Peak Oil
Donate Bitcoin

Donate Paypal


PeakOil is You

PeakOil is You

S&P downgrades 11 of world’s top banks

Discussions about the economic and financial ramifications of PEAK OIL
Post a reply

S&P downgrades 11 of world’s top banks

Unread postby Cid_Yama » Mon 22 Dec 2008, 03:31:49

Eleven of the world’s biggest banks were downgraded Friday by Standard & Poor’s after the ratings agency said the current downturn could be longer and deeper than previously thought. Six major US banks were downgraded, including JPMorgan Chase, Bank of America and Wells Fargo, as well as five banks in Europe. The agency cut its ratings on Citigroup, Morgan Stanley and Goldman Sachs by two notches each. In Europe, S&P shaved one notch off the ratings of Barclays, Credit Suisse, Deutsche Bank, Royal Bank of Scotland and UBS. While the downgrades were driven in part by the worsening economic climate in the US and abroad, S&P noted specific causes for concern at each institution.
link
"For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst and provide for it." - Patrick Henry

The level of injustice and wrong you endure is directly determined by how much you quietly submit to. Even to the point of extinction.
User avatar
Cid_Yama
Light Sweet Crude
Light Sweet Crude
 
Posts: 7169
Joined: Sun 27 May 2007, 03:00:00
Location: The Post Peak Oil Historian
Top

Re: S&P downgrades 11 of world’s top banks

Unread postby idiom » Mon 22 Dec 2008, 04:06:09

here we go again?
The world ends without a tragedy,Time is melting into history
The sky is falling, Voices crying out in desperation
Hear them calling, Everybody, save yourself
User avatar
idiom
Tar Sands
Tar Sands
 
Posts: 672
Joined: Mon 23 Aug 2004, 03:00:00
Location: New Zealand
Top

Re: S&P downgrades 11 of world’s top banks

Unread postby ReverseEngineer » Mon 22 Dec 2008, 04:08:41

This should play well today in the market ;-)

Reverse Engineer
User avatar
ReverseEngineer
Intermediate Crude
Intermediate Crude
 
Posts: 3352
Joined: Wed 16 Jul 2008, 03:00:00
Top

Re: S&P downgrades 11 of world’s top banks

Unread postby Gorm » Mon 22 Dec 2008, 05:09:10

Why give S&P ratings any value or interest at all?

They are clearly corrupt and have been a major part in the gobal financial manina that now has turn into its opposit.
User avatar
Gorm
Lignite
Lignite
 
Posts: 324
Joined: Sat 15 Oct 2005, 03:00:00
Location: Trollhättan, Sweden
Top
Post a reply

Return to Economics & Finance

Who is online

Users browsing this forum: No registered users and 25 guests