Whoa! Whoa!! The Banks are Safe!! The Banks are Safe!!!
After the market closed, the Feds released another comic script – the stress test results on the banks. Apparently, according to them, all but four of the 19 biggest banks in US pass the test. Citi, Sun Trust, Ally Financial and Met Life didn’t pass.
I am stunned to find out that they even let some banks fail this test! Nevertheless, the Feds are not supposed to release this information until the 15th. But JP Morgan’s Jamie Dimon, the de facto boss of the Feds, has decided to preempt the Fed to give an indication that they passed the test. The Feds have decided to prepone the announcement.
Way to go Jamie – you just confirmed to us who rules the Feds.