In the old days:
1) You pay us and we’ll say good things about the junk you’re selling.
Today:
1) You pay us and we’ll say bad things about your financial position unless we can be assured the government will bail you out again.
So, Citibank, BofA, Goldman Sachs, and Morgan Stanley have their ratings downgraded.
Uncertainty is now defined as the chance that government may decide at last to rein in the banks’ power, although the evidence so far is there’s little chance of that happening.
Gorilla says: “Shave and a haircut? Six trillion bits!”
Tags: banks, credit rating agencies