The big banks are less likely today to get a federal bailout than they were a year ago, Moody’s has concluded, spurring the credit ratings agency to downgarade Bank of America, Citigroup, and Wells Fargo.
Don’t start your “When I say ‘Dodd!’ You say ‘Frank!'” cheers just yet. You’re still probably on the hook for losses at the big banks, because the government still can’t really unwind a big bank, and would probably have to just save it. Here’s the nut of the issue from Moody’s report on Citigroup:
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