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All but 7 of the NY Fed’s Primary Dealers were downgraded by S&P tonight

By John Galt
November 29, 2011 – 17:20 ET

All but 7 of the Primary Dealers from the NY Federal Reserve list were downgraded today. Gee, maybe holding AAA crap paper from the U.S. Government isn’t enough to insulate the banksters from even more hurt. Or maybe all parties involved just need to print more money, more bonds, more equities, and call it the largest crap issue in history.

All banks in bold and italicized were downgraded today.

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.

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