Today’s must-read comes from uber-journalist Jesse Eisenger (you know him for breaking the Magnetar CDO scandal)…
From The Atlantic:
One year ago, the largest financial institutions on Wall Street were desperate to show off their strength by paying out, or raising, dividends for the first time since the Great Recession. After conducting a secretive test of the banks’ health, the Federal Reserve granted most of their requests in March 2011 — over loud objections from economic luminaries in Washington and across the country. Now, for the first time, we tell the story of why the Federal Reserve caved, and how Wall Street still owns the place.