Market Mover Tuesday: Stress Test Havoc continues, 10 banks need more capital…

and the leaks go on…

CNBC:

..The exact roster of banks needing to build their capital positions is still unclear. Banks are expected to be briefed on the official results on Tuesday.

The Federal Reserve and Treasury Department also will tell them how policymakers plan to publicly unveil the market-sensitive results, the source said, speaking anonymously because the discussions are private….

..Fed Chairman Ben Bernanke and Treasury Secretary Timothy Geithner are scheduled to present the findings of the regulatory stress tests on Thursday in a 150-page document, the source said.

Who Who Who!?!

Citigroup and Bank of America are expected to be among the companies needing to boost their reserves, Fred Dickson, chief market strategist at D.A. Davidson & Co said on Friday.  Wells Fargo and JPMorgan also are among the banks likely to need more capital, Dickson said.

Oh okay, it’s just all our biggest banks….and the market rallied in the face of this sending the S&P into the black for the year yesterday…D-E-N-I-A-L….

I have an idea, let’s subject the TOTUS Budget Forecasts to the SAME stress test scenarios and see what happens to the deficit! Pffft!

May 5, 2009. Tags: , , , , , , , , , , , . Economy, FDIC, Finance, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics, Wall St. Comments off.

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