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Capital? We Don't Need No Stinking Capital.

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We loves us some State Street. Thumbing your nose at the Capitalatchiks and their bogus "stress tests" is the quickest way to get on our good side in this day an age. Of course, it won't last. "Improving capital" is going to come to everyone at one point or another, even if its only after the effect of having all your competition sitting on piles of cheap government cheesecapital sinks in. Pay no mind to the Frank behind the curtain when you take it though. That is a microphone in his pocket (it is a direct feed into CSPAN and the Congressional Record's stenographer) and he's happy to see you. Better start lending to the highest risk voters, and better start now.

State Street Corp. does not need to boost its capital levels as a result of the government's recently concluded stress tests, according to people familiar with the matter.
A report in Wednesday's Wall Street Journal said the bank was among those that needed to improve its capital.
As a result of the government's two-and-a-half-month examination of the U.S.'s 19 largest financial institutions, a number of banks need take no action. In addition to State Street, they include J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and American Express Co.

State Street Doesn't Need to Boost Capital [The Wall Street Journal]


Einhorn: We Don’t Need No Stinking Ratings Agencies

David Einhorn likens not having ratings agencies to when his parents decided to move to Wisconsin when he was seven. “I didn’t know what would happen. I was very upset at the time, but we moved it kind of worked out OK. The idea that If we didn’t have official ratings, that something bad would happen, I don’t think that makes much sense.”