Yesterday Standard & Poors lowered its credit rating on the many of the world’s largest banks. Among those downgraded were the American Four Horsemen (JP Morgan Chase, Citigroup, Bank of America and Wells Fargo), along with Wall Street titans Goldman Sachs and Morgan Stanley.
The UK Four Horsemen – Barclays PLC, HSBC Holdings PLC, Lloyds Banking Group PLC and Royal Bank of Scotland – were also downgraded by the credit rating agency.
According to the October 2011 issue of Global Finance, the eight Anglo-American Horsemen – flush with the spoils of the 2008 financial “crisis” – hold a combined $16 trillion in assets.  Read the rest of this entry »