Update: now S&P is also one month behind Egan Jones: JPMorgan Chase & Co. Outlook to Negative From Stable by S&P. Only NRSRO in pristinely good standing is Moodys, and then the $2.1 billion margin call will be complete.
So it begins, even as it explains why the Dimon announcement was on Thursday - why to give the rating agencies the benefit of the Friday 5 o'clock bomb of course:
- JPMorgan Cut by Fitch to A+/F1; L-T IDR on Watch Negative
What was the one notch collateral call again? And when is the Morgan Stanley 3 notch cut coming? Ah yes:
So... another $2.1 billion just got Corzined? Little by little, these are adding up.