. >> when i interviewed james goreman, two-and-a-half weeks ago, he said it will be a two notch downgrade or three notch downgrade? >> it's really hard to predict what rating agencies will do. they don't operate on a model you can figure out. there's a lot of human intervention here. >> and mary thompson, it's not just financials, lots of sectors are sharply lower today. >> that's right, a couple things to touch on, while financials are part of the downdraft, the things we're seeing is the data on china. and that slerlted the decline and the call for goldman sachss. as far as the ratings goes,s a maria pointed out, we know they were considering action against the banks, the banks said much they may cost in collateral or payments for certain derivative contracts. this is something we know about. the question will be will there be any surprises. i want to say one thing on times. a source say it's will happen after the market close, and to support that all of the other actions that the moody's has taken. >> let's get into fixed income here, what move are you seeing? >> the markets are pretty

i asked james goreman, and bob grifelt. >> it was clear the nasdaq was having problems. we were being updated every couple minutes and delayed, and they declared everybody could go and we could start proceeding with the transaction. and with that, there was enormous confusion. that confusion, frankly, in a deal of almost unprecedented size, against a macro backdrop of everything going on in greece, set it aflame. >> 11:30 the cross went and the confirmation did not go out until 1:50. between 11:30 and 12:00 we traded another 150 million shares in the continuous market. the continuous market was deep, liquid, and it was orderly. in terms of comments with respect to the psychology of the market i can't respond to that. everybody is entitled to their own opinion. >> so, what's your opinion? is the nasdaq to blame for where facebook is trading right now. brian weezer says it's a facebook problem. brian, how do you come up with that? >> we get to a $30 price target and arrived at that valuation back in february. and to the extent that the market found the money tenial floor f

james goreman came out a few days ago, though, and said he thinks it will be. i forget his exact terms, but unexpected if they were to go the full downgrade from morgan stanley. we shall see a lot of this, many would say it has already been incorporated, investor perceptions of this stocks at this current price. >> goreman did not say moody's was naive. he simply tried to avoid that word. >> he saved that. >> by the way -- >> he could take ta back. >> tomorrow is citi's 200th an verse iry. happy anniversary to citi. >> somebody said positive things about citi today. >> j&p securities had a bold note on the bracket this morning, including jpmorgan, bac, goldman sachs. they said that they still are an underperform rating on these group. either meltdown happens or an almost meltdown happened. in other words, not a full meltdown, but events get to scary, that these banks go down, anyway. so they outline a lose-lose scenario. >> sobering. >> you have been -- if you want to, you've been able to trade. they move. >> a liquidity statement on monday morning will make th