I'm looking at them too. In my opinion they are NOT too big to fail. (after Lehman) However, I feel the ratings are a little more accurate than they were 5 years ago. These companies have solid balance sheets and good earnings. Overall, a rating of single A is pretty good. The reason they are paying as much as they are is because of the uncertainty of the litigation surrounding these companies. My consolation is that time and time again I've seen potentially bankrupt level litigation settling for very reasonable amounts. (Anybody remember the tobacco company settlements?)
Yes, I will probably invest in either Goldman or Morgan Stanley (or both) in the near future, however, I will hold my aggregate exposure to about 1-1/2 to 2% of my portfolio.