The People will downgrade Goldman Sachs and have been doing so for years. Just read any comments on internet stories about Goldman Sachs since 2008. The downgrade is from "get those suckers out of their positions" to "put those executives in jail." The people cite something more substantial than rumors: i.e., Goldman's mortgage backed securities that it fraudulently sold as safe which then turned into junk.
Goldman's revenue is down substantially; it is being sued by everyone; and its executives have been losing money because of the market downturn.
When you remember that Goldman Sachs has few redeeming social values, the downgrade by the People seems fair.
Goldman Sachs Downgrades Bank of American, Cites Market Rumors As The ReasonRead the whole article here
By Courtney Comstock - Business Insider
Goldman Sachs also downgraded 19 other banks today, but their revised outlook on Bank of America is what really stings.
That's because the market is buzzing with rumors about Bank of America, and Goldman's negative view might signal that the firm believes that Brian Moynihan is unable or limited in his ability to quash the concerns, now and in the future.
Even though Moynihan recently appeared on CNBC and on a much-criticized 90-minute conference call with shareholders and hedge fund manager Bruce Berkowitz in order to quash the rumors (and he tried hard -- Moynihan said essentially that those people who think we're in trouble, I'll see you in court if that's what it takes) , Goldman cites those market rumors -- that BofA has too little capital -- as one of the main reasons it's downgrading Bank of America.