Standard And Poors Reviews 37 Global Banks, Downgrades Bulk - Full List Attached
Bank of America now precisely at $5.00 following an after hours downgrade from A to A-. We note that BofA's CDS widened 10bps today while MER CDS widened 18bps and notably wider (we haven't seen runs post downgrade) and we wonder how this will impact the firm's huge derivative book which was recently moved to the Bank's higher rated, and deposit backed unit for its better rating support. In fact, following such a drastic action, it is quite likely that derivatives units across the board will see counterparties scrambling to demand a far greater cash cushion for fears of the same downgrade waterfalls that took down AIG and MF Global.
Standard & Poor's Ratings Services today said it reviewed its ratings on 37 of the largest financial institutions in the world by applying its new ratings criteria for banks, which were published on Nov. 9, 2011. See the Ratings List for the ratings on these banks, their core and highly strategic subsidiaries, and other subsidiaries that we took rating actions on as a result of applying our new criteria to their parents. We will review all ratings that we placed on CreditWatch within 90 days. Ratings on CreditWatch are designated as Watch Neg or Watch Pos in the list below.
We will publish individual research updates on the bank groups identified below, including a list of ratings on affiliated entities, as well as the ratings by debt type--senior, subordinated, junior subordinated, and preferred stock. The research updates will be available at www.standardandpoors.com/AI4FI and on RatingsDirect on the Global Credit Portal. Ratings on specific issues will be available on RatingsDirect on the Global Credit Portal and www.standardandpoors.com.
Standard & Poor's will be hosting two teleconferences to discuss the application of the newly revised criteria and the related ratings actions. See the teleconference information below the Ratings List.
Full list of every bank and security downgraded:
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Wells Fargo downgraded too according to Bloomberg.
I'm confused. Who in the fuck does S&P work for?
The people who went hard short before close, duh.
$4.98, $4.98, $4.98 oh yea!
So what is everyone doing for the Bank Holidays this year?
Loading the ARs and stringing more concertina wire.
Will CNBC ask Meredith Whitney for her opinion? Bloomberg just had Sean Egan on and as usual he was very cogent. On banks stand alone earning abiility, Fed support, sovereign and banks hooked at hips, etc
Can anyone say BANK RUN! :)
* Bank Run *
oh, look. we're all still here.
Death by a thousand cuts eludes you.
http://www.youtube.com/watch?v=zKhEw7nD9C4
It's cool. 995 and counting.
Here is what the average banker will soon be doing.
http://www.youtube.com/watch?v=H29D3TeJOnY
economic martial law will be in full effect to prevent bank runs in the USSA. bank holidays & withdrawal restrictions will become the new norm
My puts are happy right now, but I will cash them in soon for gold. I think there be a lot more MF Global situations popping up with brokerages that have lost/stolen client money
if you are trading anything in this market, make sure it is money you can afford to lose.
Thank goodness! My shorts were really starting to chafe the way S&P rubbed up against 1200 all day. I was worred about that! Good Times!
FAS.pk
Holy shit, check this out.
MSM: Me worry?
http://www.foxbusiness.com/industries/2011/11/29/sp-downgrades-dozens-global-banks/
Edited comment.
It's how they roll. Up arrow.
All is well... consumer confidence is up.
Speaking of confidence. How have to like the reason S&P said they downgraded them.
S&P is in the opinion that becasue of negative feelings about bailouts.
There will be no more Bank Bailouts. It is really hard to believe that it was expected again.
The new rumor is QE3 will be mostly used to monetize bad mortgages on the banks balance sheets.
What the hell is going on. Who runs the FED. Didn't the Bernanke say under oath, I will not monetize.
He didn't pinkie swear though.
I get the feeling the Demagogue-in-chief will scream bloody murder at his largest benefactors before the start second act in this political tragicomedy. Getting close to the time where they lob him a meatball.
I'm thinking that large benefactors may prefer to hitch their wagons to Newt or whoever the Repubs put out (not that that's any better), rather than keep pitching money at the thankless idiot. Idiot will only stay around if he can keep delivering what the .01% want. If he can't, he'll lose in a Carter-like landslide, or-- if there are some threats/promises made-- refuse to run a la LBJ.
There are plenty of signals that it will be Hillary vs Newt. Makes things easy as the election won't interupt my magazine loading and kukri sharpening.
Gurkha's +1
"So what is everyone doing for the Bank Holidays this year?"
Watching 'It's a Wonderful Life' about fifty times.
As opposed to watching the market and thinking "It's a Wonderful Lie"?
Naked shorting ban coming right up. You heard it here first...
I've heard that one before. Hey, pull my finger....
The unintended consequences if the regulators decide on that will ensure the market really does tank. Would be as dumb as preventing the CDS payout on the Greek default.
$707,568,901,000,000 represents the latest total amount of all notional OTC outstanding derivatives... why ban naked shorts?
Congress people, congressional aids, senators, aids, lobbyists, lobbyists baby mommas, certain white shoe boys.
I'm certain I missed a few, no disrespect intended.
None of the unwashed masses like me?
Let me check......hmmmmmm......nope. Not on the list. Hope and change! Merry Christmas!
You forgot the US Supremes
The guy, who's eye, is coming from a periscope on the back of the pyramid on a green and black currency in easy to hide denominations or guaranteed deposits offshore.
For us.
Kind regards,
The other banks
Maybe S&P will now upgrade the US credit rating to AAA again citing improving conditions following the Super Committee's glorious holiday impasse. Who the phuck cares about these trolls?
"Who in the fuck does S&P work for?"
I keep wondering on this myself, COULD anyone verify who is the REAL controlling entity of S&P is? Somehow I think recent letting go the CEO over USA AAA downgrade was just for show.
The S&P and Moody's and the like are regulated by the SEC. Who regulates the SEC why the US government of course! So once again S&P regulated by corrupt government agencies like the Treasury and Justice Departments, who only regulate what they want regulated and the hell with everything else even if it is illegal.
Holy Shit!
We all seen this coming!
We dont need no water let the mother F**** Burn
Burn, mother fuckers, burn!!!!
My puts thank you.
Now maybe Citi will finally tank. My puts are counting on it.
I have puts on:
BBVA (downgrade)
Santander (unchanged, with appropriate ticker symbol STD)
BAC (downgrade)
JPM (unchanged)
MS (downgrade)
It doesn't matter if a bank didn't get downgraded, because this thing is CONTAGIOUS
OK....BAC....Let's see here....
Over two trillion in liabilities according to the latest balance sheet.....Check!
Operating income applicable to common shares 2009 and 2010, negative......Check!
Another annual loss for 2011 so far......Check!
That makes BAC a company with over 2T in debts operating at a shareholder loss for the past three years running, and it's still worth $50B. That is amazing, as in amazing opportunity for my puts to explode in value.
watch out.
obama won't disappoint Buffet....same government rescue play with goldman sachs.
Bernanke just waiting until spring 2012 to launch QE3 big time to boost Obama's election.
meanwhile, let non-government folks suffer a bit to concentrate even more power in the hands of government folks (aka. the status quo)
All but 7 of the NY Fed's Primary Dealers got whacked. Coincidence? Nah, US paper is crap too, nobody but S&P is being somewhat (cough, giggle, snort) honest about that too.....
List of Primary Dealers zapped is here:
http://johngaltfla.com/wordpress/2011/11/29/all-but-7-of-the-ny-feds-pri...
Sooo ... Jefferies, Canada and Japan are "safe", while the rest are more risky? Interesting....
I guess this means that markets will rally tomorrow.
Of course it will. What happened to treasuries when the U.S. got it's downgrade? Too funny.
so this means bank stocks are cheap and a good buy? i'd hate to miss the bottom?
This isn't good, not at all. BOA is almost done and once they break the 5 dollar mark you most definitely see major selling.
BOA = Bend Over America!
Bove will hold your ankles!
Shitstorm sighted, sound the alarm!
alarm's been going off for 10 minutes.... only problem Captain Blankfeind and his Pirate banking crew have been shagging the accountants, regulators and politicos up the arse until they crow "All is Well" while they loot the lower and middle class cabins
FAZ-bulous bitchez...
FAZ-tasticle, bitchez.
FAZel dazel'em bitchez!
shorting FAS offers a much better return than long FAZ due to the decay inherent in these leveraged paper traders. Going long FAZ (or FAS) is a suckers game.
Sunset, I was about to agree with you until I really thought about it. If you short those stocks, the best you can do in an epic crash is double your money. The long positions can up infinitly. I also noticed that during the downswing in August, SDOW went up 65% while UDOW went down 45%. So I think you are correct only if prices don't swing a lot.
It's my portfolio's guilty pleasure. I know it's a corrupt instrument of a defunct financial world (Leveraged shorting? Come on...), but damnit events like this make it hard to sell...
Wait til it actually collapses and you're sitting on $8,000/share FAZ.
It'll be more than a guilty pleasure for your portfolio. It will be digital viagra.
I don't get it. COUNTERPARTY RISK BITCHES!!!!!!
They will get 10% of 8000$ in twelve years.
It wouldn't be too bad, problem is the bernank will try to cure us of our deflationary tendencies before then.
It's [now] called a "Celente Put"!
Let the children play with matches. It's the best way for them to learn. ;)
Will the reaction to $8k/share FAZ be like this?
http://www.youtube.com/watch?v=VLnWf1sQkjY
Die you bitches die!!!! (Stabbing a lifeless corpse that is BAC)
You have to shoot it in the head. Haven't you ever seen a zombie movie?
Bang, bang, bang, bang, bang, bang, click, click (RELOAD) Bang, bang, bang, bang, bang, bang
Whew... that was close. Now I need to go buy more silver.
It rings true in you ear?
Good thing you followed the lesson from "Zombieland" - don't shoot just once when you can shoot several times to make sure.
Don't the rules of Zombieland....DOUBLE TAP!!!!!
"I'm gonna take a FLAMETHROWER to this place" LOL
Unless you are a Professional Russian don't try this flame-thrower trick at home..
FLAMETHROWER MASSACRE
As always...have a nice day.
"Don't be Beetch!"
Ha! Who says pepper spray hurts...lol.
SHOOTING WHILE PEPPER SPRAYED
"C'mon, give me some more. Don't be Beetch".
The Professional Russian makes some awesome videos.
He sure does. And proves the U.C. Davis punks need to just suck it up. /s
The Russian has a video ordering burgers from a McDonalds drive-thru on an armored personel carrier (complete with Ma Deuce). If he did that at a BAC drive-thru he'd get at least 50 million views.
It's going to be like xmas eve trying to fall asleep tonight, what with the visions of Bank of America's demise dancing in my head and all.
Get out of my head, Gene!
just heard an Abbott and costello routine from the 40's mentioning Bank Of America
WOW 10,025 homes for sale in Charlotte, NC
http://www.trulia.com/for_sale/Charlotte,NC/#for_sale/Charlotte,NC/price...
Who's sorry now?
HA. BAC traded 4.98 AH -- http://hedge.ly/u4PUXt
Drop baby drop.
I used to love rating agencies, they were so predictable...
And the FAZsters inherit the Earth.
Yes, our time has come! Glad I heeded ZHs real reporting instead of CNBCs propaganda.
Warren Buffett kicking himself for not accumulating a position in S&P like he did in Moody's...
I wonder. Does the water swirl clockwise or counter clockwise going down the drain in Bernanke's universe?
Neither, he just farts bubbles over and over to keep the tide from going down.
And calls and flotsam ejected - Baby Ruth. (or should that be jetsam? hum)