iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,579 Blog Posts

S&P to the Rescue

S&P just issued bullish commentary on the write off situation, saying “the end is in sight.” And, they declare most big banks will writedown more than what the actual losses will amount to be. They exclaim writedowns will top out around 275 billion, almost half of what [[UBS]] is projecting. As a result, the market just rallied 100 points.

My only beef is this: since when is S&P right about anything?

I mean, last time I checked, they were wrong about everything. If it was up to me, I’d have the executives of S&P, Moody’s and the other assholes from Fitch investigated for fraud, with regards to their relationships with the people they rate.

In short: S&P has no dice.

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13 comments

  1. wow

    They are pulling out all the stops to keep us above those January lows. Subprime resets are indeed coming to an end this year, so technically this “bulk of the write-downs of subprime securities may be behind the banks and brokers that have already announced their results for full-year 2007” is probably correct.

    What is not mentioned is the next wave of the Alt-A and prime ARM resets that start up towards the tail end and/or beginning of 2009.

    It’s all so laughable, will fuel be to post another housing rant later today.

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  2. A, Nominus

    WARREN BUFFETT: I have never made any money from economic forecasts.

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  3. Hong Kong Bull

    Fuck S&P

    twice!

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  4. WallStreetLurker
    WallStreetLurker

    Seriously.

    Moody’s and S&P’s refusal to downgrade the worthless assets of the monolines just to keep them afloat is at best disingenuous, and at worse constitutes criminal negligence.

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  5. calvino

    Thanks fellers, I was getting concerned that my Fidelity Large Cap High Growth Domestic and Worldwide Opportunity Fund statement would come in a little skinny this month, but you placated my ill forebodings. I am sure that you issued a completely disinterested opinion and saving you overpaid and underperforming employment status did not introduce any bias into your call for a market bottom.

    This is exactly the kind of utter bullshit that sets up the next leg down, you pissant sockjerkers. Keeping 401K’s in so your friends and family can get out.

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  6. mrkcbill

    Can’t stop looking at Eliot’s callgirl…..
    Wowie…I Heart NY.

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  7. seller

    somebody needs to stop these hazardous institutions. they know nothing! s&p never catches anything. they didn’t see the downside of anything but now they can amazingly see the upside. fuck them. why didnt spitzer go after these clowns. the mafia is more ethical than these fraudulent institutions.

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  8. calvino

    Singing is her life.

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  9. larry

    Alias: BPOE

    Eliot’s call girl is a 22 year old high school drop out with drug problems. Eliot has no street smarts. The best thing to do with whores is to order 3 at discount and 1 eight ball. That is all they are worth.

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  10. alex

    I’d be more assured that the “end is in sight” if a chubby, acne riddled 14 year old boy told me than these idiots. Since their outstanding efforts in downgraded worthless paper, I have seen them as “borderline” retarded.

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  11. ottnott

    I think we ought to give S&P credit for their tremendous improvement in forecasting ability.

    They couldn’t see the mortgage problems until 48 months after the problem lending ramped up in a big way and 18 months after the problems began cropping up in mortgage default data, but now they know just how far down hosuing prices will fall and just how large the resulting losses will be.

    I am not worthy of reading their divinations.

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