No Investor Backlash Over Banks' Credit Downgrades

The Royal Bank of Scotland's headquarters, center, in London Photograph by Simon Dawson/Bloomberg

So turns the post-subprime bizarro world of credit-rating companies: Moody’s Investors Service  downgraded Morgan Stanley, Credit Suisse Group, and 13 other banks. Today the banks respond by … rallying? Has the sector no shame? Or do credit ratings perhaps not mean what they used to?

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