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  1. #1
    Banned! CaptainVonDoom's Avatar
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    Default WSJ: Moody's downgrades Bofa, Goldman Sachs & 13 other banks due to declining economy

    "Moody's Investors Service cut Morgan Stanley's long-term debt rating by two notches, in a move that stands to raise expenses at the securities firm but spares the company from the deeper downgrade that many on Wall Street had feared.

    The move came as the rating company downgraded more than a dozen global banks, including the five largest U.S. banks with global trading arms, to reflect declining profitability in an industry that is being rocked by soft economic growth, tougher regulations and nervous investors."

    http://online.wsj.com/article/SB1000...LEFTTopStories

  2. #2
    Atomic Punk edwardv's Avatar
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    Moodys,S&P, all these rating services where the hell were they before everything crashed in 07-08. I think they are corrupt too!
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  3. #3
    Banned! CaptainVonDoom's Avatar
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    Quote Originally Posted by edwardv View Post
    Moodys,S&P, all these rating services where the hell were they before everything crashed in 07-08. I think they are corrupt too!
    They were partly responsible for the financial crisis. They gave junk CDOs and subprime mortgage bonds AAA ratings because 1) Lehman, Bear Sterns, Goldman Sachs, etc were paying them billions 2) they didn't Have a clue how to Rate these derivatives. By dividing millions of subprime mortgages into pieces and spreading them across mortgage bonds, CDOs and synthetic CDOs they thought they were Reducing risks. Dumb investors bought the CDOs from investment banks, investment banks made similar bets, AIG sold credit default swaps, and the smart investors bought credit default swaps to bet against CDOs and the rest is history.

  4. #4
    Atomic Punk Dave's Dreidel's Avatar
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    They, just like everyone else, was making too much money at the time, they didn't want to rock the boat.

    Makes me take their downgrades a little less serious.

    Fuck the investment bankers anyway. They intentionally fuck their clients for money. Hookers go to jail for it, bankers get bail outs.
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  5. #5
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    Quote Originally Posted by Dave's Dreidel View Post
    They, just like everyone else, was making too much money at the time, they didn't want to rock the boat.

    Makes me take their downgrades a little less serious.

    Fuck the investment bankers anyway. They intentionally fuck their clients for money. Hookers go to jail for it, bankers get bail outs.
    ... And with the former, the client willingly participates in said fucking.

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