By Pam Martens and Russ Martens: August 8, 2023 ~ Brace yourself for some tremors in the stock prices of banks today — especially those that have counterparty risk to the biggest U.S. banks. In a move that sent Dow futures on a steady downward plunge beginning at 5 a.m. EDT this morning (clocking in at down 268 points by 8:14 a.m.), last evening the credit ratings agency, Moody’s Investors Service, took more sweeping actions in the U.S. banking sector. Moody’s cut the ratings of 10 banks by one notch, placed six banks on review for potential downgrade, and changed its outlook to negative on 11 other banks. Causing particular alarm on Wall Street was the fact that four of the six banks that Moody’s put on review for potential downgrade rank among the 15 largest banks in the United States. They are: U.S. Bancorp, the 5th largest bank in the U.S. with … Continue reading Moody’s Cuts Credit Ratings on 10 Banks; Places 4 of the 15 Largest Banks in U.S. on Review for Possible Downgrade