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S&P's banking downgrade spree after the close - lowering nearly every sizable U.S. bank by...

S&P's banking downgrade spree after the close - lowering nearly every sizable U.S. bank by one notch - may have been telegraphed as part of the agency’s application of its revised bank criteria. But that's not stopping prices from slipping AH: BAC -0.4%, MS -0.8%, C -0.4%, JPM -0.1%, WFC -0.1%, GS -0.1%. Oddly, several European banks were left unscathed - is there more to come?
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Comments (10)
  • The Geoffster
    , contributor
    Comments (4275) | Send Message
    Of course there is more to come. It's called QE3
    29 Nov 2011, 06:57 PM Reply Like
  • deercreekvols
    , contributor
    Comments (7238) | Send Message
    WFC cut to A+.
    What a wonderfully clear and concise system. Cut to A+, makes perfect sense to someone. Would A+ be the highest rating? Is there an A++, if so why?
    S&P should downgrade themselves for good measure.
    If every sizable bank gets lowered one notch, does it matter at all?
    29 Nov 2011, 07:03 PM Reply Like
  • Bear Bait
    , contributor
    Comments (732) | Send Message
    I read this story on CNBC hours ago. Were you guys at SA out to dinner?


    Here is a quote form the article. "Standard & Poor’s Ratings Services today said it reviewed its ratings on 37 of the largest financial institutions in the world by applying its new ratings criteria for banks, which were published on Nov. 9, 2011." As I read it, nothing has changed except S & P's rating system. These Banks aren't any worse shape or better shape S & P has just changed their formula. I'm sorry but S & P has lost all credibility in my book.
    29 Nov 2011, 07:23 PM Reply Like
  • Bear Bait
    , contributor
    Comments (732) | Send Message
    The more I think about this the more P Oed I get at S & P. Are these banks in worse/better shape today than they were 6 months ago? How would you know, S & P changed the criteria. One would assume that if the rating went down, they are in worse shape now. But, you really don't know.
    29 Nov 2011, 07:50 PM Reply Like
  • User 487974
    , contributor
    Comments (1105) | Send Message
    Yeah, there is more to come!
    France before the end of the week?
    The U.S. by the end of next week?


    How foolish is the investing public?
    Pretty damn foolish.
    But hopefully more investors than traders are already on the sidelines in cash,safe to view the carnage about to be loosed on the rest of the financial world!
    This is no market to be invested in, traders and only traders with itchy trigger fingers need play in this quicksand!
    We are not in a functioning "Free Market System", with the likes of Janet Yellen talking sh** today about more QE!
    How worthless and bombastic!


    So the dollar is on the proverbial altar, just as it started to catch a bid!
    Hey Janet, don't you care about all us working slobs who can't afford the gasoline and heating oil this winter?
    We dont need any more of your brand of "HELP" you sinister little sister!
    Cut Spending, period! We demand a strong dollar policy!
    No Janet?
    Goes for you to Bill Dudley!
    God help us all!
    29 Nov 2011, 08:02 PM Reply Like
  • Spencer Knight
    , contributor
    Comments (420) | Send Message
    This is a concrete explanation for the recent weakness in major banks recently. If these ratings are correct, things could get ugly for consumers in the future.
    29 Nov 2011, 09:04 PM Reply Like
  • Vet4RonPaul
    , contributor
    Comments (81) | Send Message
    Isn't this really just S&P catching up to what the market has already asserted?
    29 Nov 2011, 09:15 PM Reply Like
  • SA reader
    , contributor
    Comments (176) | Send Message
    Rating agency's are a joke. Bears use them to sell down the market. No one really cares what they say and people do everyone a disservice by saying markets 'react' to anything S&P, Fitch, etc do.
    30 Nov 2011, 12:32 AM Reply Like
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
    As usual, S&P is four years late to this party.
    30 Nov 2011, 09:26 AM Reply Like
  • Tom Guttenberger
    , contributor
    Comments (717) | Send Message
    Downgrade MHP - $12B hot air machine.
    30 Nov 2011, 10:14 AM Reply Like
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