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