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Discussion in 'Political Issues' started by Ruble Noon, Jun 21, 2012.
Not to worry, futures are up for most if not all the downgraded banks................I suppose any rating above "junk" is a winner for them.
Couldn't we call them "Large" banks instead of "Major" ?
Moody's is recognizing what the market priced in back in 2008. Nothing new here and it is not effecting the markets. The is more a statement about Moody's incompetence than it is any change in the banks status.
It doesn't do anything but that's what we need to see.
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Sadly, these 'downgrades' were a farce. Check out Morgan's sweatheart deal with that saved them from a 2+ downgrade.
"..and two notches of uplift owing to Moody's belief that there is a high likelihood that Morgan Stanley, as a systemically important financial institution, would receive support from the US government in the event such support was required to prevent a default."
Indeed. Substitute "generations of U.S. tax chattel" for "US government" anf you're dead on.
BTW, shares rose on the news. Already baked into the cake. Just not your cake.