Friday, May 22, 2009
You can’t handle the truth
The U.K. has refused to release the results of stress tests conducted on British banks. Publishing the information may increase instability and force the government to take further action to shore up the U.K. financial system, the Treasury said in response to a Freedom of Information Act request by Bloomberg News that sought the test results and criteria used to evaluate banks. Two weeks ago the Federal Reserve said similar reviews showed 10 U.S. lenders needed to raise a total of $74.6 billion.U.S regulators said publishing their findings would ease concerns about lenders. “Keeping the information under wraps will only serve to create more uncertainty in the long term,” Vince Cable, Lib Dem spokesman.