The disaster that is Moody’s (MCO) has finally struck again with a massive downgrade of five of the six largest U.S. banks.  These downgrades come despite some of the highest historical liquidity and capital ratios in the banks histories, and improving credit metrics.  Why Moody’s can operate in an oligopoly when their service is complete garbage is absolutely beyond me and I think the system as a whole needs to change.  I don’t expect these downgrades to amount to much as they have been priced in for a long time, but it really just cements a legacy of disgrace for the once respected credit rating agencies.

http://online.wsj.com/article/SB10001424052702304441404577480751440488004.html?mod=WSJ_hps_LEFTTopStories

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