Rating agency Standard & Poor's didn't see the subprime mess coming, but don't worry, now they're telling us the worst of it is over. In a statement, Standard & Poor's credit analyst Scott Bugie said that "The positive news is that, in our opinion, the global financial sector appears to have already disclosed the majority of valuation write-downs of subprime" asset-backed securities.
S&P analyst Tanya Azarchs said "Based on available information, we believe that the largest players can be seen as having undertaken a rigorous valuation methodology to come up with conservative valuations."
This is the kind of stuff I love about Wall Street. No matter how wrong an analyst is, not matter how much of a role they play in market carnage, you can always count on them to bounce right back with more predictions. Remember, this subrprime prognosis that sent the market on a rally comes from the same firm that Marketwatch called "one of the three main credit-rating agencies that served as enablers of the subprime-mortgage boom."
Of course, making overconfident predictions is their job. But given what's happened over the past few years, I think you'd have to be pretty dumb to listen to anything they say.
S&P sees end of subprime mess in sight
Posted Mar 13th 2008 6:15PM by Zac Bissonnette
Filed under: Analyst reports
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Reader Comments (Page 1 of 1)
3-13-2008 @ 6:24PM
Sheldon L said...
Famous last words:
"Give me a match, I think my gas tank is empty."
3-13-2008 @ 9:19PM
tim said...
Lay off the ANALysts, if they didn't make the worst calls ever, we'd have nobody to lead all the suckers that we profit from betting against! There, there little ANALyst, plese don't be offended, Zac was just kidding, keep doing your jobs just as badly as you always do!
Tim
http://www.timothysykes.com
3-13-2008 @ 8:02PM
Mr. noitall said...
Yeah, lol. The same morons who rated some of the worst investmests of all time AAA. Are now saying don't worry every thing is O.K. Did these guys all of a sudden grow brains? I don't think so.
Listen, don't count on the same people who played a major role in causing this mess to play a role in solving it. They are a bunch of amateurs & have already proven to us all how capable they are.
3-14-2008 @ 12:26AM
David P said...
yes! we are saved! god bless you, s&p!