Benzinga's Political Round Up, August 24, 2011

Moody's downgraded Japan's credit rating to Aa3 from Aa2, citing "large budget deficits and the build-up in Japanese government debt since the 2009 global recession." Angela Merkel rejected claims that Greece should provide collateral for its bailout. New York AG Eric Schneiderman has been removed from a committee of state attorney generals negotiating with banks like Bank of America BAC, J.P. Morgan JPM, Wells Fargo WFC, Citigroup C and Ally Financial over their foreclosure practices.