Wall Street Watchdog Assails Fed’s Stress Tests of Mega Banks as “Toothless” – Provides a Wakeup Call to Biden Administration — Pam and Russ Martens

Summary:
Dennis Kelleher, the co-founder, President and CEO of the nonpartisan Wall Street watchdog, Better Markets, has issued a scathing rebuke of the Federal Reserve’s so-called “stress tests” of the mega banks on Wall Street, calling them “toothless.”Kelleher’s criticisms revolve around two key points. The Fed is preordaining the outcome of the tests by (1) pumping up the banks’ capital with financial handouts prior to the tests and (2) by removing key aspects of the stress tests that would negatively impact the outcome....Wall Street On ParadeWall Street Watchdog Assails Fed’s Stress Tests of Mega Banks as “Toothless” – Provides a Wakeup Call to Biden AdministrationPam Martens and Russ Martens

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