Friday, February 01, 2008

It's 1:00pm. Do You Know Where Your AAA Rating Is?

Drip

Drip

Drip

Egan-Jones downgraded Ambac/MBIA to junk today.

Drip

Drip

Drip

Pressure mounting on S&P, Moody's, and Fitch

Drip

Drip

Drip

Need to raise $30B to stay AAA for each company. There are 7 companies.

Drip

Drip

Drip

Egan-Jones was first to identify Enron and Worldcom as problem children.

Drip

Drip

Drip

Egan-Jones is paid by investors. Moodys/S&P/Fitch are paid by issuers.

Drip

Drip

Drip

You can bet the securities litigators are dancing naked on the rooftops.

Drip

Drip

Drip

It's just a matter of time. Very little time.

Drip

Drip

Drip

CRASH-CON 1 is looming.