as a result moody's, mf globals performance deteriorated and three areas of concern that moody's identified last february. earnings leverage and risk. on the very next business day moody's downgraded ammo globals reading this time to placing it on review for further possible downgrade. the following day and a global announced a record quarterly loss and it's accelerating customers and powder parties rapidly tickle. this gathered pace of the subsequent 48 hours and moody's downgraded its rating and kept the credit on review for further possible downgrade. when mf global file for bankruptcy on october 31 moody's downgraded its credit rating to see aa one. thank you and i look forward to answering your questions. >> it thank the gentleman. mr. gilbert -- gillard you are recognized. >> employee shareholders and subscribers i would like to thank german nuegebauer, ranking member capuano members for asking me to testify today. i am james gellert. as is clear by now mf global is a tragic story for wall street, main street in the futures industry. its bankruptcy follows trends with other notable fa

moody's announced the downgrade of six european countries.greece is reportedly facing more hurdles and delays before it can receive the second bailout package. there was an austerity bill passed to make way for the funds. germany wants more insight on how the budget cuts will work. the front page looks of the conflicts in syria, all the arab league has been calling for peacekeeping, the report says others have been aiding the rebels. forget chocolates and flowers, the south china morning post says chinese are going for gold. -- says many are going for gold. >> this is newsday. >> the headlines. one of the main credit agencies have downgraded its ratings of six european companies. -- countries. >> the -- a radical muslim cleric has been released from a bettis prison after serving six and a half years. -- a british prison after serving six and a half years. the man who is going to become ted a puzzle next leader has arrived in washington. there is focused -- become china's next leader has arrived in washington. there is a focus on trade. we hav

>> the key contact at moody's was our cfo. >> i didn't ask that. i said did they come back and tell you anything? kind of raise the flags. >> they didn't report to me. >> didn't share anything with you? >> correct. >> did you ever think that maybe they ran off mr. roseman and brought you in to be kind of the guy that doesn't see, tell, know? did that ever occur to you? >> no, sir. >> didn't? >> no. >> what about off balance sheet stuff? i'm looking here at your break the glass thing. we're going to prevent the off balance sheet drains. when i read that, i know i'm a suspicious character, but i brings to mind enron. enron doing all this fancy stuff around the edges and fast moving traders. they're moving up and down and shucking and jiving. did it rur to you that the off balance sheet stuff is maybe you shouldn't be signing off on as the chief risk officer? did it ever occur to you that maybe you should say something about that? >> the off-balance sheet statement -- >> would you move the mike closer? >> the off-balance sheet that you're return to wa

moody's downgrades the credit ratings of six countries. we'll tell you who was targeted, next. @ [ male announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering, web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. can you get me out of it? of course. travelocity? that's amazing! but i'm still stuck. come on man, dig it! [ female announcer ] travelocity. get great deals on all kinds of beach vacations. >>> we're taking you out to beijing where we have the chinese premier wen jiabao, as you can see, addressing an eu/china summit. we have the executive arm of the european union, josie manuel barroso there as well as v. the china-eu summit is currently under way

nine countries moody's has reassessed in terms of sovereign credit rating. austria, the u.k., and france are triple-a. other countries have actually been downgraded. we have not been singled out. it is interesting that we have been included in that group. in the past, when other agencies have taken a look at the eurozone countries, they have not thought the ratings would be directly affected. >> we have been looking at how the asian markets have been reacting to this over the last few hours and initially, they opened down. have they picked up any more since then? >> if you take a look at one market right now, japan, it picked up a bit earlier. now it is up by 10 points. it has been fired by the valentine's day spirit. if you look at hong kong, south korea, and australia, a sales entrenched in negative territory. many investors hope there'll be some inspiration on valentine's day. traders say that the fall is being contained because of the eurozone ratings. they have already been downgraded in the past and investors are starting to discount all of the downgra

so moody's the ratings agency has warned it's considering downgrading the investment banking world's biggest players us includes bank of america goldman sachs j.p. morgan morgan stanley the list goes on i like the way the wall street journal put it they said moody's is worried about everything in investment banking and speaking of worries art cashin of u.b.s. in his note this morning says traders are worried about a greek default but they're really worried about what happens in credit default swap markets we we thought everyone was perfectly hedge so what kind of risk is really lurking in the u.s. banking system and what could it do to an economy that sputtering along here in the u.s. as for why we're buttering along henry blodget c.e.o. and editor of business insider has a message to send big multinational corporations today to make his point he writes dear wal-mart mcdonald's starbucks how do you feel about paying your employees so little that most of them are poor how did we get here from the days when henry ford decided to pay his workers well enough that they could afford to buy

moody's subsequently downgraded mf global's rating.of 2010, it had a negative outlook communicating downward pressure on the rating. moody's reassessed mf global's profile last february in light of the company's high leverage to similarly rated peers. we identified three areas of concern. earnings, leverage, and risk, which would concern -- which would affect the next ratings action. in august of last year, moody's once again communicated it would likely downgrade mf global if performance did not improve in these three areas. on october 21, we met with mr. core design and members of his management team. -- corzine and members of his management team. mr. corzine made clear that the security transactions were purely proprietary trading positions. moody's had understood based on discussions that the company was increasing its principal trading activity for the purpose of facilitating customer transactions. mf global also revealed that it had reported a significant quarterly loss. as a result, mf global's performance had deteriorated in th

moody's puts them on negleative watch.t cuts ratings for six others including spain, are italy and portugal. but spain and italy are on target with the latest bond auctions hitting the top of their intended range. german's bund falls as a result. >> and japan's central bank eases policy surprising the markets. boj says it's hopeful growth will recover but down side risks remain. >>> good morning and welcome back. nice to have you here on "worldwide exchange." let's take a look at the u.s. futures and see how we're setting up for trade on wall street. it's really interesting, ross, as soon as you mentioned that auction data we saw the futures turn a little bit. now we're looking at a higher open. if the markets were to open now the dow would be higher nearly ten points. the s&p 500 up by nearly two. this was after a positive day for the markets yesterday, although we closed off session lows. we did see light volumes, ross, and it will be interesting to see if investors are back in the market today. >> just remember $4 billi

as a result, moody's, mf global performance had deteriorated in the three areas of concern that moody's had identified last february. earnings, leverage and risk. on the very next business day, and moody's once again downgraded the rating, this time placed on review for a further possible downgrade. the following day, mf will announce the record quarterly loss and accelerating flight of customers and come to produce rapidly to cold. as the crisis of confidence and liquidity gathered over the 48 hours moody's downgraded its rating and cut the credit on review for the further possible downgrade. when mf global file for bankruptcy on october 31st, moody's downgraded its rating to the caa1 to read a withdrew altogether on november 15th. thank you to really look forward to answering your questions. >> a thank the gentleman. >> on behalf of the rapid ratings, shareholders and subscribers i would like to thank chairman of the power, frank kimber capuano and members of the committee for asking me to testify. i'm the german tashi fix it if of the rapid ratings. as is clear by now, mf global was

>> the key contact at moody's was our cfo. >> i didn't ask that. did they come back and tell you anything? kind of raise the flag. [inaudible] >> didden share anything with you? >> correct. >> did you ever think that maybe there ran off mr. roseman, and brought you in to be the guy that doesn't need to know, to? did it ever occur to you? >> no, sir. >> it didn't? >> no. >> what about off-balance sheets. i'm looking after breaking lasting in its we're going to present the off-balance-sheet drains. when i read that, i'm just a suspicious character but brings to mind enron. enron doing all this fancy stuff around the edges and cut fast-moving traders and moving all up and down and jumping and jotting and moving all around. did it occur to that the off-balance-sheet stuff was maybe something that you should be signing off on as chief, chief risk officer, the c and the risk deal? did it ever occur to that you might should say something about that? >> the off-balance-sheet treatment -- >> could you move the mic a little closer? >> the treatment you're re

moody's has placed the u.k.'s triple a rating at risk. many were put on a negative outlook which heightens that possibility in a few years. >> if you needed a reminder of the turbulent acts this was it. economic uncertainty in greece but also across the whole continent has been reflected on the financial markets. moody's has downgraded the ratings -- has not yet but downgraded the outlook in three countries to negative and has downgraded italy, spain, and more. spain, the country in western europe with the highest unemployment rate faired worst. it was downgraded two notches. the negative outlook for france, britain and austria shows their volatility to the debt crisis and moody's says all three countries have a chance of being downgraded in the next 18 months to two years and warns the u.k. about doing something about its huge debt burden especially since osbourne has made protecting the triple a credit rating as the reason for the deep cuts. >> we are going to go on dep mandatorying investor confidence in britain. >> but the opposition

richard cantor, moody's chief credit officer, said his firm always considered m.f. global to be highly reliant on the trust of customers and the firms that traded with it. >> our rating reflected our view that m.f. global's credit profile had speculative characteristics, compared to other rated credits. in fact, for several years moody's viewed m.f. global as one of the riskiest credits among all u.s. banks and securities firms. >> reporter: regulators have traced almost all of the money that went missing from m.f. global customer accounts, but it is not yet clear how much of that $1.2 billion can be clawed back for its rightful owners. darren gersh, "nightly business report," washington. >> susie: after a year-long effort to tie the knot, the deutsche boerse and the nyse euronext are calling off their proposed merger. the move comes after european union regulators formally blocked the deal, saying it created a "quasi-monopoly." so the companies have agreed to what they're calling a "mutual termination" of the $17 billion deal. and because regulators torpedoed e dea

>> well, we should look at the moody's. moody's remains a powerful name.he issue you have in terms of the stocks going up has an awful lot to do with the fact that, you know, we were coming up on a long weekend, a potential greek deal ahead of us, you don't want to be short prior to that situation. so, the financials, i think a lot of covering going on. in terms of the credit spreads, you saw credit spreads open yesterday, came in a little bit today, the issue with these companies is more of a fundamental issue which is you bring the ratings down on the banks, what you're going to do is you're going to affect a number of businesses. so, goldman and jpm, whose ratings are going to be brought down, likely to be brought down the least, are going to remain somewhere in the range of a weak to middle single a, that is going to be fine in the sense that they are going to be the best derivatives players that exist, powerful derivatives raters are the best ratings. morgan stanley, derivatives book, fixed income, will face the issue of counter parties being less wil

let's start with moody's. this is the ratings agency and it was struck their own. -- and it was struck down. >> to track this eurozone crisis. the markets have been unimpressed. they have always love to have been behind the curve. and they have not appreciated the gravity of the situation. you have this gridlock between rock album and his congress basically over some money -- between barack obama end his congress basically over some money. tomorrow, you have the eurozone finance ministers meeting. jonathan though? >> finance ministers are meeting tomorrow discussing greece in will they approve the bailout? i could see this as a nudge. this is also good time for publicity for moody's, of course. i think we will see approval by the european finance ministers. whether it is related to today's news or not, i do not know, but i still think they have to make the move. >> timing is everything. it's worth noting that there are some italian bond auctions to be taking place against the backdrop of that damage. >> how ab

and moody's seems to not recognize it as a positive. >> yeah.t really is the sugar that's helping the medicine go down. >> i think so. look, it's great that europe is not on a daily basis controlling us. when you get a day where am zon's not good and apple's not good, it turns out the vacuum is filled by tech stocks that people don't seem to care for. i do continually want to point out there's some areas that have been very disappoints. high end jewelry. blue nile. gold stocks. can't seem to find enough gold. a mixed picture. some guys on an earnings basis aren't doing well. >> opening bell, you can see that on the left side of your screen. malakai. pekingese winner of the westminster dog show. >> people love dogs. i've been recommending petm. pet smart. trying to find a good dog food company. difficult to find. >> also, nasdaq, a biofou biopharmaceutical company. what's number one? >> i'm going to focus on apple. i think one of the things you don't want in this market is the hot money to come in and feel confident. and when you get that, then y

of downgrade sweeps across the struggling euro zone a six nations get their debt rating to cut by moody's all this while greece faces further ballot hurdles from the e.u. despite its latest harsh austerity plan that calls public outrage and mouse triumphs. and russia's military predicts the west might decide on a strike against iran before the summer and here rainy and rhetoric in the world intensified after israel accused the o. flomax state of being behind monday's attacks on diplomatic personnel. up next artie's interview show spotlight today al gore nov in his guest focus on the report on human rights abuses around the world issued by the russian foreign ministry. hello again a welcome to spotlight show on our t.v. i'll be in our voting today my guest in the studio is constantin. the russian foreign ministry spurstow of a report on injustice and other countries has called this third and slammed the western and particularly american fumin rights record during some fierce criticism mainly critics say the report is biased and just another round of the russian american battle yet the fore

this is because moody's has been putting 100 financial firms on review for credit ratings review. that as you'd imagine is a hit to the banking stocks but follows on the back of worse than expected earnings at one of the big french banking giants listed here. we're talking about societe

moody's know that you were brought on to trade -- let mr. corzin e-trade through that $2 million number? >> that characterization

let's turn to moody's. the credit rating agency. it's giving a warning about 17, right? >> 114 european financial institutions, hardly a surprise given what's happening in the wider group picture. that justification, the credit worthiness of the country in which some of these institutions are faced. to give you an idea of who the banks are, we're talking about the likes of barclay's, the likes of goldman sachs. we're talk ugh about credit suisse, for example. now, it's interesting because the timing is bad, but the concern that moody's is that countries that are very, very vulnerable which needs to borrow money, like italy, for example, the whole business will raise the cost of their borrowing. that's the point at a time when the talks recently were going down. >> we see the italian ten-year sovereign debt yield drift down from 7% back down to the low 5% region which means it's slightly cheaper for italy to borrow money. we refocus on greece in the slight fears of contagion, the domino effect saw that yield creep back up again to 5.7%. >> moody's said they might downgrad

moody's blames the downgrade on the debt crisis. the news is not keeping the world's stock markets down. right now european stock markets are rallying. asian stock markets ended up today. right now u.s. futures are up. >>> the world will be watching today when the vice president of china ntsb with president obama. the two will discuss economic and security issues. vice president xi jinping has said he wants to rebuild trust between the two countries. he is expected to become president of china next year. >>> expect more demonstrations from free tibet activists today. the group is expected to rally outside the white house around 8:30 this morning. yesterday protesters rappelled off the memorial bridge to hang a large sign. at least four people were taken into custody. two people were arrested while still dangling from the bridge. hundreds of people also rallied in lafayette park to continue the demonstration. the protests are timed with china's vice presidential visit. >>> israel and iran are trading accusations this morning over sim

of downgrade sweeps across the struggling euro zone just six nations get their debt rating cut by moody's all this while greece faces further ballot hurdles from the e.u. despite its latest harsh austerity plan that calls public outrage and now it's riots . and russia's military particular predicts the west might decide on a strike against iran before the summer and to rainy of rhetoric in the world intensified after israeli cuse the islamic state of being behind monday's attacks on diplomatic personnel. for more on the iranian issue are to talk to brian bagger a member of the answer antiwar coalition. thank you for joining us on r.t. thank you but does the united states want from tightening the sanctions. even beyond tightening the sanctions now indeed it is the united states government has created an artificial crisis that's first and foremost it's a manufactured crisis iran is complying with the. iran does not have a nuclear weapon iran is not threatening its neighbors iran has not started a war with any of its neighbors israel on the other hand has hundreds of nuclear weapons and unli

has suffered another blow from ratings agencies moody's has downgraded the debt ratings of six e.u. states including vulnerable portugal italy and spain it comes as the box struggles to provide greece from default by offering balance in return for more austerity but argues jacob greaves reports more and more greeks feel the measures will only make things worse. system on the seach m.p.'s drowned out the pleas of tens of thousands of demonstrators amassed within a short passing another round of unpopular cuts. the results proved incendiary. that uganda protests turned violent as protesters including fringe and a kiss clashed with police again leaving their mark on athens. the day all this is the remnants of public anger big losses and the only thing that's been broken as the government's past increasingly unpopular austerity cuts have been left asking who can they trust serve their interests the measures are very very tough part of the poor people especially and this is a zone that would still. be today and i think more measures have been taken and they're it's not going to work in t

dollar and the ruble that's after being down in early age and trading due to rating downgrade by moody's the move by the rating agency also weighs on the ruble which is saying moderate losses against the u.s. currency. oil's next crude prices and makes this hour that's up to the austerity plan approved by the greek parliament tighten sanctions on iran futures climbed over two percent after companies in control of more than one hundred tankers said they would stop loading cargo from iran. not exactly a valentine's day investors were hoping for wall street opens lower way down by disappointing news about january retail sales in the united states and continuing economic struggles in europe. and stocks in europe are mostly high after german investor confidence unexpectedly posted its first positive reading since may but then stocks went down that spurred investors to take on more risk meanwhile rating agency moody's not two notches up spain's sovereign debt rating and warned make up the triple a rating france britain. here and russia markets closed with mild losses profit in this is down aro

moody's is the first big firm to warn the u.k. could lose its aaa status it put it on negative outlook the heavily indebted u.k. is often left out of the euro zone crisis debt domino zone more look at how the chips are stacking up now and how they may topple finally our breasts the new mini skirts last week we talked about the headline indicator for the economy's direction but is that how things are breast implants really a better modern measure of economic mood will give you the evidence let's get to today's capital account. well folks we have a game changer today or it could be so the eurozone finance ministers were supposed to meet tomorrow over greece's bailout after greece of course approved austerity measures reportedly they'll now hold a conference call the meeting was cancelled last minute reportedly showing the eurozone wants tougher guarantees from athens and here we were thinking and how you were weak this was a done deal once greece got this passed it was just smooth sailing from here it's really showing to us that eco

investors are selling the euro taking the cue from moody's. the downside is limited as greece's approval is keeping the market relatively calm. shared prices changed little on tuesday morning as investors keep a watchful eye on debt problems. they are on the sidelines before the finance minister meeting to discuss the greek bailout deal. the nikkei at 8,983. the topix is at 781. here is the long-term interest rates. this is the yield on the bench mark ten-year japanese bond. >>> barack obama has unveiled a fiscal plan for 2013 that includes cuts in military spending and higher taxes for the rich. that's because 2012 will likely leave the country with the second highest definite on record. -- deficit on record. >> recovery is speeding up. the last thing we can afford to do right now is go back to the policies that got us into the mess in the first place. the budget that we're releasing today is a reflection of shared responsibility. >> he added proposal calls for a more even distribution of the tax burden among the population. obama predicts th

dollar and the ruble that's after being down an early age and trading due to rating downgrades by moody's the move by the rating agency also weighs on the ruble which is seeing moderate losses against u.s. currency. could prices are mixed. after the austerity plan approved by the greek parliament and tighten sanctions on iran futures climbed over two percent of the companies in control of more than one hundred tankers they will stop loading cargo from iran nonexecutive valentine's day u.s. investors were hoping for wall street. opens lower weighed down by disappointing news january retail sales in the united states and continuing economic struggles in europe and markets in europe pulled back in a choppy session banks minors and drug makers are weighing on the move investors are cautious ahead of the eurozone finance ministers meeting on wednesday to approve a second bailout for greece. now let's look at russia so when markets close mixed it with lies it's pointing off an r.t.s. ending in the red let's check of the index move or sell them isaac's lukoil finished over one point one point tw

with moody's one of the big three ratings slashing the scores of italy spain and four other nations this as the bloke labors to erect a debt barrier around greece and his hopes that extreme austerity there will halt any possible contagion but as artesia who greece reports it's a plan that really seems to be unraveling. system under siege m.p.'s drowned out the pleas of tens of thousands of demonstrators masters in short passing another round of unpopular cuts. the results proved incendiary. if you got the protests turned violent as protesters including fringe anarchist clashed with police again leaving their mark on athens. the day all this is the remnants of public anger big losses and the only thing that's been broken as governments past increasingly unpopular austerity cuts will be left asking who can they trust their interest to measures and that is part of the poor people especially and this is the reason that we feel. today i think more measures have been taken and they're going to work in the end it will be another bill. bad and. oh i hope for the best but i don't see it coming. u

. >> moody's is placing the ratings of five big banks on review. what that means for the hot financial sector when we come back. >>> i'm bertha coombs. we saw big support this afternoon for oil prices. brent closing above $120 a barrel. amid continuing concerns between the tensions with iran, and lower production numbers in the north sea. that has pushed the energy complex higher. we got a bullish report when it came to natural gas. the drawdown this week, according to the government, was 127 billion cubic feet. that was near the high end. a big reversal in nat gas from yesterday, and then some as well on the back of this news. interesting day in gold as well. the headlines about the european debt swap, the ecb debt swap for greek debt, that turned the euro. that turned gold in dollars. we ended up high on the day for the second day. that also brought up silver and copper as well. >> bertha, thank you very much. the s&p as we've been pointing out has been hitting a seven-month high today, breaking through what has been considered a technically impo

that it would end -- we anticipate it would end in march 2012 and satisfy standard and poor's and moody's requirement to not downgrade the authorities credit rating. commissioner wiener: thank you for the presentation. any questions or comments? commissioner chiu: just a request to provide information to the committee with regards to what that stream of cash flows are. i know we have a commercial paper program that you are suggesting, but what is the savings that will be anticipated? you are saying the fees are half of what the cost are. i would like to see that in the future. >> that will not be a problem. commissioner wiener: any further comments or questions? public comment. seeing none, public comment is closed. do we of a motion to forward this with recommendation? can we do that without objection? that will be the order. >> no. 8, recommend approval of the 2012 state and federal legislative program. this is an action item. >> commissioners, executive director. the proposed legislative agenda is in your packets, starting on page 29. i will try to be very brief about this in considera

he wants to know about moody's. and i say moody's is fine.be moody's shouldn't be because of all the things they did -- the easy ratings they gave to these housing -- to all those mortgage bonds. but moody's is fine. but even better is morgan stanley. and i'm not a knick hater. i enjoy watching nba basketball. including the knicks. stick with cramer. look at all this stuff for coffee. oh there's tons. french presses, espresso tampers, filters. it can get really complicated. not nearly as complicated as shipping it though. i mean shipping is a hassle. not with priority mail flat rate boxes from the postal service. if it fits it ships, anywhere in the country for a low flat rate. that is easy. best news i've heard all day! i'm soooo amped! i mean not amped. excited. well, sort of amped. really kind of in between. have you ever thought about decaf? do you think that would help? yeah. priority mail flat rate shipping starts at just $5.15, only from the postal service. a simpler way to ship. but we couldn't simply repeat history. we had to create

todd moody and his wife d. plan to vote for romney for his experience. they were attracted for him and his commitment to the mormon church. >> he believes there is a higher power. >> the moody's with mormons, too too. won't deter them. >> they see romney, and study the issues. >> despite mccain's nomination in 2008, romney won nevada and scored 45% of the mormon vote. wjz "eyewitness news." >>> rick santorum and ron paul are, are already looking ahead to states that are scheduled to hold nominating contest. paul is focusing his efforts in minnesota. >> officer is arrested accused of tipping suspects before a drug raid. investigators say corporal rick alexander warn the suspects that officers were about to raid the home on thursday night. the suspects then told police that's when they moved several grams of marijuana. >> while we were exiting the search and seizure. one of them indicated and told us, corporal alexander was the individual that called there. and that's what prompted them to take the drugs out of the home and hide it at a different location.

he wants to know about moody's. and i say moody's is fine.'s shouldn't be because of all the things they did -- the easy ratings they gave to these housing -- to all those mortgage bonds. but moody's is fine. but even better is morgan stanley. and i'm not a knick hater. i enjoy watching nba basketball. including the knicks. stick with cramer.

he wants to know about moody's. and i say moody's is fine.dy's shouldn't be because of all the things they did -- the easy ratings they gave to these housing -- to all those mortgage bonds. but moody's is fine. but even better is morgan stanley. and i'm not a knick hater. i enjoy watching nba basketball. including the knicks. stick with cramer. >>> romney himself is surging in michigan. and james woolsey talks iranian war. we check the belts, hoses... brakes. tires and the pressures... battery, all your fluids... exhaust system, transmission... we inspect your air filter... it gets done,it gets done quickly and it gets done correctly. the works. oil change, tire rotation and more: $29.95 or less after rebate - at your ford dealer. you're a doctor... you're a car doctor. maybe a car doctor... and what it doesn't cover can cost you some money. that's why you should consider an aarp... medicare supplement insurance plan... insured by unitedhealthcare insurance company. all medicare supplement insurance plans can help pay... some of what medicare