S&P's downgrade of U.S. ripples through the financial system

Standard & Poor's decision to cut the credit rating of the U.S. government reverberated through the financial system this week, resulting in the loss of triple-A ratings for a variety of securities clearinghouses, investment funds and life insurers. S&P also downgraded the ratings of Fannie Mae and Freddie Mac. But many industry insiders dismissed the ratings downgrades. "The move by S&P is just not that big of a deal," said Alex Roever, the head of short-term fixed income at JPMorgan Chase.

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