Moody's cut ratings on Citi, BoA, Wells Fargo!

Moody's recently cut ratings on Citigroup, Bank of America, and Wells Fargo! They did this mainly out of the fact that the U.S. government is much less likely to bail out troubled lenders. Bank of America's senior debt rating is now "Baa1" from "A2". Check out the whole story at Banks Daily.

I have to say they deserved it. These as well as other major banks are also getting sued due to misrepresenting the security of debts they were selling to investors. Hard to believe Bank of America's senior debt rating is that low, "Baa1". Thanks for the share.