Word: stress
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...different versions of the SAT reasoning test given on three consecutive Saturday mornings. The tests would take three-and-a-half hours, four-and-a-half hours and five-and-a-half-hours, and would be administered in a random order to each of the students. To boost the stress level in the students - who had already taken the SAT in the past and gotten into college - Ackerman and Kanfer offered a cash bonus to any volunteers who beat their high-school score. (See pictures of a public boarding school...
...result is that many more banks than expected have the resources to repay the billions they got from the Troubled Asset Relief Program back in October. Morgan Stanley, for instance, came out of the stress test a month ago in need of $1.8 billion in additional capital. But in the past month the bank was able to raise nearly $7 billion by selling new shares of stock. The result: Morgan says those stock sales and other moves will allow the bank to repay all of its TARP funds by the end of June. And Morgan won't be alone...
...Then there is Fifth Third Bancorp. The Cincinnati-based financial firm is one of a number of banks that have had to spend the past month pulling off some fancy financial gymnastics to meet their capital requirements. The stress test found that Fifth Third was $1.1 billion short of the common equity it needed to be considered well funded. Earlier this week, the bank announced that it had raised $1 billion by selling new stock. But that left the bank $100 million short of its goal. So the bank couldn't stop there. Instead, it offered $365 million...
...move seems to have worked. Fifth Third says the cash payments were enough to persuade holders of more than $550 million in preferred stock to convert their shares to common. Add that amount to the more than $600 million Fifth Third had left from its stock offering, and bingo: Stress test passed - over $1.1 billion in new common equity. The problem is the money Fifth Third paid to preferred shareholders to convert to common equity will also end up depleting Tier 1 capital - a measure of total bank resources, not just common equity - by $365 million...
...bombing. Using their own savings, donations and legal aid, they raised about $2.4 million to fund their case, with more families coming on board later. Their subsequent claim for more than $15 million in damages was based on the long-term psychological impacts of the atrocity - posttraumatic stress disorder, depression and alcoholism - which continue to affect many of the victims' family members. Given their disappointments in the past, the odds seemed stacked against them...