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.
|Michaels hack hit 3 million|
|Wealthy investors flock to fine art funds|
|Canadians arrest a Heartbleed hacker|
|Weibo IPO leads Chinese stock invasion|
|Is the bull market almost done?|