Countrywide Bank downgraded to "D" - as in DEFAULT

[opusprime]

This was actually released yesterday, but didnt get very much attention from the main stream media for some reason.

Countrywide says that they have $61 billion in deposits, 77% of which is insured. That means about $14 billion in DEPOSITS (not investments, just savings accounts, CD's, etc) will vanish.

Moody's downgrades Countrywide Bank

http://losangeles.bizjournals.com/losangeles/stories/2008/03/31/daily40.html?ana=yfcpc

Moody's Financial Services downgraded Countrywide Financial Corp.'s bank to a "D" rating late Thursday, according to a Marketwatch report.

According to the report, Moody's cited "substantial liquidity issues" as the main reason for the downgrade.

The unsecured ratings for Calabasas' Countrywide Financial Corp. and Countrywide Homes Loans remained unchanged.

Countrywide's stock (NYSE: CFC) closed down 46 cents, or 7.23 percent, at $5.90.

Do you have more than $100,000 in any one account?

[Pale Blue Dot]

1. drip, drip, drip... nt

[sam sarrha]

2. the $14 billion was insured by a non Governmental entity, th Fed, with Taxpayers money, Ponzy >Link>

scheme continues.. the Fed covered its Ponzy Scheme loses with about
$96 Billion to date, that i have heard of.

this rip off scheme.. not unlike what Bu$h41 did, is yet to be called a crime.. i hear as much as 3 Trillion may be lost if the Taxpayers aren't allowed to re-write their predatory loans to reasonable rates.. the White House has intervened to disallow individuals to rewrite but allows corporate holders to rewrite. the states were not allowed to intervene early on when this crime was first discovered

http://www.brasschecktv.com/page/291.html

[opusprime]

3. Corporate welfare at its finest...

The Fed and our corrupt politicians will do anything to save the banks, even if it means destroying the dollar and our future.

Just look at the top contributors for Chris Dodd, chairman of the Senate Banking Committee.

http://www.opensecrets.org/politicians/contrib.asp?CID=N00000581&cycle=2008

How can we expect these guys to be impartial?

Oh, and it was reported that Countrywide had more than $50 billion in outstanding loans to the Fed as of December 2007. What happens when they cant pay us back?

[sam sarrha]

4. the Bu$h Crime Family has been systematically destroying the banks competition

[opusprime]

5. Actually, much of this started with Clinton...

by voting for the Gramm-Leach-Bliley Act in 1999 that repealed the Depression-era Glass-Steagall Act and allowed banks, securities companies, and insurance companies to directly compete with one another and led to the creation of financial conglomerates like Citigroup.

Both parties have been corrupted by corporate campaign contributions.

[magellan]

6. That was just the final act in Glass-Steagall

The undermining of its legislation began in earnest decades ago.

Yes, both parties share the blame.

[opusprime]

7. Agreed Magellan...

Thom Hartman has it nailed down. It started with Reagan and the attack on the working class.

But the Dems got caught up in the maelstrom as well. Just take a look at Dodd's largest donors. This is the Chairman of the Senate Banking Committee. And we wonder why he approves of the $30 billion tax payer bailout to Bear Stearns?

1 SAC Capital Partners $319,800

2 Citigroup Inc $318,394

3 United Technologies $268,800

4 Bear Stearns $205,100

5 American International Group $204,678

6 Royal Bank of Scotland $186,150

7 Goldman Sachs $176,600

8 Morgan Stanley $155,000

9 Credit Suisse Group $154,050

10 Merrill Lynch $141,650

11 St Paul Travelers Companies $117,100

12 General Electric $115,650

13 Lehman Brothers $115,000

14 National Westminster Bank $114,800

15 KPMG LLP $114,300

16 Deloitte Touche Tohmatsu $108,000

17 Hartford Financial Services $103,500

18 Travelers Companies $101,900

19 The Hartford $99,750

20 JPMorgan Chase & Co $98,550

[Neshanic]

13. Correct.

[sam sarrha]

8. but the Bu$h 41/43 have been doing it thu blatant criminal activity..NOTHING COMPARES TO WHAT THEY

HAVE DONE to the savings and loans and the mortgage lenders..

41 only cost us $150 billion, 43 will cost us Trillions.. and all you do is invalidate my post with ..'so what'

[opusprime]

9. and all you do is invalidate my post with ..'so what'

Uhh... I invalidated your post?

Maybe you should try explaining what your talking about a little better.

I know Bush et. al. have robbed us of trillions. My point was that as long as we allow investment banks to bribe our congressman and senators, nobody is going to stop it.

[roamer65]

10. Don't worry, Helicopter Ben already has the money created for this.

Just a few clicks on the Fed's computers for $61 billion.

[snot]

11. who the heck has $14 billion in UNinsured deposits???

seriously. if there are that many rich, dumb people, maybe there's hope for the rest of us.

[Neshanic]

12. "Holy house crash Super Bernie, it's the Bernanke Beacon!"

They must need our help! Call JP Morgan and have them meet us in the Secret Cave of Bailouts.

[Nutmegger]

14. Friday News Dump

R&K