On Thursday, May 7, 2009, the government announced the results of the financial stress test for 19 large banks. Sources have already disclosed what most experts already knew: some of the biggest banks are still short of of money, though they may not be receiving more federal funds.
The stress test was put in place to determine whether the banks can get through the recession and shore up confidence in the federal oversight of the nation’s banks. Has this process achieved these goals? Or, as critics claim, has the process failed to measure the depth of the banks’ problems?
(nytimes.com, May 6, 2009)