Bank of America Wells Fargo & Citigroup Credit Rating Cut by Moodys

Bank of America

Time for another bath. This time metaphorical. And based on Moody's downgrade methodology, a Citi downgrade is imminent. "The downgrades result from a decrease in the probability that the US government would support the bank, if needed. Moody's believes that the government is likely to continue to provide some level of support to systemically important financial institutions. However, it is also more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled, as the risks of contagion become less acute. Moody's is therefore lowering the amount of support it incorporates into Bank of America's ratings to levels reflected prior to the crisis."

Source

Wells Fargo

Moody's Investors Service downgraded the long-term ratings of Wells Fargo & Company(holding company senior debt toA2 from A1) and of its major subsidiaries including Wells Fargo Bank N.A.
(rating on the bank for deposits to Aa3 from Aa2). The actions conclude a review for downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative.

Source

Citigroup

Moody's Investors Service confirmed the A3 long-term rating of Citigroup and the A1 long-term and Prime-1 short-term ratings of Citibank N.A. At the same time, Moody's downgraded the short-term rating of Citigroup (the holding company) to Prime-2 from Prime-1. The actions conclude a review for possible downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative.

Source

They should have allowed the large banks to fail in the first place.
Bank of America a.k.a., the evil empire!

People still use banks?

Just in;

Bank Downgrades Jump The Atlantic: S&P Cuts Italian Intesa Sanpaolo, Mediobanca From A+ To A

-S&P Cuts Ratings on 15 Italian Banks After Italy Downgrade
-S&P cuts Intesa Sanpaolo ratings to A from A+; outlook negative
-S&P cuts Mediobanca ratings to A from A+; outlook negative
-UniCredit Spa Rating Outlook to Negative by S&P
-Findomestic Banca Cut to A From A+ by S&P

Originally posted by Absco
People still use banks?

Ive been pulling money out daily. only keep what i need in there to pay bills

And the European bank run continues;

Lloyd’s of London Pulls Euro Bank Deposits

reply to post by Skorpiogurl


Yup, couldn't have said it better myself.

Big banks...never should've gotten bailed out in the first place. The banks need to take responsibility for their own shoddy business practices and investments.
Big banks got bail-out money for doing poorly in 2008, and what's happening now......again?
Hopefully this time 'round they are allowed to reap what was sewn.

The taxpaying dollars get used for great things, I see. SUXORS.

Originally posted by bojimbo
reply to post by Skorpiogurl

 

Yup, couldn't have said it better myself.

Big banks...never should've gotten bailed out in the first place. The banks need to take responsibility for their own shoddy business practices and investments.
Big banks got bail-out money for doing poorly in 2008, and what's happening now......again?
Hopefully this time 'round they are allowed to reap what was sewn.

The taxpaying dollars get used for great things, I see. SUXORS.

I agree with everything everyone is saying but know this, these banks ARE too big to fail. if a large bank like BofA goes under, so dose the country. The FDIC is broke as well so all those deposits will have to go to the FED's and the FED's will have to print money to make good on the FDIC. Hot money hitting the market instently equels instent inflation and with these $$$ amounts hyperinflation!

Theres no way around it guys

Originally posted by camaro68ss
Ive been pulling money out daily. only keep what i need in there to pay bills

You and me both dude. My landlord was wary at first of me giving him straight up cash but then he realized I'm not like everyone else in New Mexico that makes a grow house/meth lab out of your place. Still gets me every time I give him a wad of 600 bucks.

Hmmm....
are things getting so bad that TPTB are now beginning to sacrifice each other.

Dissension amongst the ranks maybe?

im i the only one thinking that someone is making a lot of money on this.the extra intrest the banks get to pay will one way or another come from us as less intrest in acounts and more on loans.
and that money will go to people who are already well off.
how many yachts and villas do these people want.

reply to post by BlackStar99


Wells Fargo was my mortgage holder in New Orleans shortly after hurricane Katrina. Numerous different offers for my 'short sale' home went "Denied" by Wells Fargo. they've kept hold of my credit score for years now and refuse to officially foreclose because it would then be on their 'books' as a loss - so I'm in limbo with bad credit.

To hell with the 'credit' system. To hell with Wells Fargo. To HELL WITH THEM ALL! BURN BABY BURN!