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Published by: subsidyscope_bailout on Jul 27, 2009
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07/12/2010

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Congressional Oversight Panel
JUNE OVERSIGHTREPORT
*
 
June 9, 2009
*
Submitted under Section 125(b)(1) of Title 1 of the Emergency EconomicStabilization Act of 2008, Pub. L. No. 110-343
 
Stress Testing and Shoring Up Bank Capital
 
 
 
1
Table of Contents
Executive Summary .............................................................................................................3Section One: Stress Testing and Shoring Up Bank Capital ................................................6A. Overview ............................................................................................................6B. The Stress Tests ................................................................................................13C. Immediate Impact of the Stress Tests ..............................................................27D. A Comment on the Supervisory Process..........................................................29
 
E. Specific Limitations of the Stress Tests ...........................................................30
 
F. Independent Analysis of Stress Tests ...............................................................31
 
G. Next Steps ........................................................................................................35H. Issues ................................................................................................................38
 
I. Recommendations ............................................................................................48
 
J. Conclusions ......................................................................................................49
 
K. Tables ...............................................................................................................50
 
Annex to Section One: The Supervisory Capital Assessment Program:An Appraisal ..........................................................................................................57Section Two: Additional Views ......................................................................................117
 
Section Three: Correspondence with Treasury Update ..................................................131
 
Section Four: TARP Updates Since Last Report ............................................................132
 
Section Five: Oversight Activities ..................................................................................149Section Six: About the Congressional Oversight Panel ..................................................151Appendices:APPENDIX I: LETTER FROM CHAIR ELIZABETH WARRENTO FEDERAL RESERVE CHAIRMAN BEN BERNANKEREGARDING THE CAPITAL ASSISTANCE PROGRAM,DATED MAY 11, 2009 .......................................................................................152APPENDIX II: LETTER FROM CHAIR ELIZABETH WARRENTO SECRETARY TIMOTHY GEITHNER REGARDING THE
 
 
2POSSIBILITY OF THE SECRETARY APPEARING BEFOREA PANEL HEARING IN JUNE, DATED MAY 12, 2009 .................................159APPENDIX III: LETTER FROM CHAIR ELIZABETH WARRENTO SECRETARY TIMOTHY GEITHNER ANDFEDERAL RESERVE CHAIRMAN BEN BERNANKE REGARDINGTHE ACQUISITION OF MERRILL LYNCH BY BANK OF AMERICA,DATED MAY 19, 2009 .......................................................................................161APPENDIX IV: LETTER FROM CHAIR ELIZABETH WARRENTO SECRETARY TIMOTHY GEITHNER REGARDING THETEMPORARY GUARANTEE PROGRAM, DATED MAY 26, 2009 ..............164

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