S&P Downgrades Big Banks

Tuesday, November 29, 2011 S&P Downgrades Big Banks NEW YORK -- Standard & Poors Ratings Services is adjusting the ratings on 37 of the world's largest financial institutions, including downgrading the biggest banks in the U.S. Bank of America Corp. and its main subsidiaries were among those cut at least one notch on Tuesday, along with Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co. FORESHAME: Banks May Have Illegally Foreclosed On Many Military Members Court Rules SEC Can No Longer Be 'Yapping, Small Dog' Large Chunk Of MF Global Client Money Recovered Fee-Dependent Prepaid Card Maker Moves Into Banking Who The Recession Left Most Financially Vulnerable BLOG POSTS Robert Pozen: Gingrich's Social Security Plan: Privatize Gains, Socialize Losses You can't have it both ways: you cannot allow individuals to take on more risk while retaining the absolute safety net of Social Security. Robert Naiman: Shortening the War Would Pay for Half of the Payroll Tax Holiday We're now spending well over $100 billion a year on the war. If we removed all "regular U.S. combat troops by the end of 2012, that could easily save well over $100 billion. Robert Reich: Restore the Basic Bargain Corporate profits are up right now largely because pay is down and companies aren't hiring. This is a losing game even for corporations over the long term. Without enough American consumers, their profitable days are numbered. Steve Fraser: Take Our Children, Please! In 1729, Jonathan Swift's idea was simple: the starving Irish should sell their own children to the rich as food. I want to suggest that we put in motion a similar undertaking. The basic idea is that we offer ourselves up as a sacrifice to the bond markets. Steven Strauss: Actually, Despite GOP Claims -- the U.S. Isn't Over-regulated Leaving aside the GOP candidates' anecdotal views, it is helpful to examine real data that compares the U.S. regulatory burden with that of our peer group.

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