Tuesday, September 7, 2010

European Stress Tests a Sham: Really?

The Wall Street Journal reports today that the European stress tests were a a sham. As a result, the USD is rising and correspondingly markets are tanjing

Exactly which part of that report is news? Maybe they shoud be reading this blog!

"Europe's recent 'stress tests' of the strength of major banks understated some lenders' holdings of potentially risky government debt, a Wall Street Journal analysis shows.
As part of the tests, 91 of Europe's largest banks were required to reveal how much government debt from European countries they held on their balance sheets. Regulators said the figures showed banks' total holdings of that debt as of March 31. "

Boggles the mind what this is all about.

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