Headline of the Day: S&P Cuts Bear Stearns’ Rating

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
emergency bailout.

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."

S&P
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.

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Source:
S&P Cuts Bear Stearns’ Rating   
AP, Friday March 14, 2:21 pm ET
http://biz.yahoo.com/ap/080314/bear_stearns_ratings.html?.v=1

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