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The War Against The Rating Agencies Begins: Italy Prosecutor Seizes Moody's, S&P Documents

Tyler Durden's picture




 

And so the war against the rating agencies is now official as a floundering Europe does anything in its power to scapegoat anyone and everyone, starting with its natural sworn enemy of course, the rating agencies. According to Reuters, "Italian prosecutors have seized documents at the offices of credit rating agencies Moody's and Standard & Poor's in a probe over Suspected "anomalous" Fluctuations in Italian share prices, a prosecutor said on Thursday." Ah yes, it is Moody's fault that Unicredit, Intesa, Fiat and pretty much all other Italian companies now close limit down at least once a day. Either way, this is sure to end well. We will bring you more as we see it.

 

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Thu, 08/04/2011 - 09:59 | 1523637 hedgeless_horseman
hedgeless_horseman's picture

Repent!  The end is neigh, bitchezzz!

Thu, 08/04/2011 - 10:46 | 1523780 Fish Gone Bad
Fish Gone Bad's picture

If Warren Buffett sold it, you know EVEN HE must've hated 'em.

Thu, 08/04/2011 - 09:58 | 1523638 Mongo
Mongo's picture

Can I have that with some fries?... can't eat that either? DAMN! Can't eat gold, can't eat anything these days...

Thu, 08/04/2011 - 10:00 | 1523646 Cognitive Dissonance
Cognitive Dissonance's picture

Gotta find a scapegoat somewhere. I mean.......come on. Personal, governmental and corporate responsibility is so yesterday.

Thu, 08/04/2011 - 11:14 | 1523875 NoControl
NoControl's picture

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”-Joseph Goebbels

Thu, 08/04/2011 - 11:34 | 1523944 gorillaonyourback
gorillaonyourback's picture

huh, he took the words right out of my mouth,,,,,,  was thinking that, but not as elegant.  nice quote from history

rating agencies find truth in jesus and they get persecuted by.......... what......... the romans.        crackin my ownself up

Thu, 08/04/2011 - 11:23 | 1523908 wherewasi
wherewasi's picture

They probably are being 'scpegoated' in this instance.  The poor rating-agencies!!  Doesn't mean they aren't a huge part of the scam that's been run through and over us by the bankstas and the Chairman etc.

 

 

Thu, 08/04/2011 - 11:42 | 1523986 Ghordius
Ghordius's picture

I've got your scapegoat, CD! It's all the fault of the Colbert Report.

Silvio Berlusconi is an avid fan of show, and recently Colbert "very innocently" hinted that the US Gov could "numberboard" the "financial terrorists" in the rating agencies.

Thu, 08/04/2011 - 10:02 | 1523659 Quintus
Quintus's picture

As an investor, I'd like to see an investigation into Moody's and S&P for their obviously conflicted and misleading 'AAA' rating on US Treasury debt.

They are clearly colluding with the Treasury to dupe investors into buying Treasury paper at inflated prices unwarranted by any conceivable fundamental value.

Thu, 08/04/2011 - 10:14 | 1523706 zorba THE GREEK
zorba THE GREEK's picture

"They are clearly colluding with the treasury"

You can bet your bippy they are and have been for some time now.

Anytime the treasury needs a diversion, they sic the rating agencies on someone, including

having them threaten to lower U.S. rating in order to scare up support for debt ceiling raise.

Otherwise, the rating agencies would prosecuted for their role in MBS scandal. 

Thu, 08/04/2011 - 10:17 | 1523711 zorba THE GREEK
zorba THE GREEK's picture

"They are clearly colluding with the treasury"

You can bet your bippy they are and have been for some time now.

Anytime the treasury needs a diversion, they sic the rating agencies on someone, including

having them threaten to lower U.S. rating in order to scare up support for debt ceiling raise.

Otherwise, the rating agencies would prosecuted for their role in MBS scandal. 

Thu, 08/04/2011 - 10:23 | 1523735 Oboneterm
Oboneterm's picture

Praise the lord someone is paying attention... http://www.nakedcapitalism.com/2011/07/is-standard-and-poor%E2%80%99s-ma...

Guns...gold...ammo.........the only real apprciating assets to have....

 

Thu, 08/04/2011 - 10:03 | 1523661 dwdollar
dwdollar's picture

Mafia style...

Thu, 08/04/2011 - 10:05 | 1523668 Kingbingo
Kingbingo's picture

Politicians knock out the supporting wall that is Moral Hazard to make room for their pet projects and are now annoyed the roof is falling down.

 

It is the duty of every patriot to avoid as much tax as possible, starve the beast.   

Thu, 08/04/2011 - 10:24 | 1523734 Abitdodgie
Abitdodgie's picture

If you dont work or have a bank account and have everyting in AU/AG then what what is the meaning of the word "tax"

Thu, 08/04/2011 - 10:46 | 1523781 XitSam
Thu, 08/04/2011 - 11:47 | 1524005 Ghordius
Ghordius's picture

I like your attitude versus Taxes!

Although I'm not used to hear it with the background of a national flag.

"It is the duty of every patriot..." Nah, usually it's followed by a very different message!

Fri, 08/05/2011 - 05:37 | 1526012 Pay Day Today
Pay Day Today's picture

"It is the duty of every patriot to avoid as much tax as possible, starve the beast."

So those corporations and billionaires who pay not a cent of taxes out of their $B profits are being 'patriotic'?

Who are they being patriotic to exactly? China? The IB's? Anyone else who the gubmunt now has to borrow off just to crawl along?

Thu, 08/04/2011 - 10:05 | 1523671 Founders Keeper
Founders Keeper's picture

This kinda falls into the Banks-Eating-Banks category---sign the next step down in this Great Depression is imminent.  IMO.

 

Thu, 08/04/2011 - 10:06 | 1523675 caerus
caerus's picture

mmmm..."anomalous"

Thu, 08/04/2011 - 10:06 | 1523676 Long-John-Silver
Long-John-Silver's picture

My order for high trans-fat coconut oil, extra fat butter, and popcorn salt was just dropped off by UPS.

This show keeps getting better by the day (and night).

Thu, 08/04/2011 - 11:00 | 1523824 Apply Force
Apply Force's picture

Enjoy the show!

And BTW - coconut oil is high in saturated fat, not trans-fat.  One of the many myths of our friends at the FDA and big food/corps... the saturated fat in cocnut oil is actually better for you than most fats.

Sittin' on over 30,000 coconut oil kcals, puttin my $ where my mouth is.

Thu, 08/04/2011 - 10:07 | 1523682 PaperBugsBurn
PaperBugsBurn's picture

In the words of the drug trafficking George Bush:

 

Bring it on!!!!!

 

Hells yeah!

 

War, bitches!

Thu, 08/04/2011 - 10:08 | 1523684 Sudden Debt
Sudden Debt's picture

WHY NOT BURN ALL THE ECONOMY BOOKS TO AND WRITE SOME THAT FIT THE NEW DOCTRINE?!

 

It worked during the inquisition, it worked for Hitler...

Thu, 08/04/2011 - 10:08 | 1523688 Martin Silenus
Martin Silenus's picture

Attention Runners...Carousel has begun.

Thu, 08/04/2011 - 10:19 | 1523720 William Wics
William Wics's picture

Perfect

Thu, 08/04/2011 - 10:09 | 1523689 Mercury
Mercury's picture

The irony is that these ratings agencies are so powerful not because of their predictive prowess or rigorous assessments of credit but because these same governments have made them so and woven the requirement of their rubber stamp into a million different regulations.

Thu, 08/04/2011 - 10:11 | 1523698 topcallingtroll
topcallingtroll's picture

Now I am still looking for all the people who junked me over the last year to man up.

However real traders long ago left the comment section since now it is just an echo chamber for gold bugs and collapsaholics, enforced by comment veto power of the most extremist members.

I have said all along the usa is the strongest kid on the block. Neither china nor europe were any real threat to us, and that russia, china, and other mercantilists would grumble, but they would buy all the treadurys that we bothered to sell.

Europe goes down, china goes down, the usa and japan muddle through. Brazil is the big winner these next few years. Probably gold and silver too.

Thu, 08/04/2011 - 10:26 | 1523742 Spastica Rex
Spastica Rex's picture

Thanks for posting. I was starting to worry that my American lifestyle was in jeopardy. Whew.

Thu, 08/04/2011 - 11:53 | 1524028 gorillaonyourback
gorillaonyourback's picture

now thats funny,,,,,,,lmao

Fri, 08/05/2011 - 05:45 | 1526016 malikai
malikai's picture

Fuckin lol!

Thu, 08/04/2011 - 10:27 | 1523746 Quintus
Quintus's picture

Wouldn't you say it's just a tad early to be making calls about who survives and who doesn't?

Having been postponed from 2008 by the actions of the central banks, this collapse is only just getting back into its stride.

I'm interested to know, though, how you think the US will survive in the scenario you outline above with nobody to borrow from (China) and nobody to sell to (Europe)?

Brazil better get real big real fast if it's going to step into those shoes.

Thu, 08/04/2011 - 11:52 | 1524015 Ghordius
Ghordius's picture

+1'000 for "Wouldn't you say it's just a tad early to be making calls about who survives and who doesn't?"

I'm in favour of us all surviving, without wars and without this overblown financial setup.

Thu, 08/04/2011 - 11:57 | 1524042 gorillaonyourback
gorillaonyourback's picture

yes but that would mean SPACTICA REX wouldn't be able to maintain his lifestyle.

Thu, 08/04/2011 - 10:30 | 1523755 hedgeless_horseman
hedgeless_horseman's picture

Please, let me be the first to thank you for taking the time away from your 6 trading screens and three personaal assistants to bless us with more of your sage, profitable,  and awe enspiring blessings.  We are not worthy, but yet we give thanks to thee, oh Top Calling Troll.

Thu, 08/04/2011 - 11:56 | 1524038 fiddler_on_the_roof
fiddler_on_the_roof's picture

I gave you a thumbs up for your call, but I will say you will be steam rolled soon.

Now wait for Europe to detonante the currency wars by using their nuclear weapon, aa GOLD, I think they have already done started.

Now dollar and Gold is rising together as foretold by ANOTHER 12 yrs ago. paper dollar will not reference physical Gold and they will soon be decoupling.

Silver - blah just ignore that for now since it is not a weapon for nations.

 

Thu, 08/04/2011 - 10:12 | 1523699 swissinv
swissinv's picture

I don't think that the rating agencies are just scapegoats... They support a US AAA rating on (funding) cost of other countries and that is simply not accepable.

Thu, 08/04/2011 - 10:12 | 1523701 Sudden Debt
Sudden Debt's picture

What if they found out that Moody's overvalued the entire Italian stock market?

What if they found that Moody's actually overvalue the Italian bond market?

 

Luckely for the market, Berlusconi will keep a close eye that the truth never reveals itself.

 

Thu, 08/04/2011 - 11:54 | 1524031 Ghordius
Ghordius's picture

You mean like:

"Donna value my stock market wrongly, or you'll see the bottom of the Hudson?"

Thu, 08/04/2011 - 10:16 | 1523709 Abitdodgie
Abitdodgie's picture

Does anyone else just get error 324 now this site is getting hard to load

Thu, 08/04/2011 - 10:17 | 1523713 mendigo
mendigo's picture

they don't lie with enough conviction

it's so ON!

useless, highly paid bureaucrats mud-wrestling

Thu, 08/04/2011 - 10:27 | 1523748 Hannibal
Hannibal's picture

Oh, rating agencies are nefarious,...realy?

Thu, 08/04/2011 - 11:32 | 1523938 NickyG
NickyG's picture

If only they'd do that here.

Thu, 08/04/2011 - 12:25 | 1524167 oogs66
oogs66's picture

someone should start with CPDO and leveraged super senior.  two horrible ideas that drove the market to extreme tightness and then played a huge role in the crash

Fri, 08/12/2011 - 22:58 | 1556310 nameman
nameman's picture

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