Moody's cuts ratings on 3 banks

[sinkingfeeling]

http://money.cnn.com/2011/09/21/markets/banks_ratings/index.htm?hpt=hp_t2

NEW YORK (CNNMoney) -- Moody's has declared the era of too big to fail over.

In yet another blow to the financial sector, Moody's Investors Services announced the downgrade of Citigroup, Wells Fargo, and Bank of America -- three of the United States' top banks.

1219PrintCommentAmong the primary reasons: the U.S. government is less likely to step in to save a troubled financial institution.

"It is more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled, as the risks of contagion become less acute," Moody's wrote in its downgrade note of Wells Fargo's stock.