S&P Downgrades BNP From AA To AA-, Lower Hybrid Capital Instrument Rating On All Top Five French Banks

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Fri, 10/14/2011 - 13:24 | 1774381 zorba THE GREEK
zorba THE GREEK's picture

And away go French banks down the drain.

Fri, 10/14/2011 - 14:15 | 1774590 GeneMarchbanks
GeneMarchbanks's picture

Roto- Rooter!

Fri, 10/14/2011 - 13:25 | 1774387 TradingJoe
TradingJoe's picture

Hah, S&P still "holding" 1220, so far "markets" not impressed! Volume nowhere to be found etc etc etc! G20 anyone?!?!

Fri, 10/14/2011 - 13:30 | 1774411 SheepDog-One
SheepDog-One's picture

I recall in the Lindsay Williams interview way bank in Feb his warnings that by fall when we see 10% market swings in a week, then youll know the big plummet is very near. 

Fri, 10/14/2011 - 13:42 | 1774475 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

By the providence of God.

Fri, 10/14/2011 - 13:25 | 1774389 Fips_OnTheSpot
Fips_OnTheSpot's picture

Shoot it. France < AAA. And we are all set

Fri, 10/14/2011 - 13:27 | 1774400 SheepDog-One
SheepDog-One's picture

Gee I wonder when S&P will cast its overseas focused downgrade gaze towards GS, Citi, BofA, JPM.

Fri, 10/14/2011 - 13:32 | 1774422 slaughterer
slaughterer's picture

Just like yesterday's Euro-downgades, this one will be shrugged off.  Nothing will derail the illusions of earnings season and the hopes wagered on the Finance Ministry Paris pow wow. 

Fri, 10/14/2011 - 13:35 | 1774436 SheepDog-One
SheepDog-One's picture

LOL, yea theres always another carrot and stick to drive the algos higher. Well until 1 morning where nukes are going off in major US cities anyway.

Fri, 10/14/2011 - 13:41 | 1774469 slaughterer
slaughterer's picture

Not to get in the way of the idea of Robo-ramp Friday... but there have been some nice high-volume dumps scattered around the order books for today.  I think, after AAPL earnings blowout Tuesday, the market might be allowed to turn over.

Fri, 10/14/2011 - 13:30 | 1774409 alien-IQ
alien-IQ's picture

A few events that have taken place during this latest "rally":

Spain Downgraded
Italy downgraded
French banks downgraded
US Banks downgraded
Two more 400k claims weeks

and I'm sure I missed a few other gems...all of which (naturally) the market has viewed as "bullish".

yeah...I'm glad I didn't decide to quit drinking this week.

Fri, 10/14/2011 - 13:32 | 1774421 SheepDog-One
SheepDog-One's picture

Theyre just keeping the 401K/pension bathrobe brigades calm before they give them the big kornholing real soon.

Fri, 10/14/2011 - 13:52 | 1774521 Lazarus Long
Lazarus Long's picture

Question: what will it take for the dow to hit 100,000?

Answer: a Borg / zombie  war on the floor of the NYSE

Fri, 10/14/2011 - 14:33 | 1774666 macholatte
macholatte's picture

 

It's all quite bullish for the Euro. The pattern is clear. The name of the game is "Operation Restore Confidence". The propaganda machine is busy sorting out the cow shit from the bull shit and throwing it against the wall. What appears to be sticking is Step #1; admitting you have a problem. The politicians are free to lie at will because they live in a world of zero accountability. Play ball and get lots of dough for re-election. The sheeple are grazing. What time is ligerie football on? 

 

http://www.youtube.com/watch?v=LaNl460ykv4

 

Fri, 10/14/2011 - 13:31 | 1774415 Gyro Gearloose
Gyro Gearloose's picture

We need to add a 27th letter to the alphabet by 2012 which the rating agencys will soon require.

Fri, 10/14/2011 - 14:15 | 1774593 Unprepared
Unprepared's picture

F ?

Fri, 10/14/2011 - 13:34 | 1774429 slaughterer
slaughterer's picture

Does S&P even have France on negative watch?  

Fri, 10/14/2011 - 13:36 | 1774439 slewie the pi-rat
slewie the pi-rat's picture

"We are affirming our ratings on BPCE, Crédit Agricole, Crédit Mutuel, and Société Générale, incorporating one notch of uplift for the potential of extraordinary government support."

some potential, eh?

do you find this as reassuring as i do?

extra-000,000,000,000-ordinary, BiCheZ!!!

 

Fri, 10/14/2011 - 13:39 | 1774455 Fips_OnTheSpot
Fips_OnTheSpot's picture

yay!

Fri, 10/14/2011 - 13:37 | 1774443 JustObserving
JustObserving's picture

WTF are you Europeans such slow learners?  Just print a few trillion like the Americans and all your banks will be upgraded.  America is running up deficits and unfunded liabilties at $8.6 trillion a year (per USdebtclock.org) and all our big banks are fine.  Maybe we should loan out Bernanke for a few weeks before you self-destruct. At no extra charge, you get Turbo Timmie too. We will also throw in Holder if you want to start a war with Iran.

Fri, 10/14/2011 - 13:43 | 1774483 slaughterer
slaughterer's picture

BB costs, on average, $15b a day if you want to rent him.   On second thought, we need him here, for our QE3.   

Fri, 10/14/2011 - 13:46 | 1774494 slaughterer
slaughterer's picture

What is Greece anyhow, besides a bankrupt warehouse of Pita bread, Feta cheese and olive oil?  Let it default.  The only sensible option in my book.   

Fri, 10/14/2011 - 13:46 | 1774496 Eric Cartman
Eric Cartman's picture

Gannett is going to release some very disappointing earnings monday. FYI.

Fri, 10/14/2011 - 15:07 | 1774589 Vuvuzela
Vuvuzela's picture

It looks like who owns the banks owns the ratings agencies

lets see moody's http://finance.yahoo.com/q/mh?s=MCO+Major+Holders

http://blogs.reuters.com/rolfe-winkler/2009/08/04/buffetts-betrayal/ got this link from max kaiser site

so basically wtf is goin on they downgrade what they own for a purpose. And that purpose is: Global Debt Slavery

my education is not in finance, you guys have all the tools to find out who owns those rating Agnecies and if we follow the money we will find who is behind all this bullshit

Anyone can post the major shareholders of those rating agencies ?

 

Fri, 10/14/2011 - 14:28 | 1774651 YesWeKahn
YesWeKahn's picture

Amzn at all time high right now, it must be super bullish.

Fri, 10/14/2011 - 14:47 | 1774711 Taterboy
Taterboy's picture

Does this mean there will be no free 2012 calendars

Fri, 10/14/2011 - 14:55 | 1774758 zippy_uk
zippy_uk's picture

The DebtStar cometh, ask not who it tolls for as it tolls for thee..BNP Paribas:

http://www.youtube.com/watch?v=djZFHTa6TfA

The DebtStar cometh, ask not who it tolls for as it tolls for thee..SocGen:

http://www.youtube.com/watch?v=djZFHTa6TfA

The DebtStar cometh, ask not who it tolls for as it tolls for thee..French AAA rating:

http://www.youtube.com/watch?v=djZFHTa6TfA

etc, etc, ...

Fri, 10/14/2011 - 15:11 | 1774843 Jack Napier
Jack Napier's picture

They sure used the word 'resilient' a lot in this release. I seem to recall Baby Bush saying the same thing about the economy in 2008 a few months before the major crash. Don't drink the koolaid.

Fri, 10/14/2011 - 15:44 | 1774964 Scalaris
Scalaris's picture

L'effondrement du français secteur bancaire de style Jenga salopezz

Sat, 10/15/2011 - 09:02 | 1776700 Grand Supercycle
Grand Supercycle's picture

SP500 / DOW daily charts remain choppy but bullish.

A reminder that SP500 / DOW weekly indicators now give bullish warning. If confirmed, it suggests significant equity rally this year.

Importantly, monthly charts remain bearish.

http://stockmarket618.wordpress.com

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