Charlie Rose interviewed Treasury Secretary Tim Geithner last night in advance of the bank stress test results being released (watch here). The takeaway is that there was an intensely negotiated, political process between banks and regulators over what the results should be. Geithner says we will find the results “reassuring” and falls back on the old chestnut that if no one is happy they must have done something right:
“You’re going to hear criticism from both sides in this,” Geithner said. “A lot of people will say these were unfairly tough. … And there will be other people to say … that losses could be worse. And they may be right.”
They may be right?