The stress test report will be enlightening. If nothing else it should help bring attention back to the pampered Wall Street crybabies who are only too willing to let normal people fund their exclusive lifestyle. Go ahead, scrimp and save and hope that you can muddle through a middle class salary while the big talkers on Wall Street play chicken with the economy. Sooner or later, Obama is going to have to stop being such a nice guy and play hardball with these people. The banks are dragging everyone down but heavens no, please don't ask them to sacrifice.
U.S. banks including Bank of America, JPMorgan Chase and Wells Fargo may need to raise $1 trillion of capital, Keefe, Bruyette and Woods analysts said in a report on Thursday, after they stress tested the industry.Keep in mind that in addition to the TARP money, banks have been receiving billions upon billions of free money from the Fed that so far has been outside of the TARP pay restrictions. It's time to connect all of the pieces of the assistance and get tough. If the banksters all want to leave the country to whatever dreamland they think exists that's fine. Either way, it's time to get tough with the banks instead of only the crumbling US auto industry.
The brokerage published results from its own stress tests a day before the government is due to brief banks on their performance in its test, which U.S. Treasury Secretary Timothy Geithner has said is designed to determine the capital needs of banks.
The government is testing 19 banks and KBW applied its own analysis to the 17 banks that it covers in this group.
