investment banks and they're trading desks are not making money and downgraded were three bank, rbs, lloyd's and s there are downgrades it can be difficult to raise money from investors and go out into the funding markets and when they have difficult raising money you start talking about 2008 territory again. i will say fitch makes a clear point in its analysis of the conditions of these banks, very concerned about the slowing economy, about potential shocks from europe and other things like that but point out these are in better shape today than they were before the financial crisis in 2008. that's the good news in there. >> yeah, a bit of a brighter note. whenever you hear banks in trouble in any way -- >> i know. >> nobody is for that anymore. i can tell you that.romansroman. >>> if there is no labor agreement by tuesday there will be no nba games played on christmas. they are scheduled to meet with a mediator that day. christmas is one of the big first day of the season and the first two games have already been canceled. >>> game four last night, the brewers were trying to even things up. rand

this week moody's decision came after the government said it is unlikely to bellow giants like lloyds in r.v.'s if they get in trouble again days later fairchild other of the big three rating firms gave the thumbs down to italy and took spain score down two notches british economist mark littlewood says it's a wake up call for the spoiled banks what we've got to get away from in the united kingdom and actually right across the western world more generally is this every single bank is copper bottomed because if they get into trouble the taxpayer will close all that matters and one of the key things that the u.k. government is struggling with is how do we allow what i took over the wall were to fail without actually for scoring the wider economy and i think that the downgrades of actually reflect the fact that we are beginning to move away from what was a hopeless and helpless situation which basically every bank you know you crashed in the time when the government would come to their right so it's a grim warning put in the same way as you would wish to have an honest toil notice from your doctor

the service of liquidity and market making the same thing goldman sachs as lloyd blankfein when he goes to congress he says we s. we commit fraud every day but we need it to keep markets open now the third point of course is that this revelation will go unheeded and nobody will act on it. they're part of a criminal syndicate this is why they go unpunished because they're not being they're not being prosecuted as a racket us and under rico to explain to the audience who the bank of new york mellon is here's the wiki peavy on them they have one point two trillion dollars in assets under management and twenty five point five trillion in assets under custody and administration thereby being the largest deposit bank in the world is the oldest bank in corporation in the united states tracing its origins today stablished one of the bank of new york at seven hundred eighty four by alexander hamilton right and those are passive accounts from old ladies sitting on fortunes and every single month they get their statement and they get out there magnifying glass and they try to figure out of the bank stole money from them t

well on thursday led by banks as well lloyds banking group and world bank of scotland dropped the foot tradings downgraded both companies to a from double a nine s. b.n.p. probably bought was among the biggest decline is in europe rocking six point seven percent mining companies were also down following a report of slowing export growth in china while rolls royce rallied ten percent on the footsie after it announced a new drug venture would you not coincidence. and turning to russia now here markets finished the trading day lower wage i energy stocks that's as oil dropped after the international energy agency reduced its global forecast to twenty twelve let's have a look at some individual channels on my six the decline on the vix is like i was like i gasp on i was down two percent. one point one percent the company says it's going to spend more than ten billion dollars a year over the next decade to develop new projects and political you raised earlier games the company has reported a forty percent increase in revenues for the first month and. that's all i have for you this hour but don't forget you can always find most stories just log on to o

lloyds t.s.b. that comes after the bank of england's chief the country's economy is that its lowest point since one thousand nine hundred thirty s. if not ever well let's get some more on this development from british your m.p. godfrey bloom who joins us live thanks for being with us banks and even countries like the us italy have suffered. these credit down rates recent downgrades actually recently but people are always quick to deny there's anything to worry about what do these downgrades actually mean how do they have a real impact well the problem that we have of course that these. and these economies of broke and it's the problem of. politicians and central banks spending all it's officially depressing interest rates creating a credit boom and that always creates a bust whenever you have a boom you always end up with a bust and of course the problem that we have now is that the chickens are coming home to roost you cannot continue and the government or a bank or anybody else spend more money than they raise in taxation and this is why it's all going wrong and we haven't seen anything yet this is going to get significantly w

lloyds t.s.b. it comes after the bank of england chief said the country's economies of its lowest point since the one nine hundred thirty s. if not ever its grim picture let's talk more about that with mark littlewood he's director general of the u.k.'s free market think of economic affairs very good evening thanks for being with us so what do you read into this latest ratings downgrade how grave a warning is it. it is a great warning but it's also a welcome warning what we've got to get away from in the united kingdom and actually right across the western world more generally is this idea that every single bank is culpable because if they get into trouble the taxpayer will cry all them out and one of the key things that the u.k. government is struggling with is how do we allow our pain to go through the wall to fail without actually destroying the wider economy and i think that these these downgrades of our banks actually reflect the fact that we are beginning to move away from what was a hopeless and helpless situation in which basically every bank you really crashed in the taxpayer in the government would come to the r