"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,"
According to a Reuters report on Thursday, S&P's statement gave a boost to financial stocks and helped Wall Street indexes pare losses. That report was headlined in many publications in a manner that leveraged up the hopeful slant to ridiculous levels.
And who is this Standard & Poors who the very next day:
"cut its ratings on Bear Stearns Cos and said it may cut them again, after the bank said a cash crunch forced it to turn to the Federal Reserve and JPMorgan Chase for emergency funds." (Reuters)
We are detecting some poor standards.
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