Tuesday, November 29, 2011

S&P Downgrades Most of the U.S.'s Major Banks (GS; C; BAC; JPM)

From MarketBeat:
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.

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
 And from London, 1910:
Mr. Dawes Sr, Mr. Banks and Bankers:

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


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!


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! 
[sorry about that, he fancies himself a Mary Poppins era banker -ed]