Posted Without Comment: S&P Cuts Every Bank In The Universe

According to MarketWatch, "Standard & Poor’s cut the credit rating or outlook of 12 major U.S. and European financial institutions Friday, saying the move reflected its view of the significant pressure on large, complex financial institutions’ future performance as the global economy slows further. S&P added it is raising its overall assessment of bank industry risk and said it believes there will be more volatility in funding markets. The parent firm or banking subsidiaries of Bank of America (BAC), Barclays (BCS), Citigroup (C), Credit Suisee (CS), Duetsche Bank (DB), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), Royal Bank of Scotland (RBS), UBS (UBS), and Wells Fargo (WFC).were all downgraded one or two notches while HSBC (HBC) has its outlook cut to negative, but its credit rating unchanged."

Douglas A. McIntyre