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S&P Explains How A Technical Error May Have Led Some To Believe That FrAAAnce Is Massively Overrated At AAA
Just out via S&P:
As a result of a technical error, a message was automatically disseminated today to some subscribers of S&P's Global Credit Portal suggesting that France's credit rating had been changed. This is not the case: the ratings on Republic of France remain 'AAA/A-1+' with a stable outlook, and this incident is not related to any ratings surveillance activity. We are investigating the cause of the error. Media Contact: Martin Winn, London (44) 20-7176-3740;
At least they did not find €55.5 trillion in the couch. In other news, it is good to see that now a hacker can singlehandedly wreak havoc to a $60 trillion bond market by finding a back door entry to the S&P turboserver. But at least we now know that the next time S&P downgrades someone we will first have to ask if the release was preapproved by Norton AntiVirus...
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I will laugh my dick off if they rectify the error, then downgrade France tomorrow afternoon.
IS GREED GOOD?
How many zerohedgers believe greed is good?
Poll Time. Let's hear it. IS GREED GOOD? YES - OR - NO....
I think greed is fine if you have regulators that do more than just serf porn sites all day.
For one thing, greed can never be fine because it is in-herently coarse...
For the other, no, not okay, different strokes 9no pun intended) for different folks is where all the problems begin.
ORI
Caveat Emptor
IS EUREKA A DOUCHE?
How many zerohedgers believe eureka is a douche?
Poll Time. Let's hear it.
IS EUREKA A DOUCHE? YES - OR - NO....
Do elaborate - is my question a douche question?
Or - is it inconvenient to consider?
Is morality for douches?
Do explain your superior POV - if you can.
If zerohedgers believe moral questions are douche - and - that greed is good or simply human nature, which it would be naive to question - and that there is different kinds of greed, like for instance the greed of a zerohedger playing various markets versus the greed of a taxpayer/FED-sponsored bankster - then, firstly, such zerohedgers delude themselves
one is either greedy or not greedy
secondly, if zerohedgers believe greed should "just not be bailed out" ro that it should be "regulated" - then such zerohedgers essentially say "please don't bail me out or regulate me when I screw, lie and use leverage and gamble, because I know its sick but I can't help myself"
one is either whole and principled or full of holes & BS
lastly, it zerohedgers wait for some other principles, or principled individuals, groups or institutions to enforce principles enshrined in say the US Constitution or in the simplest and most common sense principles such as "each man is responsible for himself and should take his loses like a man" - then such zerohedgers are passive and impotent - and obviously with good reason:
it is terrible to have to face one's own inequities and naivite -
to hail one's or someone's greed and financial "victories" and not another's and to expect exterior forces to change behaviors - whether one's own or the trend of one's society.
Ah, who am I kidding; this is too complicated for bottom line bottom feeders - so, just so you can understand, SHOHIU: if you want confrontation - you can have it - so, FUCK YOU - and if you war - be warned that whomever you perceive to be a douche, may know the way of the world as well as you - and may rip your head off.
Real Douches - are people you mistake kindness for weakness - and inquiry for waste of time - for which mistake they end up biting the dust.
shohiu... sounds Chimerican... that is to say, opportunistic...
I answered your survey question. Greed is not good.
My guess is that the act of doing spontaneous surveys is, in itself, considered "douchey" by some (it'll be the guys is my guess).
Getting too bent and writing a lot about someone calling you a name might be classified as douchey as well.
The green up-arrows to shohiu's unelucidated and provincial burb, indicates that zerohedgers don't want their brains to be distracted from gamesmanship or rather one upmanship - whether financial, verbal or philosophical - and thus are no alternative human role models to the banksters on Wall Street.
Furthermore - if zerohedgers cannot understand, that if you love the republic you must and have to hate the empire, then those particular zerohedgers are without intellectual integrity, or capacity, and thus not worth reading and beyond debateability.
The zerohedge delusion then, is that it is an alternate forum.
It is not. It is just another pissing contest. Another fight club.
No better than the various bankster fightclubs.
So - in your language: burb - right back at you.
Goodbye Zerohedge. Happy continued delusional burbing, profits and venom.
People are individuals. I don't represent ZH and the Tylers don't represent me. Your generalizations aren't doing you any favors. That's like assuming the owner of a bar is an idiot for allowing drunk people inside.
Greed is what got us into this mess. I wouldn't want to be in anybody's shoes who thinks one of the 7 deadly sins is good.
I'm already laughing my dick off that they are affirming France AAA with a STABLE outlook. The Euro is, by the admisision of its own leaders, contemplating a break up. And France is AAA, stable. What a ginormous fucking joke.
Sigh. Time to cover. And I thought Bernanke let something leak at his town hall today.
pussy.
Then the "market" is still getting it wrong and S&P are geniuses. 5 yr CDS/rating
France 203 AAA
Chile 126 A+
Brazil 159 BBB-
Philipines 202 BB+
Who are they kidding? France is BB+, Italy CCC outlook neg, Greece is D since january according to Hard1's reality-check ratings, proudly a non-NRSRO.
I don't agree with your ratings but I'll support the fact that you're vocal about them.
this divergence of opinions proves we should get rid of ratings agencies altogether.
we need to replace this with something like a floating point on open market exchange.
maybe something inspired from predictive markets. not sure how to get it done.
it's got to have enough skin in the game and low enough reward to prevent gaming,
yet offer enough of an incentive to participate for volume, liquidity, and accuracy.
Now that is an intersting story, who, why, and were they positioned to profit?
"At least they did not find €55.5 trillion in the couch."....YET.
LOL
The Onion does it again. Kudos.
The computer is sentient and is trying to tell the truth. It still lied but it hoped the half truth message would warn us all and get by the human censors.
Europe is closed. U.S. Stocks can now go on their ripfest. Oh....they already are. Give me some credit boyz, I said last night as ZH predicated doom today the markets would have a strong rally. And heeeeereeee it is.
Just so it can go down tomorrow - and the pigs in Wall Street can harvest in either direction.
BIG prediction.
technically, there was no rumor, either, BiCheZ!
The rally from 09 to recently went up on BTFD type behavior.
I hate to say this, but it seems like that type of behavior is right back in this market. I.e. today's and the past month's action.
Who is it that orchestrates this 'BTFD behavior' do you think?
I think we have seen the process to provide inside information to preferred clients now that the phones are tapped.
"We had an oopsy."
Midday droop. Afternoon boner. This is getting boring
That was just a preemptive strike... just to test the how the "market" would react on news of that kind.
Wow, unbelievable! Guess they made a lot of money with this disinformation.
Nah, do over. Reverse all trades made based on this information.
They can probably reverse all the trades. But how are they going to reverse all the resulting suicides?
And how come I'm the only one ever thinks about these things?
Cause you have blu tits?
freudian
so french yields don't budge on this news but the euro rallies 50pips. how does that work?
Was it another fat finger?
Yup, blame it on the fat guy, again.
As a result of timing error...
ABC
Stable outlook... so full of it.
Nah, it's not like the old days - today they move after the fact, i.e France 10 year with 6 % yield...Nice try though technical glitch lol
Can an algo know a good glitch from bad ?
Yeah, and a dog ate the economy.
Good thing the global economies are on a strong foundation and can withstand this kind of headline :). I know where to go in case of an earthquake, but, where does a chap go in case of a falling house of cards?
yup, those paper cuts can be nasty. And what if The Tower fell upon you?
ORI
If anonymous could hack Moody or SP and send a press release downgrading France, Germany or the US to junk, that would be epic.
Now, in these bizzaro times, that is almost seditious writing there.
But what an idea, send the algos into a flase headline induced frenzy.
It could work.
Flood the Free newswires and the BlogOsphere (hate that, blogOsphere, it's the blogsphere, or is it the atmoOsphere we live in)..... with artfully angled, sufficiently screamy headlies, headfakes...
It could work to jam the system. They cannpt be running only off the MSM, can they?
We can do it, by jove!
ORI
i have complete faith in france ... 24hrs later ... viva la fraa-nce
Thus Spoke Zarathustra.
The eternal recurrence of the same (lies and manipulation).
Nietszche was a ponce.
Yeah, but the theme music for 2001: A Space Odessy (with a similar name but by Strauss) was fun.
Just what we needed to get confidence in the markets...
What this does, along with the rumors, is to condition you traders to question everything. Soon, WTSGR, you will be paralyzed, unable to move or decide because you won't be able to believe your lying eyes.
+666 insightful
Thanks. I commented on your blu tits in a prior post. I meant it in a nice way! Those are wings, yes? And a cross? Have you ever mauled a trader in a church (at least in lore)?
This should be good for a 200 point pop.
The French!..Lets hear it for the stinky arm pitted bastards!
It must have been those guys that work for Ron Paul.
OT:
http://www.infowars.com/20000-british-troops-begin-withdrawal-from-germany-65-years-after-defeating-hitler/
Who is fucking KIDDING me here? *manic laughter*
Damn those GLITCHES!!!
If you trade today w yesterdays charts, your a moron.
And tomorrow Israel's A-Bomb button has a technical error and launches, ups, sorry.
Just in,
S&P US debt downgrade was caused by a warm. Computer scentists are actively investigating the code.
That's what they get for having some shitty remote desktop product sold on an infomercial and assholes that think 1q2w3e4r5t6y is a secure password.
Hacking is less about the event of getting in somewhere by tricks or brute technical force.
It's counting on the dumbest monkey in the office. In the past my favorite thing to do in a Vulnerability Assessment was to just walk into the building pick up the phone and hit redial. Memorize that person's name, get up and talkt o the security guard that X told me to talk to them to talk to IT Operations.
I would usually get a full escort to anywhere I wanted in the building. Most of the times I would be able to make it to the server room by proxy of someone else's authority and their name. People, even security guards don't think to hard if you dress the part and sound like you know what you are talking about. Out of the 17 VA's I've done on contract I've managed to get CCISP mangers fired five times.
Trust me on this, when people talk about firewalls, biometric management, whatever tech. Doesn't matter, all security does is re-enforce the illusion of safety. Think about the fence around your yard or building.
All it's there to do is keep people out of your yard, someone wants in the house. They will get in. All it takes is brass balls and the ability to lie your ass off for 30 minutes
Too James Bond for me, and with added visibility being remembered, which is the first no-no.
Interns are where its at. Choose the right dates, and hell... no-one knows who the hell they are anyhow, if you kowtow and mimic pathetic insecurity, and a line of "but I was told to go here and do this, but no-one has given me a pass 'cause they were doing more important things", chances are you're in. Security a) likes the position of power subordination to weakness and b) often has a pity spot for one of the only jobs on site crappier than theirs. Being female is an obvious advantage here.
But, hey, a VA is supposed to be flashy, you're paid to get shocking results and get people fired. Real life requires no detection, and no-one getting fired... until much, much later.
http://www.youtube.com/watch?v=tMjlpeHfCOk&feature=player_embedded
It's not that flashy, it's wearing a suit and tie and lying. Besides as a contractor you don't get paid unless you get results. The white hat in IT security is fun. Someone pays you good money, to find the dumbest human in the building and abuse their authority and credentials.
The access path you are talking about is called the Kansas City shuffle. Misdirection, lying, placing the decoy in plain sight to avoid being detected as spurious. Trolling basically.
For this though all someone needed to do is Creep anyone walking out of the building with a tablet (iPads being the fastest and easiest to rape), then saddle up to the target, turn off all the networking except bluetooth, open blue tooth browser and suck the guts out of their iPad into the Apple DevKit.
Then extract as much information about anything and everything you can get your hands on. Sadly people actually do online banking on these things then have the browser remember everything.
Better than a credit card. Instant persona basically.
We're all here for the trolling ;)
Ugh... I try to forget people use Apple software. I don't know anyone who is serious who enables bluetooth universally, so I'll take your word on it: most bankers use Blackberries for a reason, not flashy Bangkok whores that have green lasers in them - probably a cultural issue. Slow burn demands integration, attuned focus and farming social links to get results [RL as well as VR]. More elegant, I feel... and a lot less traceable - VA isn't real life, and real life demands that a) undetectable for X time and b) non-traceable. That means getting a mark - interns are an easy short-gap attack, which is what you were going for. [i.e. if there is 0 time, and the danger of detection is worth it, then that would be the serious way to do it - waltzing in is all well and good... but within 48 hrs, someone knows something went on]
For a real Op, any decent Corp has recorded media, and you can be put through facial recognition easily enough - here's hoping you don't have a FB profile with pics, eh?
If you're representing WH, then hell.. you're probably not even fucking the mark to get a password, which is the easiest way.
M III has made all of this easy anyhow. It beggars belief how "WH" operators con government out of millions for simple stuff.
or using the most simple fishing methods. Wasn't the DoD hacked, because employees followed a fake gmail URL to check private mail.
Yup.
https://webmail.apnji.us.gov
notice how the j and i cover up the internet address to the naked eye. Visually in URL form, unless closely examined, most people click it and forget it.
And to get a us.gov address doesn't take very much.
The error was that their model was using realistic assumptions. The mark to make believe switch was turned off
Sounds like S&P runs an obit page, and has every position covered.
It has happened many times.
http://en.wikipedia.org/wiki/List_of_premature_obituaries
Ratings agencies are just high priced opinion polls are they not?
It is obvious this was a coordinated attack by an elite squad from Ron Paul's Cyber Strike Network Force of Super Internet Doom. Every mom's basement in America should be searched immediately!
Remember, "Imagine something? Say something."
The spreads don't reflect AAA anyway, so what the hell? Maybe they just forward tested the market impact of a France downgrade. So tomorrow, they email their AAA clients that the real downgrade ocurring on date X will have direct impact of Y. Product development by rating agencies.
France puts gun to S&P head... S&P fabricates "technical error" story.
End of story.
And here's another look on that precious AAA with stable (lol) outlook.
Egan-Jones has France AA-, may lower it to A-territory.
http://www.bloomberg.com/news/2011-11-10/egan-jones-s-egan-says-french-c...
Has anyone got a copy/screenshot of the original message?
Maybe Anonymous should start issuing credit ratings. Hey, even if they just used a random rating generator they'd still be far less wrong than S&P.
Anyway, what was the new rating by the way? I'm guessing the glitch wasn't the rating, it was the fact that it was released early. Did S&P just tip their hand? Was it *really* an accident?
My god...is the US ego hurt....!? France still AAA and will remain...that hurts
Now....the bigger question is why is EURUSD so skewed with such an enormous "missrating"?. I know but ZH followers need to find out for themself.
S&P are hypocrites.
They lower the Isle of Man's rating from AAA to AA+ citing external risk factors (read Europe).
The Isle of Man has no external debt and has a diverse economy. France on the otherhand has a huge exposure to Italy et al. and extreme levels of debt.
Time to rid the world of these out dated ratings agencies.
Amen to that...still France AAA and
United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative
That explains EURUSD
The obvious cause of the error was a glancing blow of a Coronal Mass Ejection
Sounds like a psyop to me. Maybe they wanted to see how much of the market is running on the rumor mill. Easy to blame on a hacker to distance themselves from the likelihood that it was sent prematurely, but it is inevitable Mr. Anderson.