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rffrydr
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rffrydr
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 Posted: Thu Oct 20, 2011 11:54 am Post subject: |
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| Quote: | | BRUSSELS — The European Commission is “actively” considering allowing the region’s financial regulator to ban the issuing of sovereign credit ratings in the region for countries in bailout talks and if there is a threat to financial stability as a result, a person familiar with the situation said Thursday. |
Good riddance.
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rffrydr
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| Posted: Thu Sep 22, 2011 8:59 am Post subject: |
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Bove has been wrong all the way down the line (an me, marginally, with him)--but at least there's still a strong voice for banks out there where the rest seem cow-towed into oblivion:
http://www.cnbc.com/id/44613160
"If Bank of America went under, basically it has to call all the loans it has—$940 billion in loans outstanding. In addition, it has $1.38 trillion in deposits. You think the FDIC can cover that?...The idea that the U.S. government would allow it to fail is beyond the realm of possibilities," Bove said.
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rffrydr
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| Posted: Thu Aug 04, 2011 11:10 am Post subject: |
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Not personal, bidness:
http://www.cnbc.com/id/44019988
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rffrydr
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| Posted: Fri Jul 22, 2011 11:16 am Post subject: |
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| Quote: | | 15. We agree that reliance on external credit ratings in the EU regulatory framework should be reduced, taking into account the Commission's recent proposals in that direction, and we look forward to the Commission proposals on credit ratings agencies. |
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rffrydr
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| Posted: Mon Jul 18, 2011 10:23 am Post subject: |
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!Miracule! Something pro-active from a credit agency:
http://www.cnbc.com/id/43790768
Erasing a fiction ain't much but it's a start.
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rffrydr
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| Posted: Fri Jul 15, 2011 9:27 am Post subject: |
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Europe wants its own credit agency (even though Fitch is owned by French Bank)..... go for it.
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rffrydr
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| Posted: Thu Jul 07, 2011 8:07 am Post subject: |
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About time; sovereigns should be analyzed a la Economist's Intelligence Unit, but not portfolio screened by anyone else than the buyer--or non-buyer in that country's bond market.
7 July 2011 – ECB announces change in eligibility of debt instruments issued or guaranteed by the Portuguese government
| Quote: | The Governing Council of the European Central Bank (ECB) has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Eurosystem’s credit operations in the case of marketable debt instruments issued or guaranteed by the Portuguese government. This suspension will be maintained until further notice.
The Portuguese government has approved an economic and financial adjustment programme, which has been negotiated with the European Commission, in liaison with the ECB, and the International Monetary Fund. The Governing Council has assessed the programme and considers it to be appropriate. This positive assessment and the strong commitment of the Portuguese government to fully implement the programme are the basis, also from a risk management perspective, for the suspension announced herewith.
The suspension applies to all outstanding and new marketable debt instruments issued or guaranteed by the Portuguese government. |
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rffrydr
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| Posted: Fri Jun 10, 2011 7:04 am Post subject: |
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Glad I resisted the temptation to short this again. There's no trading justice:
Moody's Gets Its Unjust Reward
By Jim Cramer
| Quote: | | Moody's hit a 52-week-high today, and something about that just stinks. When you think of the paid-for-hire actors in the financial crisis, could there be a more willing executioner than Moody's? I mean, these guys had no guts and showed no ability to stand up and say, "This merchandise is garbage." As we clearly know from where the foreclosures were, these loans were obviously second-rate, third-rate and fourth-rate with little to no collateral, and the critical lack of judgment from Moody's, as well from as Standard & Poor's, which is owned by McGraw-Hill, is now legion. All that said? What a terrific investment. Moody's is unscathed, doing a ton of business, the little coterie club of ratings agencies undisturbed, and the power of the brand still terrific. Meanwhile, the banks wrestle with daily opprobrium, and that never seems to let up, although at times it has... |
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rffrydr
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| Posted: Thu Jun 02, 2011 10:05 pm Post subject: |
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Really! We need Moody's to think this though for us?
http://www.cnbc.com/id/43256450
Far from tamed, these guys feel free to put their print everywhere. Overcompensating?
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rffrydr
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| Posted: Mon Apr 11, 2011 8:23 pm Post subject: |
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He's just a little too early. Looking forward to joining Einhorn on this stinker:
http://www.cnbc.com/id/42540701
Can't fight the indices though.
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rffrydr
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rffrydr
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rffrydr
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Location: Sunny California
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rffrydr
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