Reports Bair's FDIC Thinks Bank Stress Tests Are Pointless
Down)The New York Post reported today that insiders at Shelia Bair's FDIC are blasting the 'stress tests' being conducted on banks, calling them a pointless exercise.
According to the article, the FDIC doesn't think the stress test are a credible way to assess how much additional cash banks will need as losses mount.
The test are being conducted on the nation's 19 biggest banks including Citigroup (NYSE: C), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and JPMorgan (NYSE: JPM), among others.
StreetInsider.com has noted recently that some of the assumptions in the government's tests are already being surpassed.
Link to NY Post Article
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