Quote of the Day: S&P on Lehman

Quote of the day (so far) goes to S&P in its new report downgrading Lehman’s (and Goldman’s) credit rating.

S&P said Lehman has a stable base of funding and strong fundamentals, but "could suffer severely if there was an adverse change in market perceptions, however ill-founded."

Right. Like, for example, if there was a new S&P credit downgrade report warning investors that things at Lehman could get bad if there was a change in market perceptions? I get it.

[S&P via Reuters]


  1. Berry Zito says:

    I like the new, “snarky” Paul…

  2. Me too !!

  3. I figure S&P would just like to be able to say they issued a warning about something before it fell apart even if they don’t think it is going to happen. I find it hard to believe the rating agencies are even still in business. They have zero credibility now.