S&P Hits Biggest US Banks With Credit Rating Downgrades
By Mark Gongloff
The Wall Street Journal
S&P has reviewed its credit ratings for 37 of the world’s biggest banks, cutting the ratings of several, including all of the Big Six.
This is not the most shocking news in the world, but it is not good news. Bank of America briefly traded below $5 after hours and was recently down to $5.02. It was dancing with $5 all day, as the financials lagged the market all day. Purely coincidental, we’re sure!
They downgraded pretty much everybody of note in the US — Bank of America, Citigroup, Morgan Stanley, Goldman Sachs, Wells Fargo, J.P. Morgan, Bank of New York Mellon.
The Bank of China got cut to A from A-. Industrial and Commercial Bank of China was left alone.
They also hit several UK banks — Barclays, HSBC, Lloyds, RBS.
http://blogs.wsj.com/marketbeat/2011/11/29/sp-downgrades-bank-of-america-morgan-stanley/?mod=WSJBlog
Dilemma X 
November 29, 2011
Business, International