Bank of America, Citi and Wells Fargo downgrades.

[ZenOps]

http://money.cnn.com/2011/09/21/mark....htm?hpt=hp_t2

"Moody's downgraded Bank of America (BAC, Fortune 500)'s long-term debt two notches to Baa1, Wells Fargo (WFC, Fortune 500)'s long-term one notch to A1, and Citigroup (C, Fortune 500)'s short-term debt one notch to Prime-2. Moody's offered a negative outlook for all three."

"Among the primary reasons: the U.S. government is less likely to step in to save a troubled financial institution."


Thwacked two notches for Bank of America. No longer even single A1, ouchies. No quantitative easing for you!

[max_boost]

Is it just me or everything is shaping up nicely for a massive meltdown, Mar 2009 lows here we come again?

[dimi]

Originally posted by ZenOps
Among the primary reasons: the U.S. government is less likely to step in to save a troubled financial institution.

Strongly disagree. Now that Buffet has a stake in BAC it will never fall. Remember what happened when the shit was tanking a few years ago...Buffet was screaming more bailouts. Given how most people hold that crony as some kind of a god, I see it happening again.

[Xtrema]

Originally posted by max_boost
Is it just me or everything is shaping up nicely for a massive meltdown, Mar 2009 lows here we come again?

Nowhere close to retirement so I don't really care.

Buy now, buy often, cost averaging.

[Neil4Speed]

Originally posted by max_boost
Is it just me or everything is shaping up nicely for a massive meltdown, Mar 2009 lows here we come again?

Some of these oil companies are close, NXY/TLM.

[RickDaTuner]

Fuck Me, time to close my Bank Of America account. you can bet they will pass down the interest increase to the consumers. Heck they may even start charging to talk to tellers again... haha

America is sooo screwed, and I'm going to make sure to ride that dropping dollar for all its worth(lessness).

[Beerking]

Originally posted by dimi


Strongly disagree. Now that Buffet has a stake in BAC it will never fall. Remember what happened when the shit was tanking a few years ago...Buffet was screaming more bailouts. Given how most people hold that crony as some kind of a god, I see it happening again.

LOL you really think Buffett would invest $5B in BAC knowing its grave situation and not have a guarantee he will get at least his breakeven back (preferred shares....). Heack, he talked with Obama 1 day before the deal, this was planned out to give shareholders/public the reassurance all is ok "Hey Buffett is in BAC, so its GOOD!).

If/when BAC goes to 0, shareholders loose all, Buffett just laughs to the bank...er, the other bank. This is how Buffett became Buffett, these are not markets anymore..... farthest from free.

[Canmorite]

I highly doubt Moody's would downgrade BofA two letter grades (with a negative outlook) in one go on 'suspicion' that the Gov't may not be support banks like they used to. They're rated BBB+ now, pretty brutal.