So was the story of the summer's stress tests: they seemed less a true test than a giant charade. Critics jumped on the EBA for giving Drexia and others a clean bill of health for 2011 when anything but the most generous kind of accounting showed the opposite. No doubt investors were reminded of the European stress tests just a year prior, when a group of banks who passed stress tests, including Bank of Ireland and Allied Irish Banks, soon floundered.
It was a rollercoaster of a year for the U.S. stock market.
|Natural gas discovery could be largest ever|
|Illinois lottery winners are in limbo|
|The $2.5 billion high school|
|Donald Trump bankruptcy: Everything you want to know|
|7 events that can rock America in September|