What a flop of a report. After the buildup to this important report on the health of the US banks it turned out to say very little and left the important details out for another day. What a confidence builder.
The Federal Reserve, releasing details of how it conducted "stress tests" on the nation's 19-largest financial institutions, said "most banks" are currently well capitalized but need to hold a "substantial" amount above regulatory requirements in case the recession worsens.Whatever. Geithner never gets better and with each flop, dodge and continuation of Paulson policy, he gets more annoying. Challenging times require a lot more leadership than we are getting today.
“Most banks currently have capital levels well in excess of the amounts needed to be well capitalized," the Fed said in its eagerly awaited report.
The report said the tests are a “forward-looking exercise designed to estimate losses, revenues and reserve needs” under two different macroeconomic scenarios, including an adverse one.
