Effort To Save Euro Banks Fails — Herrhausen or Bust

The European Banking Authority released the latest stress tests on the Euro banks at 10:00 PM Friday night, hoping to be able to calm nerves over the weekend, but the effort failed as bank stocks tumbled Monday. The enormous scale of the bankruptcy of the entire banking system is increasingly obvious to all but the blind. The stress tests were in fact a complete fraud — the EBA dropped its previous policy of giving passing or failing marks, and did not even consider the astronomical derivative exposure of the major banks. Nevertheless it was clear that there is hardly a sound bank standing.Read more →

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