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A Moody's one-notch downgrade of the major banks for all but Morgan Stanley is priced in, says...

A Moody's one-notch downgrade of the major banks for all but Morgan Stanley is priced in, says Mike Mayo. The surprise will be if a lender other than MS gets cut more than one notch, or if another ratings agency quickly follows. In any case, the move further cements his idea of Wells Fargo (WFC) as the big bank to own if you have to. (action may be imminent)
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