You're gonna love this one, according to the New York Times as the Treasury laboriously pours over banks books, all of the banks are passing their stress tests.
They are discovering may come as a relief to both the financial industry and the public: the banking industry, broadly speaking, seems to be in better shape than many people think, officials involved in the examinations say.
That is the good news. The bad news is that many of the largest American lenders, despite all those bailouts, probably need to be bailed out again, either by private investors or, more likely, the federal government. After receiving many millions, and in some cases, many billions of taxpayer dollars, banks still need more capital, these officials say.
Even better the Treasury is delaying the results and demanding it all be kept private (Reuters):
The U.S. Treasury Department is planning to delay the release of any completed bank stress test results until after the first-quarter earnings season to avoid complicating stock market reaction, a source familiar with Treasury's discussions said on Tuesday.
The Treasury is still talking about how results of the regulatory stress tests on the 19 largest U.S. banks will be released, and may disclose them as summary results that are not institution-specific, the source said.
Let's translate. Oh sure, it's all good, everybody's fine, don't worry, be happy, hey private investors, come make some money guaranteed, don't want to upset the markets, oops can't make those results public, here's another trillion dollars, now everybody smile.
My question is did it take this long to cover the tracks or where you all playing video games, pretending to do an internal audit?