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

Tyler Durden's picture

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zorba THE GREEK's picture

And away go French banks down the drain.

TradingJoe's picture

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

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. 

Fips_OnTheSpot's picture

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

SheepDog-One's picture

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

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. 

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.

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.

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.

SheepDog-One's picture

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

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

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? 




Gyro Gearloose's picture

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

slaughterer's picture

Does S&P even have France on negative watch?  

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!!!


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.

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.   

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.   

Eric Cartman's picture

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

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 ?


YesWeKahn's picture

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

Taterboy's picture

Does this mean there will be no free 2012 calendars

zippy_uk's picture

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


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


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


etc, etc, ...

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.

Scalaris's picture

L'effondrement du français secteur bancaire de style Jenga salopezz

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.