Word: bankses
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The biggest problem with letting banks go over their grades is that, if they can argue with the government in private, they can take those arguments public. Banks told that they must raise capital can debate the judgment and claim that the entire program is flawed. That may cause shareholders...
A test is no test when the conclusions are open to alteration based on the subject of the tests objections. By giving banks time to evaluate their scores, the government is opening a Pandora's Box.
Mere months after the financial system almost collapsed, banks are making money again. One after the other, they've reported big profits for the first quarter: $4.2 billion at Bank of America, $3 billion at Wells Fargo, $2.4 billion at JPMorgan Chase, $1.8 billion at Goldman Sachs, even $1.6 billion...
Some of these windfalls were the chimerical sums of weird accounting conventions. Citi, for example, booked $2.5 billion in gains - without which it would have booked a quarterly loss - because investor fears that it would go under decreased the market value of its liabilities. (Really, it's as perverse as...
The past includes bad mortgage loans, collateralized debt obligations and all manner of other lunkheaded lending decisions. It was also characterized by a 15-year decline in the net interest margin, a core measure of bank profitability that is the difference between what banks pay to borrow and what they...