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Author: WatchingTheHerd Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 454791  
Subject: Re: AIG Rating Cut to A- by S&P Date: 9/15/2008 11:31 PM
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American International Group Inc.'s long-term counterparty rating was cut to A- from AA- by Standard & Poor's.

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You don't say... THANKS S&P for that insightful analysis.

This just in from Fitch:

CHICAGO & NEW YORK, Sep 15, 2008 (BUSINESS WIRE) -- Fitch Ratings downgraded all subsidiary ratings of various entities owned by Lehman Brothers Holdings Inc. (LBHI). LBHI filed a voluntary bankruptcy on Sept. 14, 2008 which excluded all subsidiaries.

This is KILLER analysis these people are doing here...

Seriously, I saw a clip of President Bush making a few comments on today's happenings and at one point, in the same tone one would use for hurricane victims, he expressed concern for all of the folks on Wall Street whose jobs are up in the air or already wiped out. In a talking head segment on The NewsHour, a guest described the scene outside Lehman and Merril with people just "devastated" -- in much the same tone used to describe those that suffered or witnessed the 9/11 attacks.

I know not EVERYONE working at these firms attended board meetings and understood the financial frauds being perpetrated and provided their consent to those actions. HOWEVER, let's be real. In November of 2007, when CUSTOMERS were already losing TONS of money, Wall Street still chose to pay out nearly THIRTY EIGHT BILLION DOLLARS in bonuses. As Bloomberg News put it, that comes out to an average of $201,000 for the 186,000 employees of Goldman, Merril, Lehman, Bear Stearns and Morgan Stanley. That's just their BONUS. For ONE YEAR. (#1)

If I could wave a magic wand over the books of the entire country, I would wipe out the life savings of EVERY SINGLE employee of these Wall Street firms before collecting the rest of the losses from the rest of America. NO ONE on Wall Street gets ANY sympathy in this.


WTH

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#1) http://www.bloomberg.com/apps/news?pid=20601087&refer=ho...
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