BofA Downgrades Goldman Sachs, Giving Brian Moynihan The Strangest Sensation

Is this what...superiority feels like?

Well, my oh my, how the tables have turned...


Goldman Sachs Inc. stock is falling 1.7 percent in pre-market trading after people briefed on the matter said the Federal Reserve is ramping up its investigation into how the bank’s executives dodged internal controls while helping Malaysian authorities raise billions of dollars that later went missing.
Separately, Bank of America Merrill Lynch analyst Michael Carrier cut his recommendation on Goldman shares to neutral from buy and slashed his price target to $225 from $280. “While we view the current valuation as discounting most of the potential negative scenarios related to 1MDB, we only have limited information and the uncertainty could linger for a while,” Carrier wrote in a note.

We can only imagine the weird quiver of alien excitement inside Brian Moynihan's body when he was told that Bank of America was going to downgrade Goldman Sachs. The Washington Generals have never tasted victory over the Harlem Globetrotters, Peter O'Toole never got that Oscar, Wile E. Coyote never caught that Roadrunner, but BriMo just got to slap a downgrade on Goldman Sachs.

The world is truly upside down...

Goldman Sachs Slides With Fresh 1MDB Worries, BofAML Downgrade [Bloomberg]