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be caught off if a moody s downgrade wave that would take down the like of bank of america, city group, j.p. morgan chase, morgan stanley and would spread to royal bank of canada, deutsche bank and on and on. in all 70 institutions i should stress, this has been something that has been well telegraph asked we reported on it ourselves that moody s back in february, the big rating agency, hinted that there would be trouble afoot in the banks did not get their act together and that their balance sheets were not looking that promising. this would come about a week after spanish banks were similarly drown downgraded. sometimes there is a quit pro quo, bangs go, and their ratings for the country follow. ahead of that, all of the banks were selling off, the

Moody sBank of americaDowngrade waveRoyal bank of canadaCity groupJp morgan chaseMorgan stanleyWell telegraphBig rating agencyDeutsche bankOn andBalance sheetsBangs goQuit pro quoSelling off