Wells Fargo, Bailouts | featured news

Moody's downgraded Bank of America's and Wells Fargo's long-term ratings and the short-term ratings of Citigroup, saying it believes the U.S. government is less likely to support the banks if needed.

Wells Fargo said Monday evening that it would repay the entire $25 billion that it received in the government's bailout last year. It said some of the money would come from a $10.4 billion stock sale.

Lawmakers and consumer groups skewered the San Francisco bank, which got a $25-billion infusion from the government, after they heard about the event to fete top mortgage salespeople.

Cries for post-bailout accountability resounded at the biggest banks Tuesday as Citigroup Inc. issued a 43-page defense of its lending, a consumer group lashed Bank of America Corp. for throwing a $10-million Super Bowl bash, and Wells Fargo & Co.