The US taxpayers are the only reason that Moody's didn't drop their JPMorgan rating three levels lower. I'm so glad we solved the "too big to fail" problem!
Source: Bloomberg
JPMorgan benefited from the assumption that there’s a “very high likelihood” the U.S. government would back the bank’s bondholders and creditors if it defaulted on its debt, according to the statement. Without the implied federal backing, JPMorgan’s long-term deposit rating would have been three levels lower and its senior debt would have dropped two more steps, Moody’s said.
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