trading for 900plus, page-19

"Though investors have been uneasy about corporate earnings reports in the past few sessions, encouraging words from Treasury Secretary Timothy Geithner on Tuesday gave investors a green light to buy up stocks after a big drop the previous day.

Geithner said "the vast majority" of banks have more capital than they need."

At http://www.orlandosentinel.com/business/nationworld/sns-ap-us-commodities-review,0,7852271.story

My comment:

Of course it's the truth, the whole truuth and nothing but the truth. Why wouldn't it be?

You wouldn't expect Geithner to say, "We are seriously worried about a number of our larger banks. They have illiquid toxic assets which noone in their right mind wants to purchase from them. However, removing mark to market accounting means the full extent of this disaster can be hidden from you. To put it clearly, a number of our larger banks have potential derivatives liabilities which are many hundreds of per cent more than their capital. In addition their mortgage portfolios are deteriorating as defaults spread from sub prime borrowers to prime borrowers. In fact their entire loan portfolios are significantly worsening. But apart from that everything is fine."