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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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backed by the Federal Reserve
Your money is safe and sound under the bernakes watch
That must be a hell of a big watch. I guess he knows what time it is.
Hello Warren, Barack here. Listen, it looks like BAC is going to need another billion. I know I promised you wouldn't lose any money; and you won't..we're good for it. Look, what I need you to do is put out some kind of statement that it's a sound company and your buying shares. No not in the morning; I need you to do it now. I've already talked to Moynihan..he's on board $3.00 strike price no problem. Great, thanks Warren talk to you soon. <sarc>
Full list missing from end of article?
Who could of seen that coming?
Right...
You're going to need a bigger war.
Not much makes me happier than a freshly minted SHORT (today) on Goldman Sucks...that's an instant winner.
Maybe that trade, a microbrew, and a Cohiba.
Make sure you get out after you hit your target return. The Squid will soon be begging for no shorting of financials.
Wonder how this will impact the 190,000 BAC jan 6 call options traded today.
This is bullish, they are still investment grade...
S&P trying to get the Fed to do QE3. After all Bankers need their Trillion in Bonuses payed for by the American Citizens.
QE3 will make the commodity prices sky-rocket. Oil and gold included.
What do you get I guy like Moynihan for Christmas after news like this?
Supposedly most of Moynihans wealth is tied up in BAC
So I would suggest a good bankruptcy attourney. I think that would be a thoughtful gift he would appreciate.
i'd ask mr. corzine - he has some experience with this sort of thing now.
infact = thinking about it - fuld and greenberg 1 and 2 lost a ton. you have to hand it to stan o'neal - he checked out with plenty of chips. and mozilla also.
The whole list likely already had 30X leverage on out of the money puts. Can't let a good crisis go to waste, right?
These downgrades are not as severe as many were anticipating.
Netanyahu when asked about 911,'it's agood thing,i mean it is not a good thing .it will help us".
http://www.atimes.com/atimes/Middle_East/MK30Ak01.html
The game is on now, suckers.
And may the Devil take the hind-most.
damn, i guess that i'd better get around to withdrawing that last $70 out of my BAC accounts
How do you kill a Zombie bank?
Shoot it in the head, burn it down, and piss on its ashes.
At least thats what im told
Double tap when you shoot it in the head:
http://www.youtube.com/watch?v=JmA2WYyw-_A
This is a positive development - Meh
That said American financial behemoths are very well represented - Well done America always first accross the line.
Now for the Pump and Dump
Hard to blame house child for Massa's gambling debts.
DOwngraded bitchez!
libertarian86.blogspot.com
The Robo guy will be on here reminding everyone that tomorrow precious metals will sell off on this news as everyone piles into treasuries. There I beat him to it.
Good. That means I can buy more of it. They can make all the paper they want, and the suckers can all flock to it. They aren't making more silver.
A fckn huge bonus
Well lookie here, S&P just made sure that C,BAC,Morgan Stanley and the squid won't be able to access the commercial paper market ( which is 95% A-1 rated or better)
Interesting they are downgrading at the end of the Month when all of the Hedge Funds are trying to make their numbers for the month.
I think the Market will hold up tomorrow, only because of the Funds trying to make their Numbers.
MSM - 'the downgrades have been priced in already'. only a positive.
Chinese banks listed but no Australian banks.....interesting. Does the Tiger not feel the parasite on its tail?
BACula vampire squidding days are limited. Wonder who the buyer/merger will be, to bury all the failed debt; worthless bonds. dead head feds will work another black magic disappearing of another wooden stake through a squids heart. warren out buffet could be a buyer. LOL Comic relief in the desperation to save crony capitalism.
Today I visited our newspaper 'gazet van antwerp' as a client visit.
Tey where restructuring and everybody over there was reading the news in their own newspaper about the fact that they where going to get sacked.
Pretty depressing....
And everybody with a suit was being eyeballed.... I felt so welcome.....
Maybe BAC employees should better start buying newspapers to keep being informed
The Bernank answering the FED hotline from BOA's Moynihan:
"You need how much!? Oy vey! Brian, Brian, how did it come to this? You Irish. Don't worry, you know we're good for it, only we'll have to shuffle some database data and work up some new spreadsheets and charts so no one knows the taxpayers are paying your bonus and for your commercials on CNBC about how much you care.
Yeah, don't worry, I'm thinking your $5 million bonus is intact, just don't buy an island or anything, and no golden toilets. God, that damn Thane wasn't thinking, but he hopped onto the golden crapper at Citi with no problems, eh?
I wonder what the little people are doing for the holidays? Har, har, chuckle, snort!"
Why so much gloom?
Doesn't matter to Joe Six.
"Harry Homeowner" could care less about Europe or their banks.
LOW, HD up 4% on massive volume to new highs for the move.
The U.S. Consumer cannot be stymied.
The U.S. consumer is dead. He just doesn't know it yet.
Doesn't it scare you a little bit, that China, SCO, BRIC, et. al. have been so quiet lately? Their time is coming, and they know it. It's just down to waiting for the right moment now. Nothing can stop the ponzi collapse, and you know it. It's just a matter of how long the inevitable can be postponed now.
Even the trolls on Zero Hedge are of exceptionally fine quality. The level of sophistication required to troll this site successfully sure beats youtube comments!
Would that be one of the "Harry Homeowners" who got laid-off during the past 3 years, whose -if still existent- home equity has been slashed to oblivion, and which is ironically inversely correlated with the amount of loan interests he owes to a taxpayer-financed banking sector, or the increasing taxes paid to an overinflated yet crippled by its dwindling funding social machine?
Or would that be one of the 50 million "Harry Homeowners" who live on food stamps?
Because I’m thinking that "Harry Homeowner" might have started paying attention by now, regardless of the “furious" Black Friday shopping spree which contributed to nothing other than 4 minutes of market levitation.
Damn, guess i'm upgrading my 9mm to .45......
*zombies everywhere
230 grain FMJ's $173.59/500. Get a few.
http://www.cheaperthandirt.com/AMM5003-1.html
Sweet, but here in Dutch-land no delivery ;)
Will upgrade asap
Remember to double tap
http://www.youtube.com/watch?v=JmA2WYyw-_A
Wow. I've never seen so many people wanting their own economy to tank... You guys need to chill. Besides Bank of America is down a whopping 3 cents after hours...
It already tanked dumbass. We want TPTB to stop trying to paper us back to the status quo and let a real recovery begin.
Have the bulls who wish for printing not studied Japan? The gov isn't helping nyone but themselves.
No one wants the economy to tank, we just want the truth. We get the government, Federal Reserve and IMF lying to us to take our money. We want the economy to recover but under current policies it will NOT.
Many people want their own economy to tank because the government is robbing its citizens to pay its bankers. I want the economy to tank honestly so we can go on with the rebirth. We don't want this zombie economy to drag on like Japan.
The economy is a lie. The math does not add up. There is more debt than can be paid, ever. There is no balancing the budget to pay down debt. Some of us find the dishonesty and denial painful and know that the longer it goes on, the more damage will be done (more debt) and the harder it will be for it to heal when it finally does collapse.
Kind of like lancing a boil, do it now for x pain today, or do it tomorrow, for 2x pain and more infection to battle.
I am amazed they have kept the game going this long and I want it to stop so that we can start doing honest and productive work. As long as this goes on and they don't give up on it, I am part of the Ponzi.
What the FED is saying to you is : lie back and enjoy it; and we'll make it better and better, like in a video. Now you know your part...its all of US America and its called the new age of kicking your heels up with your legs wide apart singing 'goddam the debt, God bless the entrepreneurial quest', sighing "I love being part of it, SOCK it to me SAM"; like in a "Sieg Heil" salute to Caesar's bared Gladius of legionaire fame; so appropriately named "Gladius". Hail Mary America of pornucopia and kleptocracy nirvana play. ...As for this going long n strong... its the hallmark of the video game, open to all from 11 to 81.
Why should the American Idol only be for the elite, every american can join in. After all its good business; boobs, sweat and semen. There you go, the new mantra of the age. We are all interactive groupies of this tsunami worldwide. The facebook of cornucopial pornucopia.
That is their true message..."Join the club, forget the rest to US! We know what we do!"
And the US controls 80% of WMD of all types : MIC, Financials, Pornucopia to infinity. Unbeatable formula for the future.
Be proud, be american, envy your role models and become like them : rich, sexy media whores. What more do you want!
Somewhere along the line we forgot what freedom meant and what should have come from the heart came from the perverted market momentum. All legs wide open like guided by 'invisible hand' of inexorable market. Now that is true encounters of the third type!
whoa! looks like I struck a chord with 6 vote downs. I understand the frustration and the lies that are being sold to the public, but every time an article comes out highlighting some bad news, you guys act as if its the end of the world. (Reality check: Bank of America down 3 cents after hours). This isn't the end of the world even if you and Graham Summers wish it were.
BAC is down over 60% YTD
37 banks downgraded. So many affected. Many subsidiaries holding sovereign debt and mortgage debt. This is only the beginning of the end and not the end. There is time to prepare though and I suggest you keep educating yourself.
Lehman was rated "A" by S&P when they collapsed. So I say the real bank ratings are probably much worse.
Didn't the FED just inject 88 Billion into these banks in the last week? What would have happened if the Fed had not printed out of thin air? Think I'll go copy...opps, print some money and pay off my debt.
I guess I should shut up, but all you folks who are watching the thing collapse who have bets on, well, I don't get it. If it is really caving in, how will the parties you have bets with be able to pay you? What is it I don't understand here?
Alot.
If things get better how will the bear you bet against have money to pay you off?
This is why I am only 75% scared by the amount of derivatives and not 100%. They can't all be one direction at least. There will be winners and losers. Always has been, always will be.
Don't forget that every single winner has serious counterparty risk, while the bank is ostensibly still on the hook for every loser.
That there's lots of money to be made if you do your due diligence properly.
There were fortunes made during the great depression as well as our latest 2007-09 credit crisis.
I won't say it's easy but you can make a lot of money on a complete financial collapse.
Thanks for a civil response. If it is a complete collapse, doesn't that mean that a huge number of companies don't make it?
If I have insurance against damage to my house, and a Cat 6 Hurricane rolls into town and wipes out wide swaths, many insurance companies (who have never seen a Cat 6 cause I just made it up) will not be able to pay off because there will be too many claims to pay out at once. You need to be able to file your claim before everyone else, before the bankruptcy.
I think wide swaths of the economy are going to be wiped out. I think we have a Cat infinity rolling in.
What I may be missing is that most folks don't think it is going to be that bad, just muddle through bad.
Absolutely.
I used to work in the insurance industry. In your example the other insurance companies would take (by proportion) the associated risk and relative premia. It's normally called the (state) followed by "insurance guaranty association" So in 99% of cases you are covered if your insuror goes BK. It get's kinda' complicated but that's the gist of it. So let's say 1 insuror goes out of business and GEICO has 25% of the business in that state...GEICO will pay 25% of the claims and take 25% of the customers from that state (from the bk company) as well as their premiums.
Most large insurance companies don't tell you this because they want to charge higher premiums than small insurance companies. At the end of the day you're better off with a small insurance company collecting lower premiums than a large corporation because the larger insurance companies are backstopping the smaller insurance companies anyway.
I worked for a large insurance company which I won't name (GEICO) but the larger insurance companies have the resources to fuck you. And trust me....they will fuck you (any large insuror) if they have even a cunt hair of anything. Either they find something or jack your premium anyway...just because they want to.
The insurer analogy only works if there is a larger solvent entity to step in. As we are seeing daily the larger entities are also broke. Continents are broke. Who will be left to step in?
It has to be many smaller entities.
That would be a positive.
Where is the capital going to come from?
My insuror has gold/rhodium backing.
I physically inspected.
I hold him to the stone.
Very Eloquent Bob. Well put. How much wood are you adding to the FAZ fire on this news?
Major traction on MSM BTW
FAZ FTW
It's all on the blog
LOL....... You're kidding, right?........
My crystal ball says you own a diverse basket of American Funds. Yes?
Growth Fund of America bitchez!
Don't worry Ms. these things have a tendency to bounce off the bottom.
Don't forget to buy it when it's there.
I do remember how many of them went sub dollar in 2007-2008 and then bounced back to 4 and 5 dollars in three months. That was because of the bailout/TARP money. Just have to time it right.
I am just worried that this time it really is different because of the size and interconnectedness of all the financials. They are broke, broke, broke.
@mscreant - you are correct up to some point. at some point the system fails completely, and short of any sort, whether put options on the CME, or short stocks etc. will fail. ask the clients at MF global - that's the basic premise. that point is still a good ways off, but it might occur. in terms of FDIC insured deposits - the point is - you will be made rather quickly whole - because treasury will just print the money, hand it to FDIC and they'll hand it to you. but - it might not be worth much.
a dynamic i have mentioned here before and might escape some people - besides the fed intentionally pumping stock markets for the feel good effect - there is a subtle (and ugly and they know this full well) implication to the fed pumping stocks and keeping deposit savers losing money. 1 - as bernake finally admitted last week - 'if you want returns on your money, buy stocks'. 2 - meaning take your money out of FDIC deposits and gamble it. what does this do? 2 things - again 1 - it helps pump the stocks, so they can make more when they sweep the table - 2 - it reduces bank runs, because if you have nothing left in a savings account, no reason to go to the bank to collect it. 3 - less money they need to give to FDIC.
i find the whole thing cruel and perversive. they aren't nice people.
Hmmm...
Downgrades annonced after hours.
No sign of the EFSF documents that were promised tonight.
Looks as if someone is trying to boost premarket tomorrow with a bogus Eurofix, and hope everyone thinks the downgrade was just a bad dream.
bohica
Their pensions, along with most others, are gone and they are going to lose their jobs if they cannot stop the tide, a fruitless endeavor, so the result is frustration, as the mythology they based their lives upon disintegrates beneath them.
Operating systems run the sky above, the ground beneath, and all corporations, public, private, and non-profit. We wouldn't have given them scripts and walked out had we not prepared a new system for the kids.
Interest and penalties are due.
The impact of this will be muted tomorrow. The ESFS rumors are already being floated. It will be enough of a distraction.
Ya there ya go- the ESFS will save the day, uh-huh....... BUWAHAHAHAAHAHHAHAHAHHA...............
cds killed them
Retard rally tomorrow. Don't get your hopes up.
So you're buying? Nice.....
I thought it odd this morning that the CNBC crowd was defending themselves from the criticism of viewers who were calling CNBC, "too negative."
huh?
"This must be near the bottom", I thought. If CNBC is patting themselves on the back for telling viewers that the market sucks there can't be a whole lotta downside left.
Cramer was particularly proud of his "no bank is a safe investment" advice.
Hey, I have some shorts out, too. I really don't like to be on the same side of the boat as those cats, though....just sayin'
I note the Zimbabwe Allied Banking Group is of such fine grade is has not been listed for down grade
Beaten By the TBTF in America again.
IS ANYONE WATCHING THIS CLOWN ON CNBC??? "ALTUCHER"????
"This isn't a big deal. It's no bigger than South America in 1981. We had defaults all over the place followed by a 20 year boom."
...uh in 1981, the derivative market was a tiny fraction of what we have today. YOU MORON.
hopium fix coming rrrrrright up....they need a mainline before 3:00 tommorrow...
Death on a stick out there mate!
How many of you would like themselves to have an RFID chip implanted ?
For internet access and bank account identification + authorization.
I would not like that
.
In a remarkable show of honesty humility and honor. Standard and Poor, in addition to the banks has downgraded itself, and it will now commit Hari Kari.
So many puts to buy, so little time.
Bank of China Ltd - upgraded...LOL, gotta save a few to downgrade later I guess.
How so? BOC and other Chinese banks are doing great. As state-owned banks they are exempt from the FATCA regulations as well, which gives them a massive advantage over a lot of others in the coming days.
We shall see.
I'll bet you the tone at the derivatives desk at BOA has changed somewhat. Funny thing is(as most of us know), BOA is not even close to being rated correctly. Karma is gonna be a bitch and there are not enough chairs after the music stops.
Rock On Metals .................
This news sets up tomorrow's events. I'm sure that there are people who will be asked how long they've been in their present position, not counting today.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
BNYMellon and associated affiliates among the distinguished entities receiving a downgrade from S&P.
Down almost 50 cents in AH trading. Stock is nearing its 52-week low on the news, and is on its way to its final destination.
ZERO.
Just got back from four banks (Wells) and pulled out 20k total. You would have thought I was applying for a jumbo mortgage the way they treated me. IT IS MY MONEY!
GET IT WHILE YOU CAN!
Just looking at uk santander i cannot see a change. or am i going blind?
ratings agencies... why should we trust them any more than, er, the banks?
I want to see the whole bunch of fuckers burn.
lol
I'll be fine. Plenty of ammo and list of all the Mormons in a 10 mile radius.
ive got beard trimers to threaten the local amish for supplies
I'm pretty aquainted with some of the Mormans in my area because I occasionally volunteer at the Bishops cannery. Mormans tend to be a bit more on top of things that the average bear. My one Morman buddy has a pistol and a FAL for each member of the family (including the wife) with plenty of ammo. They all know how to use them, very well. So, you better have something good to barter with, and some nice words, when you show up at their property, least you visit with Moroni.
to bad they didnt let walmart get into banking .thiers might still work at least at the ww stores when these all fail
See ya BAC! Bought some more gold today and I love how the stocks rolled over at the end of the day! Benny B. must be fueling the choppers now!!
Special shout out to the person who mentioned comparesilverprices.com over the weekend...that website saved me some bucks on a monster box purchase yesterday.
Long Madoff, Crack Rocks and Robert Paulson
All these death notices are coming into the Fed; but not to worry, and of course no action will be required on your part as the Federal Reserve will be accesssing your pocketbook and savings tru illicit maneuvres (QE3) at such time the fed sees it appropriate.
Buy gold and silver...and lots of it!!!
Eurodollar Banks - Stable
Non-Eurodollar Banks - Downgrade
Chinese Banks - Upgrade
WOW, just...WOW. Maybe they can get that Obama ass kissing moran Zandy to explain that methodology because he does so well on estimating job growth...
Hey Where is Dick Bove, he said that most US banks are in very good shape :))