Hot on the heels of our earlier disclosure that the Landesbank stress test passage is either a joke or a scam, comes the knowledge that 6 out of the 14 tested German banks, including Landesbanks, have decide against posting their stress test details, specifically withholding the breakdown of their sovereign debt holdings. "Every other European bank, bar Greece’s ATEbank, which failed the test, complied with the disclosure requirement. Analysts said the German banks’ non-compliance would fuel suspicion they had something to hide, and risked further undermining faith in the whole stress test exercise, already criticised for its benign scenarios." Um "further undermine"? Has it not been made abundantly clear that the entire stress test soap opera was merely a pretext for Liberty 33 and Johnny 5 to ramp the market for the last hour of trading on Friday? Are people still confused that whenever Tim Geithner "plans" something, be it for the US, for his own tax estate, or for another continent, scammery, corruption and opacity are pretty much a necessary and sufficient condition for any "swiss watch" plan's execution.
More from the FT:
Officials from the German regulatory authorities – Bafin and the Bundesbank – said local law meant they could not force banks to publish such details.
However, one banker told the FT: “There was a discussion in Germany about whether to publish the sovereign debt holdings, and at one point the banks were told that it was to be compulsory, but in the end Bafin did not require it.”
Mr Vossen would not comment directly on why Germany had backed out of the agreed publication but said he said he would be picking up the phone to the German authorities. “We agreed that these disclosures would be done,” he told the FT. “This is one of the topics we will follow through on. We need to have a chat.”
The European Commission echoed that sentiment on Sunday, saying it “encouraged the few banks who had not disclosed the information to do so”.
Yeah, whatever. Only when the EC and whoever the other brain dead zombies of endless corruption in the failed European experiment are, disclose the haircuts on the trillions in shadow debt, and what forms of government backstops are being taken to prevent another shadow banking system run, this time originating out of Europe and not Hawaiian Tropic in Times Square, will anyone even pretend to listen to the zombiecrats and their artificially jiggered tests meant to give a golden star to anyone who so desires.