On Thursday, credit-rating agency Moody's downgraded 15 of the world's largest banks in a move that could cause further turmoil in markets already unnerved by the European debt crisis and the shaky U.S. economic recovery. Citigroup, Bank of America, and Morgan Stanley were among the American banks hit, and they are expected to have a tougher time securing loans as a result. The threat of a downgrade had plagued markets for months, pushing down stock prices of many major financial institutions.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
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- The biggest lesson Obama failed to learn from Bush
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