Tuesday, June 26, 2012
Moody's Downgrades Banks On Wall Street
The American financial system took a blow late Thursday night when Moody's Investors Service gave a credit downgrade to a slew of big banks on Wall Street. Bank of America, JP Morgan Chase, Citigroup, Morgan Stanley, and Goldman Sachs are among some of the banks that saw their credit downgraded. Moody's is questioning whether or not the banks can repay their debts. Curiously, the CEOs at the banks have all received record-breaking paychecks this year, just as their businesses go down the tubes – proving that there still is no accountability on Wall Street. Banks being unable to repay their debts got us into the financial crisis to begin with back in 2007, and with House Republicans blocking Wall Street regulations, and banksters again only focused on short-term profits – we may be headed for the same mess. Time to break up "Too Big to Fail," and revitalize American manufacturing so that our economy depends on building things again, rather than just moving around money.
at 6/26/2012 09:45:00 AM