You know the results were going to be bad given reports the Government was taking an inordinate amount of time discussing how to release them.
And so this morning the information arbitrage continues...many blogs proclaiming they have the (terrible) results of the stress tests. I say informational arbitrage because "information" does not diffuse itself to all market participants simultaneously...if you know what I mean.
And so it goes. The various Fed and Treasury programs are still delaying what should have been decisive temporary nationalization via the Swedish model.