Tuesday, September 16, 2008

Rooney: Shirt Alert!

AIG Credit Rating Cut Threatens Quest for Funds, Roils Markets

American International Group Inc. had its credit ratings cut by Standard & Poor's and Moody's Investors Service, threatening efforts to raise funds to keep the company afloat and roiling global financial markets. S&P lowered AIG's long-term counterparty rating three grades to A- because of ``reduced flexibility in meeting additional collateral needs and concerns over increasing residential mortgage-related losses,'' the rating company said yesterday.

Posted by alan @ 11:29 AM (824 views)
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10 thoughts on “Rooney: Shirt Alert!

  • The credit rating companies are useless. They didn’t even downgrade Lehman’s debt until Monday, after the bankruptcy was declared! Read Mish’s view on the issue:

    Mish’s: Moody’s, Fitch, S&P, SEC are Useless
    Monday, September 15th 2008

    Fitch Ratings has downgraded the debt ratings of Lehman Brothers as follows:

    –Long-term from A+ to D
    –Short-term from F1 to D
    –Senior debt from A+ to CCC
    –Subordinated debt from A to C
    –Preferred stock from A to C

    This means that as recently as last Friday, four out of five classes of Lehman’s debt were rated at A or A+!! The ratings agencies are worse than useless.

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  • It will be interesting to see how many premier league clubs have shirt sponsors at the end of the season. West brom started without one, West ham lost XL, Newcastle is being sponsored by the Taxpayer (Northern Rock) and Man Utd now hangs in the balance.

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  • p4ac,

    You might be on to something there. Players’ salaries, transfer fees, takeovers, etc – all values are up. In the last twenty years the UK’s teams have gone from local affairs to international stardom; overseas TV rights and merchandising accounts for much of the increased revenue and hence the higher values. But are there any reasons to expect a crash in the football world?

    I’m expecting something like ArtWorldCrash.com – people are still paying silly money for pickled sharks!

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  • Isn’t football a laundry for dirty oil money ? I lost interest when Sky got the rights to England home games,so can’t really comment. I’m sure the die-hard fans will keep paying £50 a ticket and live on baked beans come what may. I personally can’t see what wrong with a player getting a job after he retires. I worked with a guy who’s brother-in-law only played at a relatively low level managed to buy 12 houses whilst playing….

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  • Am I going crazy or has the FED given AIG the green light to LEND MONEY TO THEMSELVES! If we could now all do this we would lend from ourselves then default and we’d all be RICH, RICH, I tell RICH beyond our wildest dreams, Ha, Ha, Ha.
    On a less crazy note inflation now stads at 5%, pay awards at 2%, so if you don’t lose your job we are all taking a pay cut of 3%. No more boom and bust, just bust! Double D

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  • The lovely Merryn SW did an article on the effect of the credit crunch on football clubs a while ago. Once again proven right.

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  • japanese uncle says:

    As of 15/Sep/08 our company name was changed to BastaXd & Poo.

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  • Football’s a bubble,they even play with one. Anything over-rated is a bubble and there are plenty of them floating around,propped up and inflated by ficticious often dirty money.
    JU says it all.

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  • Holding out the demise of AIG – if it happens – has all sorts of repercussions and all you can comment on is the loss of a sponsor for a football shirt?

    Cheap, very cheap.

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