One of the major news stories of the last week was the much anticipated release by the U.S. Treasury of the Stress Test results. Officially known as the “Supervisory Capital Assessment Program,” SCAP for short is crammed with tables, charts and other financial arcana too far removed from the commonplace utterances of daily life.
Although media tried, all one could get from the massive coverage was the impression that the participant banks bargained hard with the regulators so that none would fail, proving the recently coined adage too big to fail. Such media coverage bodes well for the biting satire of the likes of Jon Stewart, Colbert and SNL. In fact SNL opened with this hilarious skit where Tim Geithner played by Will Forte reported to the public the results of the “written” stress test taken by the CEOs of the 19 banks.
humour aside, below is a map showing the worst case scenario (10% or more unemployment rate?) losses for each of the 19 “banks” including GMAC and MetLife.
The other side of this are the banks that would have really failed the stress test, see the map below. Of the 80 plus banks that failed since year 2000, nearly 50% failed since January 2008 and more than 30 failed since January of 2009. FDIC took these under the receivership, an euphemism for the take-over the banks that were not that big to fail!
Even after much panning in the multi-media world, the stress test have must have done something good at least to some of the banks. US BankCorp, Wells Fargo, Key Corp and Capital One have been able to raise billions in capital from private investors. And some of them will be able to repay TARP. Finally, if imitation is a form of flattery then one should note that now EU Bank regulators want to conduct their version of the “Stress Test”. More on this if and when EU ever dares to fail any of the participating banks! Because banks over there are also too big to fail!
Here are the links on Finder! to the data on Finder for:
Stress Test aka Supervisory Capital Assessment Program (SCAP)
The data also has combination of attributes based on the SCAP report as well as WSJ’s interpretation of the same.
FDIC’s list of Failed banks
The links to the maps on Maker! are shown below:
Stress Test: Worse case scenario losses
Not too big to fail banks
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