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(Telegraph) Interesting UK may have its AAA bond rating downgraded. Knowing how the Brits drink, maybe AA is appropriate   (telegraph.co.uk) divider line 35
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35 Comments   (+0 »)


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xanadian [TotalFark] 2009-05-21 11:29:31 AM  
+1. I can't really say more than that. Words wouldn't do it justice.

 
dillenger69 [TotalFark] 2009-05-21 12:20:55 PM  
The people who rate bonds are clueless.
The not-worth-their-paper mortgage backed securities that got us into this mess were rated AAA.

 
Rickmansworth 2009-05-21 12:29:31 PM  
AA? Pfft. Should be considered Junk... UK is basically just Iceland on roids.

 
Zeppelininthesky [TotalFark] 2009-05-21 12:31:20 PM  
*snerk*

 
TsukasaK [recently expired TotalFark] 2009-05-21 12:32:18 PM  
Subby owes me a new monitor. Over in zero.

 
farkforward 2009-05-21 12:40:18 PM  
I work with, but in nowhere near the same field as a lot of moodys analysts and sales. They earn a ridiculously small amount compared to the average salary in the financial sector, much less than a low-level banker for example. They are the ones who haven't got the neccessary skills to work at the action end of the financial world, or more rarely are learning the ropes before moving on. Some of them are nice but most have that slow witted/ doormat quality. And cheap suits.

 
Delphis 2009-05-21 12:42:52 PM  
What's the USA's credit rating these days?

B .. for Bush?

 
Delphis 2009-05-21 12:43:48 PM  
farkforward: And cheap suits.

First read that as 'cheap sluts' ... leaving disappointed.

 
Phil Moskowitz 2009-05-21 12:44:14 PM  
Delphis: What's the USA's credit rating these days?

B .. for Bush?


In jeopardy.

 
pheed 2009-05-21 12:49:05 PM  
img.photobucket.com

 
Anhydrous Dihydrogen Monoxide 2009-05-21 12:50:07 PM  
Rickmansworth: AA? Pfft. Should be considered Junk... UK is basically just Iceland on roids.

With a taxbase they can squeeze like a wet beach towel to avoid defaulting.

 
Phil Moskowitz 2009-05-21 12:51:52 PM  
pheed

I think you can legally shot in the uk for hugging Jack Daniels. I know everyone involved would feel it was justified.

 
museamused 2009-05-21 12:52:38 PM  
UK and bond rating and no 007 jokes? That's a fail.

 
Why Would I Read the Article 2009-05-21 12:58:10 PM  
You'd drink that much, too, if you were a British guy and had to look at British women, 99% of whom look like they shared a womb with a warthog.

 
Rickmansworth 2009-05-21 01:03:01 PM  
Anhydrous Dihydrogen Monoxide: Rickmansworth: AA? Pfft. Should be considered Junk... UK is basically just Iceland on roids.

With a taxbase they can squeeze like a wet beach towel to avoid defaulting.


don't forget mervyn king's printing press

 
xria 2009-05-21 01:23:35 PM  
This would be one of those same ratings agencies that effectively said mortage backed derivatives were unbelievably great ideas and everyone in the world should buy them, right?

How the hell are they even still in business right now?

 
ObscureNameHere 2009-05-21 01:41:36 PM  
xria: This would be one of those same ratings agencies that effectively said mortage backed derivatives were unbelievably great ideas and everyone in the world should buy them, right?

How the hell are they even still in business right now?


That's my question as well. I work in an area related to credit risk ('getting a kick out of these replies', etc.) and the fact that the ratings agencies are still standing boggles my mind.

The most annoying part is their hiding behind the 1st Amendment (in the U.S.) and are basically saying all their Ratings are only "Opinions" and "It's not our fault".

Very very technically, their position is correct. But that is NOT how The Industry treated their ratings, nor how they marketed themselves. Yes, Banks had to do their own Due Diligence, but PART of due diligence was/is checking the Rating.

 
nlscb 2009-05-21 01:48:14 PM  
Do you expect me to default?

No, Mr. Bond. I expect you to die!

/got nuthin

 
Crosshair [TotalFark] 2009-05-21 02:02:07 PM  
xria: This would be one of those same ratings agencies that effectively said mortage backed derivatives were unbelievably great ideas and everyone in the world should buy them, right?

How the hell are they even still in business right now?


Anyone with a semi-functioning brain looks deeper than just the credit rating of an investment. It was obvious years ago that these bonds weren't AAA material, just check out the numbers of Fark threads alone on the insanity during the bubble, but Wall Street and Main Street as a whole only looked at the credit rating and ignored all the other signs that were out there that put those ratings into question.

 
Gobobo 2009-05-21 02:27:14 PM  
Rickmansworth: AA? Pfft. Should be considered Junk... UK is basically just Iceland on roids.

Close, but no cigar. The UK is an absolute return fund with a lousy manager, Iceland was a massive hedge fund with Tyler Durden at the helm.

 
Fuggin Bizzy 2009-05-21 03:05:20 PM  
Unfortunately for subby, one notch below AAA is AB2+gl. Three notches down is where you get to double-A.

/No it isn't. Good joke, subs.

 
Marine1 2009-05-21 03:07:38 PM  
nlscb: Do you expect me to default?

No, Mr. Bond. I expect you to die!

/got nuthin


7/10, considering the lack of effort in the thread thus so far...

 
xria 2009-05-21 03:23:59 PM  
ObscureNameHere: xria: This would be one of those same ratings agencies that effectively said mortage backed derivatives were unbelievably great ideas and everyone in the world should buy them, right?

How the hell are they even still in business right now?

That's my question as well. I work in an area related to credit risk ('getting a kick out of these replies', etc.) and the fact that the ratings agencies are still standing boggles my mind.

The most annoying part is their hiding behind the 1st Amendment (in the U.S.) and are basically saying all their Ratings are only "Opinions" and "It's not our fault".

Very very technically, their position is correct. But that is NOT how The Industry treated their ratings, nor how they marketed themselves. Yes, Banks had to do their own Due Diligence, but PART of due diligence was/is checking the Rating.


I have no problem with them hiding behind the 1st Amendment they should be free to provide a ratings service - the question is why people (especially governments) are still giving them business. I know the EU made some noises about creating some alternative ratings body, but of course any government created body might have credibility problems (especially at first). However given that, for me at least, asking some random guy off the street whether a bond is any good would give it more credibility than S&P or Moody's opinion, you wonder why governments haven't looked more urgently at finding a way to remove such corrupt (or massively incompetent, take your pick) entities from the system.

 
Funk Brothers 2009-05-21 03:38:22 PM  
I still give George Soros a AAA rating.

 
Gobobo 2009-05-21 03:48:37 PM  
Funk Brothers: I still give George Soros a AAA rating.

Me too; he made $800 million last year.

 
Gobobo 2009-05-21 03:56:54 PM  

 
theoutlaw 2009-05-21 04:22:31 PM  
Why Would I Read the Article: You'd drink that much, too, if you were a British guy and had to look at British women, 99% of whom look like they shared a womb with a warthog.


I'm a good looking British woman getting drunk tonight so I'm getting a kick...

 
Ubertater 2009-05-21 04:24:22 PM  
Homer: "Hi, my name is Homer, and I'm an alcoholic"

Sarcastic Guy: "Sorry buddy, you want AA, this is AAA"

 
Goodfella 2009-05-21 04:25:00 PM  
I blame Rick Pitino.

 
Clusterpup 2009-05-21 04:34:46 PM  
theoutlaw: I'm a good looking British woman getting drunk tonight so I'm getting a kick...

Says you.

You sound fat to me, most likely caused by getting drunk all the time and eating steak and kidney pie and bangers and mash.

 
Rickmansworth 2009-05-21 04:52:18 PM  
theoutlaw: Why Would I Read the Article: You'd drink that much, too, if you were a British guy and had to look at British women, 99% of whom look like they shared a womb with a warthog.


I'm a good looking British woman getting drunk tonight so I'm getting a kick...


If you're saying this, then I would REALLY hate to know what you consider bad looking.

 
Lawnchair 2009-05-21 06:09:37 PM  
Rickmansworth: Anhydrous Dihydrogen Monoxide: Rickmansworth: AA? Pfft. Should be considered Junk... UK is basically just Iceland on roids.

With a taxbase they can squeeze like a wet beach towel to avoid defaulting.

don't forget mervyn king's printing press


Aye, that's the difference. Iceland's debts? Generally denominated in Dollars, Euros, Pounds, what have you. Something Iceland has to earn.

The UK? Generally, people have been willing to accept debts denominated in Sterling. This may cease.

That's what a default would look like for the US or UK. Other people stop buying dollar/pound-denominated debt for fear that it'll go Weimar. Which would be self-fulfilling.

 
Pumpernickel bread 2009-05-21 06:58:59 PM  
Should the U.S. sovereign credit rating be downgraded?

Link (new window)

This was written before the current economic downturn and spiralling out of control national debt.

 
7wolf 2009-05-21 10:05:37 PM  
That's not true, when I went over there most of them were drinking way less than me.

...damn...

 
chiark 2009-05-22 08:11:27 AM  
Not sure why there's all these drinking references...

http://www.theaa.com/ (new window)

 
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