As we discussed on FM9 99.1 this morning, Moody’s credit rating downgrades of 15 global financial institutions were anticipated by the markets yesterday, which caused sharp drop in the equity markets.  The downgrade hit 5 of the 6 largest banks in the United States, as well as large banks based overseas.  The move is expected to cost the firms billions of dollars in increased costs of capital, collateral and potential trading termination payments.