Thursday, May 07, 2009

Meaningless precision:

From Bloomberg:
The Federal Reserve determined that 10 U.S. banks need to raise a total of $74.6 billion in capital, concluding its unprecedented probe of the health of the nation’s 19 largest lenders.

The results showed that losses at the banks under ‘more adverse” economic conditions than most economists anticipate could total $599.2 billion over two years.
Got that? Not $600 billion, but $599.2 billion.

Phew! Just got under.


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