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European Bank Stress Tests Confirmed as Shams

Posted by Larry Doyle on September 7th, 2010 6:53 AM |

I have long since given up the belief that our government officials and financial regulators will demand real transparency and full disclosure in the pursuit of unquestioned integrity across our economic landscape. While some may deem me overly cynical for that statement, too much proof and too many situations leave me no other choice. Where do we witness more financial artifice this morning? Let’s look across the pond.

In late July, I questioned the integrity of the European Bank Stress Tests and wrote, Will European Bank Stress Tests Be “Garbage In, Garbage Out?”:

All eyes will turn toward Europe this afternoon for the much anticipated release of the Euro-style Bank Stress Tests. Those who truly embrace real ’sense on cents’ know that the process and the data are far more important than the actual results. Why is that? If these tests are charades or nothing more than ‘garbage in,’ then the results will most assuredly be ‘garbage out.’

Well, while gullible investors and government officials worldwide may not care to know the real state of the European banks, those of us who truly treasure ‘sense on cents’ are not surprised to now see European financial sewage streaming across the newswire. (more…)






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