The government has finally acknowledged something it wanted to keep secret six months ago: Which banks are in the worst financial health.
It's now obvious that Citigroup, GMAC, Bank of America and perhaps a dozen other large banks are in rough shape, but when the Troubled Assets Relief Program went into effect last October, the idea was to mask problems at sick banks by flooding the whole financial system with liquidity.
SUBSCRIBE AND FOLLOW
Get top stories and blog posts emailed to me each day. Newsletters may offer personalized content or advertisements.Learn more