Sean Egan, co-founder of ratings agency Egan-Jones, was just on Bloomberg TV talking about his firm’s downgrade of Italy, and took some time to answer to Oppenheimer’s crushing analysis that basically debunksEgan-Jones’ continuously critical outlook on investment bank Jefferies.
It’s a rather meek reply—Egan pretty much reiterates what he told CNBC back when his firm first downgraded Jefferies to BBB- at the beginning of November, citing the changed environment and a leverage that is too high for current conditions.
When asked to address certain “factual” errors that Opperheimer had pointed out in the firm’s analysis, Egan simply said people should “make their own judgement.”
Here’s the video:
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