What "test?!" Do you mean the open book test with the banks providing their assessment of their financial condition and negotiating their grades before the results of these "tests" are published?
With this level of non-oversight, who shall we now additionally hire to regulate the regulators?
Oh well, time for your Uncle Sam (that's you and me folks) to cough up another $34 BILLION in taxpayer dollars for Bank of America alone!
Hey Harry, order more ink and paper for the printing press!
Bank of America May Need About $34 Billion of Capital
By Rebecca Christie
May 6 (Bloomberg) -- Regulators have determined that Bank of America Corp. requires about $34 billion in new capital, the largest need among the 19 biggest U.S. banks subjected to stress tests, said a person with knowledge of the matter. Bank of America rose 9 percent in early New York trading.
This Sunday’s Washington Post Article read: "U.S. Workers’ Wages Stagnate As Firms Rush to Slash Costs." It's clear these workers (and another 500,000 laid of last month) are not experiencing a wonderful life at this moment in time.
(sorry for the video sync - best version I could find)
I’m concerned everyday people are not going to have access to the kind of jobs and wages necessary to pay for the new autos, homes and other goods and services that have historically driven this country’s economic machine to levels of prosperity we all used to want for our families and fellow citizens.
IMHO, Giether, Summers and others in the Obama Administration appear too close to Wall Street and the large banks we are asked to continue to support with large infusions of taxpayer dollars to regulate them.
When, in Feb., The Federal Reserve Chairman, Berneke said words to the effect (in the video below) that the results won’t be graded on a Pass/Fail basis, where everyone passes, he's still offering a blank check -unlimited capital infusions on demand- that look more like playing "footsie" than being regulated to me.
Seems to me we need someone new - an Uber-Independent Regulator - with some guts and determination to provide oversight on the regulators as well as those being regulated.