Financials Dropping On Goldman Sachs Subpoena, Moody's Watch

Just what the market needed was more bad news. Goldman Sachs GS shares are dropping on news that a Manhattan Prosecutor is subpoenaing the company. In addition to this bad news, Moody's has put the debt of Citigroup, Bank of America and Wells Fargo WFC on credit watch. As a result, Citigroup C, Bank of America BAC, and J.P. Morgan JPM shares are down on this news. At last check, Goldman Sachs were off $2.11 to $134.11, a loss of 1.5%.