Major banks downgraded by Moody's

[Ruble Noon]

http://money.cnn.com/2012/06/21/investing/bank-downgrades/

[rj1939]

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.

[Cavalry Doc]

Couldn't we call them "Large" banks instead of "Major" ?

[beforeobamabans]

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.

[Glock30Eric]

It doesn't do anything but that's what we need to see.

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[barbedwiresmile]

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.

[barbedwiresmile]

BTW, shares rose on the news. Already baked into the cake. Just not your cake.