S&P Hits Biggest U.S. Banks With Credit Rating Downgrades
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.And from London, 1910:
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!...MORE
Mr. Dawes Sr, Mr. Banks and Bankers:[sorry about that, he fancies himself a Mary Poppins era banker -ed]
If you invest your tuppence
Wisely in the bank
Safe and sound
Soon that tuppence,
Safely invested in the bank,
Will compound
And you'll achieve that sense of conquest
As your affluence expands
In the hands of the directors
Who invest as propriety demands
You see, Michael, you'll be part of
Railways through Africa
Dams across the Nile
Fleets of ocean greyhounds
Majestic, self-amortizing canals
Plantations of ripening tea
All from tuppence, prudently
Fruitfully, frugally invested
In the, to be specific,
In the Dawes, Tomes
Mousely, Grubbs
Fidelity Fiduciary Bank!
Now, Michael,
When you deposit tuppence in a bank account
Soon you'll see
That it blooms into credit of a generous amount
Semiannually
And you'll achieve that sense of stature
As your influence expands
To the high financial strata
That established credit now commands
You can purchase first and second trust deeds
Think of the foreclosures!
Bonds! Chattels! Dividends! Shares!
Bankruptcies! Debtor sales!
Opportunities!
All manner of private enterprise!
Shipyards! The mercantile!
Collieries! Tanneries!
Incorporations! Amalgamations! Banks!
You see, Michael
Tuppence, patiently, cautiously trustingly invested
In the, to be specific,
In the Dawes, Tomes
Mousely, Grubbs
Fidelity Fiduciary Bank!
