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Posted by Tracy Alloway on Apr 09 15:19. US banks are on fire, posting double-digit gains in New York.Financial firms including Citigroup, Bank of America, JP Morgan and now Wells Fargo, have all said they’ve had a profitable first-quarter.What’s more, it looks like they’re all set to pass the US government’s stress tests. From the New York Times:For the last eight weeks, nearly 200 federal examiners have labored inside some of the nation’s biggest banks to determine how those institutions would hold up if the recession deepened.What 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.…Regulators say all 19 banks undergoing the exams will pass them. Indeed, they say this is a test that a bank simply will not fail: if the examiners determine that a bank needs “exceptional assistance,†the government, that is, taxpayers, will provide it.But there’s a catch - you’re not allowed to know the details of the test results, at least, not yet. It would put too sudden an end to this rally. From Reuters:...
Good--give us OUR money back, ****ers.
The banks WANT to, but 0Bama refuses to take the money back. On a side note, Wells Fargo is expected to report record profits.
If the bank execs walked up the stairs to Treasury carrying one of those oversized novelty checks payable to "The American People c/o The Dept of Treasury" with half the MSM following, it would be accepted.
That's making a very big assumption that any MSM would report it. FNC would most likely be the only ones there.
