Kinda looks like S&P just can't help themselves. They went after Freddie and Fanny today, and they downgraded 10 out the 12 banks that make up a kind of plumbing system for the mortgage market too. S&P could be on very dangerous ground now, as some of this starts to look very much more like politics than strictly business. The editorial attacks from the press and from some of the big finance players are very huffy (FT, CSM), and if they're coupled with political counterattacks, it could prove fatal. So I wonder: what are they up to? Is S&P the one good guy who at long last has decided he'll try telling the truth? Or is this Caesar crossing the Rubicon?
Also, AIG's filing suit against Bank of America.
Verizon phone workers are out on strike in the US Northeast.
Street riots in London.
And, oh yeah - the Dow is down another 630 points at the close today.
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