Arianna Huffington: The Stress Tests Fail The Smell Test
Posted in Main Blog (All Posts) on May 5th, 2009 4:42 am by HL
Arianna Huffington: The Stress Tests Fail The Smell Test
The results of the much-anticipated bank stress tests are finally set to be released on Thursday. But we can already give the Obama economic team a grade for the way the tests have been handled: F. For starters, why the holdup in releasing the results? It’s been ten days since the Treasury Department and the Fed let the banks in on the preliminary results of the tests. So how come the public — you know, the ones who keep bailing out the banks — are still, ten days later, in the dark? The banks are using this time to negotiate the results. This is the equivalent of a teacher giving a student a look at his grades and allowing the student to try to cut a better deal before report cards are sent home to mom and dad.
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