If Standard & Poor’s was aiming to win over Rep. Barney Frank (D-MA) before he retires next year, the ratings agency came a little closer on Tuesday. S&P announced it had downgraded the six largest banks in the country as part of a review of the world’s 37 largest financial institutions.
In an interview that aired on The Rachel Maddow Show Tuesday night, Frank said the agency “finally read our bill.” Frank—who has called S&P incompetent in the past—gave S&P credit for understanding the Dodd-Frank financial reforms and correctly ascertaining that the government is no longer going to be willing to bail out the “too big to fail” institutions.
