OMG: This is simply too funny at 2:17 pm:
Standard & Poor’s cut some of its credit ratings on investment bank
Bear Stearns Friday following news of the bank’s cash crisis and
S&P cut its long-term counterparty rating on Bear Stearns to "BBB" from "A" and its short-term rating to "A-3" from "A-1."
said Bear Stearns’ need for temporary financing to continue operating
normally led to the downgrade. Earlier Friday, Bear Stearns said it is
receiving a financing line from JPMorgan Chase that is secured by the
Federal Reserve Bank of New York.
The agency also placed the
bank’s long- and short-term ratings on negative watch, meaning they
could be downgraded in the next three months.
WTF is going on at S&P ? Are these guys smoking the chronic?
PUT THE BLUNT DOWN AND BACK AWAY FROM THE KEYBOARD.
S&P Cuts Bear Stearns’ Rating
AP, Friday March 14, 2:21 pm ET