Word: bankses
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Even after the $25 billion Wells got from the government last year, it has just under $100 billion in equity, trailing other major banks by more than 50%.
But in reality, to run the test, you have to guess not just which borrowers will stop paying but also when. Some losses will be covered by profits elsewhere. So the firm's bottom line must be estimated. The variables leave plenty of room for the government to make some...
So instead of waiting around for the government's finger-in-the-air results, Time decided to poke and prod the banks on its own.
To do so, we relied on the loan-loss estimates of New York University professor Nouriel Roubini, a.k.a. Dr. Doom, who has been sagelike in his predictions about the credit crisis so far. We factored in the banks' results this year, as projected by Wall Street analysts. Besides the hit...
Prognosis: Looking good. JPMorgan is in better shape than other big banks are. Its post-test leverage ratio drops to 6.4%, from nearly 8% - still a picture of financial health. (See the best business deals of 2008.)