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WTF Italian Police Raid Milan Offices Of Moody's And Standard & Poor's!
08-08-2011, 11:45 AM #1
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,280 Threads:1,438 Joined:Feb 2011
Quote:Chief prosecutor of Trani conducts investigation into whether the two rating agencies abide by regulations.
As stock and bond markets across the world tumbled on fears about Italy and Spain, it emerged that police acting on orders from prosecutors had raided the Milan offices of rating agencies Moody's and Standard & Poor's as part of continuing investigations into their role in the recent financial turmoil.

Italian shares plunged on Thursday, with some leading firms losing more than 10% of their value. But the closing level of the benchmark FTSE MIB index was not released for reasons that remained unclear more than an hour after the close.
Read more: http://www.guardian.co.uk/world/2011/aug...dard-poors

I've never heard of anything like this, wtf2.gif just wtf2.gif?

wonder.gif
08-08-2011, 12:05 PM #2
Octo Mother Superior
Posts:42,607 Threads:1,469 Joined:Feb 2011
yeah I'm sure the rating agency is responsible for the economic collapse 13.gif
08-08-2011, 01:31 PM #3
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
hug.gif Hej Octo

In a way they are. They're the ones who rated the toxic securities AAA that US banks sold all over the world leading to $16 trillion worth of bail outs and buy backs.
08-08-2011, 01:58 PM #4
Octo Mother Superior
Posts:42,607 Threads:1,469 Joined:Feb 2011
you're right. We're thinking about starting our own rating agency beerbong.gifchuckle.gif
08-08-2011, 02:00 PM #5
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,280 Threads:1,438 Joined:Feb 2011
I'm downgrading the states credit standard to piss poor rofl.gif

wonder.gif
08-08-2011, 02:08 PM #6
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
chuckle.gif Have a beer rating agency and hire Yankees on as a Board Operational Official Beertaster

(I'm gonna get thwacked for that one rofl.gif )
Anonymous Kritter Show this Post
08-08-2011, 02:14 PM #7
Anonymous Kritter Incognito Anonymous
 

CNBC, Squawk Box has been lol.gif more than usually, this morning.

The guy can't stand that Lichtenstein, has AAA rating, yet USAA+ hasn't.bleh.gif
08-08-2011, 02:29 PM #8
Octo Mother Superior
Posts:42,607 Threads:1,469 Joined:Feb 2011
chuckle.gif I'm sure Yankees would feel honored to be the BOOB Meister beerbong.gif

I'm upgrading this thread in unbridled anticipation beercheer.gif

68.gif68.gif68.gif68.gif68.gif

Quote:The guy can't stand that Lichtenstein, has AAA rating, yet USAA+ hasn't.

Muahahaha!
08-08-2011, 02:44 PM #9
Upāsaka Member
Posts:1,383 Threads:252 Joined:Feb 2011
Quote:Octo - to be the BOOB Meister

If that position was to ever arise, I would gladly deal in DD+ rated market.
08-08-2011, 02:57 PM #10
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
(08-08-2011, 12:05 PM)Octo Wrote:  yeah I'm sure the rating agency is responsible for the economic collapse 13.gif

hi5.gif

Biere.
08-08-2011, 02:58 PM #11
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
(08-08-2011, 02:08 PM)Shadow Wrote:  chuckle.gif Have a beer rating agency and hire Yankees on as a Board Operational Official Beertaster

(I'm gonna get thwacked for that one rofl.gif )

I'm on it.


Biere.
08-08-2011, 04:24 PM #12
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,280 Threads:1,438 Joined:Feb 2011
lol.gif This will go viral!

wonder.gif
08-08-2011, 04:33 PM #13
Octo Mother Superior
Posts:42,607 Threads:1,469 Joined:Feb 2011
Quote:S&P's $2 Trillion Math Mistake

Last friday Moody's S&P announced that they had downgraded the US's credit rating. Since then more interesting news has come out, suraj.sun writes "In a document provided to Treasury on Friday afternoon, Standard and Poor's (S&P) presented a judgment about the credit rating of the U.S. that was based on a $2 trillion mistake.

After Treasury pointed out this error — a basic math error of significant consequence — S&P still chose to proceed with their flawed judgment by simply changing their principal rationale for their credit rating decision from an economic one to a political one.

S&P incorrectly added that same $2.1 trillion in deficit reduction to an entirely different baseline where discretionary funding levels grow with nominal GDP over the next 10 years. Relative to this alternative baseline, the Budget Control Act will save more than $4 trillion over ten years — or over $2 trillion more than S&P calculated.

S&P acknowledged this error — in private conversations with Treasury on Friday afternoon and then publicly early Saturday morning. In the interim, they chose to issue a downgrade of the US credit rating."
http://online.wsj.com/article/SB10001424...TopStories

wtf2.gif
08-08-2011, 04:37 PM #14
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
I guess a 2.1 Trillion mistake, still leaves 14 trillion in debt. gaah.gif

Biere.
08-08-2011, 04:44 PM #15
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
(08-08-2011, 04:37 PM)yankees Wrote:  I guess a 2.1 Trillion mistake, still leaves 14 trillion in debt. gaah.gif

Turns out the mistake was the Treasury's not S&P's rofl.gif why there's a chance there'll be further downgrades soon damned.gif

edit, can't find a link for that though, just an opinion



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