New York – Standard & Poors Ratings Services is adjusting the ratings on 37 of the world’s largest financial institutions, including downgrading the biggest banks in the U.S.
Subscribe to our Daily Roundup Email
Bank of America Corp. and its main subsidiaries were among those cut at least one notch on Tuesday, along with Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co.
S&P says the changes reflect its new ratings criteria for banks, which incorporate shifts in the worldwide financial industry and macroeconomic trends, including the role of governments and central banks in industry funding.
Top U.K. downgrades include Barclays, HSBC Holdings, Lloyds Banking Group and The Royal Bank of Scotland.
Ratings for several big European banks, including Credit Suisse, Deutsche Bank, ING and Societe Generale are unchanged.
Thanks for another great “accomplishment,” Failure-in-Chief.
Yes, yes, we know …. you and your mindless, hypnotized supporters will geshrai “Bush Bush Bush Bush Bush Bush …”
Here’s a thought for the mindless drones (who supported and support you even though we ALL saw pictures of you sitting in Fuehrer “reverend” Wright’s antisemitic “church” for 20 years): Even if your absurd blame game against Bush were justified (which it isn’t): THREE YEARS into the period of the current incompetent regime’s tenure, their utter inability to improve things begs the question: Why retain PROVEN imbecility?
Next November: Anyone but B. Hussein Obama (except for Ron Paul, who would be even worse, if that’s possible).