Accusations of wrongdoing during the housing crisis just keep on coming.
It looks like consumers aren’t the only ones downgrading their opinions of big banks. After revising its criteria for assigning credit ratings to financial institutions, Standard & Poor’s released a new round of ratings that includes some bad news for a few of the biggest members of the banking industry. Bank of America, Citigroup, Wells
The Standard & Poor’s downgrade of the U.S. credit rating resulted in a similar slap for 10 U.S. insurance companies that back their life insurance, disability insurance and retirement products with strong holdings in Uncle Sam. The ratings agency lowered from AAA to AA+ the long-term credit and financial strength ratings on five U.S. insurers: