doyle Hargraves
Doyle Hargraves's picture

Probably gonna piss in everyone's cheerios and then merge with DaGong Credit Ratings to avoid the persecution surely coming their way.

Mon, 08/08/2011 - 13:08 | 1537912 cossack55
cossack55's picture

Good call. China has much more clout after Clinton sold them the W88 plans.

Mon, 08/08/2011 - 13:41 | 1538158 Doyle Hargraves
Doyle Hargraves's picture

"When you take away the impossible whatever remains no matter how improbable must be the truth..."-Mr. Spock

Mon, 08/08/2011 - 12:47 | 1537784 fuu
fuu's picture

Italy raided their offices last Thursday.

Mon, 08/08/2011 - 12:25 | 1537586 TruthInSunshine
TruthInSunshine's picture

Here's to hoping that Warren 'Uncle Sugar-Thanks For Bailing Me Out' Buffet and co-partner in crime, Charlie 'Suck It Up Taxpayers' Munger both get what's coming to them sooner rather than later.

They are both part of the cancer that is causing the rot process that is hollowing out the nation.

Mon, 08/08/2011 - 12:19 | 1537587 Kina
Kina's picture

If they did all this shit two years ago we wouldn't be in the trouble we now are.l

Mon, 08/08/2011 - 12:20 | 1537590 doomandbloom
doomandbloom's picture

AAA+

Mon, 08/08/2011 - 12:21 | 1537603 sourgrapesson
sourgrapesson's picture

rearview mirror 101

Mon, 08/08/2011 - 12:21 | 1537606 Harlequin001
Harlequin001's picture

er we would, we would just be a little nearer to a final solution...

Mon, 08/08/2011 - 12:20 | 1537591 I am a Man I am...
I am a Man I am Forty's picture

fucking awesome, warren and charlie can suck it

Mon, 08/08/2011 - 12:24 | 1537627 AccreditedEYE
AccreditedEYE's picture

+1

Mon, 08/08/2011 - 12:21 | 1537594 LOWNskater52
LOWNskater52's picture

Oh thats awesome.  Suck on that Buffet!

Mon, 08/08/2011 - 12:21 | 1537595 Fazzie
Fazzie's picture

 Warren and Charlie dont suck it up, they whine like 5 year old girls and expect Uncle Sam to cover their losses.

Mon, 08/08/2011 - 12:21 | 1537596 choorles
choorles's picture

good times. crazy days. great site: www.silverrevolucion.com

Mon, 08/08/2011 - 12:22 | 1537598 anynonmous
anynonmous's picture

just watch

S&P is about to be (has been) named public enemy #1 by the administration

they will be called before congress

their senior employees will be targets of smear campaigns

they will be broken up

just watch

Mon, 08/08/2011 - 12:22 | 1537617 Harlequin001
Harlequin001's picture

I'm throwing my hat in for the top job...

Mon, 08/08/2011 - 12:23 | 1537623 Greater Fool
Greater Fool's picture

Um, that already happened. Congress grilled all the rating agencies for being lax, overly optimistic, and slow to downgrade during the structured finance debacle.

Looks like S&P was taking notes that day....

Mon, 08/08/2011 - 12:28 | 1537655 Dr. No
Dr. No's picture

Wrong.  This is all part of the plan.  A tanking stock market and tanking ratings.  Where is a voter to invest?  Since there are no options, the committee recomends all retirement funds be placed into a trust and assigned a guaranteed rate of return in non-marketable IOUs.  In order to maintain the security of the trust, people will not be able to opt-out. 

Mon, 08/08/2011 - 12:32 | 1537686 Stoploss
Stoploss's picture

You left out suicided. There.

Mon, 08/08/2011 - 12:21 | 1537602 Cassandra Syndrome
Cassandra Syndrome's picture

S&P are officially on my cool list

Mon, 08/08/2011 - 12:41 | 1537748 TheFourthStooge-ing
TheFourthStooge-ing's picture

S&P are officially on my cool list

I wouldn't go that far, at least not yet. However, they have moved from my "hang them from the nearest lamp post and compost their remains" list to my "tar and feather them and run them out of town" list. If they keep this up, I may have to move them to my "lock them in stocks for a day and pelt them with rotting vegetables" list.

http://en.wikipedia.org/wiki/Stocks

 

Mon, 08/08/2011 - 12:21 | 1537604 machineh
machineh's picture

Next up -- the homeland of J.C. 'Junk Bond' Trichet. From MarketHype:

French CDS widened to 158.9 basis points versus 141.8, the most among European sovereigns.

"The CDS market has come to view France as a greater default risk than the Slovak Republic, Israel, Peru, South Africa, Indonesia, Brazil, Mexico and a score of other countries that are viewed as significantly less creditworthy by S&P," said Englander. 

GOLD IS THE ONLY AAA ASSET ON THIS PLANET.

Mon, 08/08/2011 - 12:22 | 1537609 Bam_Man
Bam_Man's picture

Uncle Warren said the US is "AAAA".

And S&P gets even.

Mon, 08/08/2011 - 12:22 | 1537610 Greater Fool
Greater Fool's picture

S&P trying to pass another 1155 test here....

Mon, 08/08/2011 - 12:22 | 1537614 Spitzer
Spitzer's picture

Serves the paper bug right.

Mon, 08/08/2011 - 12:22 | 1537616 KeyserSoze
KeyserSoze's picture

Marketwatch is in absolutely full blown, grade A bullshit propaganda mode today. The site is an embarassment much like Rupert Murdoch these days...

Marketwatch "Gold Markets in disarray" (Bulletin in the morning)
Gold Markets: "Hitting new highs"

 

Mon, 08/08/2011 - 12:42 | 1537758 Snidley Whipsnae
Snidley Whipsnae's picture

Marketwatch = more main stream media bull

They have lived in the fantasy world for a long time...Now they are getting a dose of reality. It will take time but they will adjust to the new reality ... or go the way of the Dinos.

Mon, 08/08/2011 - 12:23 | 1537618 Charlie Bravo
Charlie Bravo's picture

Years ago I was told Ron Paul was right.

And you know what?

He was right.

Charlie Bravo

Mon, 08/08/2011 - 13:46 | 1538196 baby_BLYTHE
baby_BLYTHE's picture

yep, another "Told ya fuckas so!"

http://www.youtube.com/watch?v=fvKwB5bDhQE

Mon, 08/08/2011 - 12:23 | 1537621 MobBarley
MobBarley's picture

Drones are in the air Sir. Drones acquiring targets Sir.

Drones require authorization Sir.

 

Mon, 08/08/2011 - 12:23 | 1537624 drawswell
drawswell's picture

Somebody go and take all the friggin energy drinks out of the S&P cafeteria NOW!! HURRY!

Mon, 08/08/2011 - 12:24 | 1537625 Catullus
Catullus's picture

S&P is garbage. My company, Moody's, is right. Obama is Jesus Christ. We should raise taxes on baby formula to bailout my company. And again, thank you, Uncle Sugar.

-- Warren Buffett

Mon, 08/08/2011 - 12:27 | 1537651 karzai_luver
karzai_luver's picture

baby ---suck it ???

 

 

Mon, 08/08/2011 - 12:24 | 1537631 MichaelG
MichaelG's picture

Remind me who the largest shareholder of Moody's is again?

Mon, 08/08/2011 - 12:25 | 1537632 scratch_and_sniff
scratch_and_sniff's picture

S&P GOING TO FUCKING TOWN!!!

Mon, 08/08/2011 - 12:47 | 1537786 machineh
machineh's picture

Just wait till French junk bond king Jean-Claude Tree-shit gets his sovereign downgrade.

French CDS at 159 bips, worse the Peru! Who's kidding whom?

Mon, 08/08/2011 - 13:01 | 1537853 Mesquite
Mesquite's picture

>S&P...

Yayyy...!!

Mon, 08/08/2011 - 12:25 | 1537633 hedgeless_horseman
hedgeless_horseman's picture

Latency, bitchezzz!!!

Mon, 08/08/2011 - 12:25 | 1537634 oogs66
oogs66's picture

couldn't happen to a nicer guy! 

Mon, 08/08/2011 - 12:27 | 1537652 docj
docj's picture

I thought precisely the same thing.

Uncle Sugar ain't coming to save your fat ass this time, Warren. Welcome to The Recovery.

Mon, 08/08/2011 - 12:25 | 1537635 pepperspray
pepperspray's picture

AA double plus good

Mon, 08/08/2011 - 12:25 | 1537636 anynonmous
anynonmous's picture

just as ZH predicted an hour

 

and that you did well done  (any chance you could do something about that Twitter naked man avatar??)

Mon, 08/08/2011 - 12:32 | 1537693 sourgrapesson
sourgrapesson's picture

Don't you dare touch Tyler's pic!

Mon, 08/08/2011 - 13:03 | 1537871 Mesquite
Mesquite's picture

Maybe that represents the last retail investor in the stock market..(lost his shirt..)

Mon, 08/08/2011 - 13:04 | 1537879 jdh2358
jdh2358's picture

It's Brad Pitt as Tyler Durden in the basement fight scene in Fight Club.  Not naked, just shirtless in a fist fight.

Mon, 08/08/2011 - 12:25 | 1537637 Archimedes
Archimedes's picture

Ha! That is the best news I heard all day. "America should be rated Quadruple A"! "America is still triple A in Omaha" !

Boy if I would have seen that old hypocrites name slide across the tape one more time this weekend I would have blown chunks!

 

 

Mon, 08/08/2011 - 12:25 | 1537638 dwdollar
dwdollar's picture

Jesus, S&P is the Deathstar on the loose.

Mon, 08/08/2011 - 12:29 | 1537662 kito
kito's picture

+1  THAT WAS FUNNY SHIT

Mon, 08/08/2011 - 12:34 | 1537708 Pchelar
Mon, 08/08/2011 - 12:25 | 1537639 BeetJuice
BeetJuice's picture

LOL McGraw-Hill (MHP) has the same ticker symbol as Milliyetci Hareket Partisi

Mon, 08/08/2011 - 12:26 | 1537640 Debtless
Debtless's picture

Gold phizz is triple A. Everything else is plain old shit.

Mon, 08/08/2011 - 12:26 | 1537643 cat2
cat2's picture

EAT YOUR PEAS  BITCHEZ

Mon, 08/08/2011 - 12:26 | 1537646 max2205
max2205's picture

Can 20 years of Ponzi unwind in 3 weeks...lets find out

Mon, 08/08/2011 - 12:28 | 1537657 Seasmoke
Seasmoke's picture

Warren is going have to borrow a tampon from Becky to stop the bleeding

Mon, 08/08/2011 - 12:28 | 1537658 kito
kito's picture

STOP PICKING ON MY GWANDPA WAWEN!! HES MY WEAWY SMAWT GWANDPA! HE SAYS U.S.A IS DA BEST AND MOST STWONGEST IN DA WOWLD. HE SAYS BAD BAD PEOPLE TWYING TO HUWT AMEWICA AND HIS COMPANY!! HE SAYS AMEWICA IS AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA WATED!!!

Mon, 08/08/2011 - 12:45 | 1537779 Spitzer
Spitzer's picture

LOL

 

Mon, 08/08/2011 - 12:28 | 1537660 KevinH
KevinH's picture

So I guess Moody's is downgrading S&P tomorrow?

Mon, 08/08/2011 - 12:32 | 1537678 citrine
citrine's picture

Seems like logical next step

Mon, 08/08/2011 - 12:33 | 1537694 Duesco
Duesco's picture

Then S&P will downgrade Moody's right back.

 

Cue infinite downgrade-gasm.

Mon, 08/08/2011 - 12:29 | 1537665 Yardfarmer
Yardfarmer's picture

Berkshires's $40 billion in US Treasuries is suddenly becoming quite a liability. there's a lot of blood in the water out there.

Mon, 08/08/2011 - 12:30 | 1537668 RagnarDanneskjold
RagnarDanneskjold's picture

Mikey, look at S&P! He's all growns up! 

http://www.youtube.com/watch?v=XTPxEwfNTJc

Mon, 08/08/2011 - 12:30 | 1537669 monopoly
monopoly's picture

I cannot remember when TBT has been this low. Bonds amazing. 0 position. But at some point, this will be the play. At some point "the Bernank" gets electrocuted. Not guessing though, just want the meat in the middle.

Mon, 08/08/2011 - 12:31 | 1537676 crzyhun
crzyhun's picture

Triple AAA- is not that on the back of all the cash for clunkers that saved last years ecomony??

Mon, 08/08/2011 - 12:33 | 1537695 cat2
cat2's picture

Cash for clunkers to save the economy.  Classic!

Mon, 08/08/2011 - 12:32 | 1537680 bania
bania's picture

Howard Buffett must be having a good chuckle at this

Mon, 08/08/2011 - 12:32 | 1537687 stoverny
stoverny's picture

I want to puke every time their annual meeting is labeled "Woodstock for Capitalists" by the morons on CNBC

Mon, 08/08/2011 - 12:36 | 1537714 monopoly
monopoly's picture

And the leader today, the #1 stock in the Spoos 500.......NEM!

Mon, 08/08/2011 - 12:37 | 1537724 somethingelse
somethingelse's picture

I guess their prop-up-the-ponzi payoff check bounced this month over at S&P so they got nothing to lose by reaquainting their ratings to reality.

apparently fitch and moody's are still getting paid to defy reality

Mon, 08/08/2011 - 12:37 | 1537725 tmosley
tmosley's picture

Cocaine is a helluva drug.  Age related dementia is a helluva disease.

Buffett suffers from both, sadly.

Mon, 08/08/2011 - 12:38 | 1537734 Snidley Whipsnae
Snidley Whipsnae's picture

S & P's Motto: We Take No Prisoners

Mon, 08/08/2011 - 12:38 | 1537735 monopoly
monopoly's picture

FAZ geesh!

Mon, 08/08/2011 - 12:39 | 1537736 BlackholeDivestment
BlackholeDivestment's picture

...awe, Buffy is vampire. http://www.youtube.com/watch?v=Idn1OPolhdk

Mon, 08/08/2011 - 12:40 | 1537740 Sophist Economicus
Sophist Economicus's picture

Somebody at S&P has been getting hormone shots!   I like it!

Mon, 08/08/2011 - 12:41 | 1537751 alien-IQ
alien-IQ's picture

A phone call to take place later today will go something like this:

"Hi, Bill?...Yeah, it's Warren...I'm good, I'm good and yourself?...Yeah, that's good. that very nice...Listen...about that 40 billion I promised you?...Yeah...Well...there might be a problem..."

Mon, 08/08/2011 - 12:41 | 1537754 buzzsaw99
buzzsaw99's picture

Eat your S&Ps Warren!

Mon, 08/08/2011 - 12:47 | 1537782 Threeggg
Threeggg's picture

+ - (downgrade) upgrade = +

Mon, 08/08/2011 - 12:41 | 1537755 Frank N. Beans
Frank N. Beans's picture

"This is gonna be great!!!"

- Flounder, Animal House

Mon, 08/08/2011 - 12:42 | 1537762 the not so migh...
the not so mighty maximiza's picture

Warren going down like a clown.

Mon, 08/08/2011 - 12:42 | 1537764 machineh
machineh's picture

Two more swine bite the dust:


Standard & Poor’s lowered credit ratings on debt issued by Fannie Mae, Freddie Mac, and other lenders backed by the federal government, citing the U.S. loss of its AAA status.

The mortgage finance companies were lowered one step from AAA to AA+, S&P said in a statement today. The downgrade reflects their “direct reliance on the U.S. government,” S&P said.

Mon, 08/08/2011 - 12:44 | 1537772 Threeggg
Threeggg's picture

Obama and his teleprompter coming up in 15 minutes.

I wonder what the teleprompter will say ?

Mon, 08/08/2011 - 12:54 | 1537819 ImNotARobot
ImNotARobot's picture

It will tell him we need to build high speed rail!

Mon, 08/08/2011 - 12:55 | 1537823 the not so migh...
the not so mighty maximiza's picture
Yo ah need mo' money fo' muh motha fuckin niggas but s&p iz making it mo' expensive Ya' know what I'm sayin'?
Mon, 08/08/2011 - 12:58 | 1537837 Seasmoke
Seasmoke's picture

will this be the jive talking Obama OR the smooth talking Obama

Mon, 08/08/2011 - 13:05 | 1537884 Nascent_Variable
Nascent_Variable's picture

Obama's going to tell everyone not to worry, because he's going to handle this crisis personally.

Today's market activity will then be downgraded from freefall to nuclear meltdown.

Mon, 08/08/2011 - 12:48 | 1537788 TheLooza
Mon, 08/08/2011 - 12:51 | 1537805 Threeggg
Threeggg's picture

LOL Faux Business just showed the S&P pit @ the CME.

Everyone standing around with their hands in their pockets.

I have never seen anything like it !

Open Cryout......................................?

Try ---- Cry

They don't have anything else to do.

Mon, 08/08/2011 - 12:56 | 1537831 Burgess Shale
Burgess Shale's picture

S&P's actions have more to do with their dislike of Dodd-Frank than with US creditworthiness.  Whoever rates the rating agencies should put S&P on a negative outlook.

Mon, 08/08/2011 - 13:04 | 1537882 Sheriff Douchen...
Sheriff Douchenik from AZ's picture

Where's the junk button? You get the junk comment of the day award.

Are you pissed cos your GM stock is down?

Mon, 08/08/2011 - 13:17 | 1537988 Burgess Shale
Burgess Shale's picture

Learn.  Think.  Then respond.

Mon, 08/08/2011 - 13:10 | 1537923 Mesquite
Mesquite's picture

 

Wall Street turning into one big Rotisserie..?? 

Mon, 08/08/2011 - 13:10 | 1537927 Spigot
Spigot's picture

I think he was trying to say "A", but the stuttering got a hold of him.

Mon, 08/08/2011 - 13:11 | 1537936 Astute Investor
Astute Investor's picture

What Buffett meant to say was S&P is AAAA in Omaha...

Mon, 08/08/2011 - 13:25 | 1538037 web bot
web bot's picture

While I have great respect for Buffet's value investing, it's in his best interest to prop up the AAA chirade.

Mon, 08/08/2011 - 13:33 | 1538103 PulauHantu29
PulauHantu29's picture

 

"No one saw this coming," said BRK to its shareholders.

Mon, 08/08/2011 - 13:48 | 1538213 acediac
acediac's picture

So, who wants to place bets on how long before S&P are no longer regarded as an "official" ratings agency?

Mon, 08/08/2011 - 13:54 | 1538264 kaiserhoff
kaiserhoff's picture

S & P is doing god's work, finally.

Mon, 08/08/2011 - 13:59 | 1538316 Zeppelin5637
Zeppelin5637's picture

Gru:  "Lightbulb!"

Despicable me

 

Wed, 09/14/2011 - 05:11 | 1667530 chinawholesaler
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