My, what a leak fest we have going on.
Begining late last night various reports started trickling out about how much of a capital shortfall Bank of America is facing in the government's much-heralded stress test of financial institutions.
After some debate about what the stress test results actually mean (do you really need more capital or can you just adjust the amount of common stock you count against your liabilities -- discussion here and here) we started getting reports about what other banks (including Wells Fargo , JPMorgan , Citibank and others) may be facing. (Get our latest rundown of that here). All of these are based on unidentified sources, which you ideally don't want in journalism but, hey, you gotta do what you gotta do.