BUSINESS BRIEFS

Downgrades

Bank of America and Wells Fargo, the biggest US home lenders, were downgraded by Moody’s Investors Service on concern that they’ll need another round of govern ment aid. BofA’s senior- debt rating was reduced to A2 from A1. Wells Fargo had its senior- debt rating cut to A1 from Aa3.

Tax task force

President Barack Obama is putting former Federal Reserve Chair man Paul Volcker in charge of a tax-code re view, with a Dec. 4 dead line, aimed at closing loopholes, streamlining the law and generating revenue, Budget Director Peter Orszag said.

Used Volvos

Ford Motor Co. may get $1 billion to $2 billion for its Volvo Cars unit, less than a third of what it paid 10 years ago, as it conducts sale talks with more than three bidders, a person familiar with the discussions said. The person wouldn’t name the potential buyers.

Auto aid

The Obama administra tion auto industry task force is likely to recom mend more aid for strug gling US automakers, Sen. Carl Levin (D-Mich.) said. The task force has a March 31 deadline to de cide if GM and Chrysler can be competitive and worthy of up to $22 bil lion in additional funds.

Out to Dreier

The receiver ap pointed to locate the as sets of Marc Dreier, the New York law firm founder charged with selling phony promis sory notes to hedge funds, said he recovered more than $100 million.