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Was Bank of America’s $4 billion error really an error?

The BofA so-called $4 billion “error” in its stress test calculations is, in my view, another sign of overbearing government regulations and their negative impact on the marketplace. The “error” was in the calculation of capital it would have under the Federal Reserve’s onerous stress test.  Apparently, the capital requirements of the Basel III regulatory regime are so complex that even the Fed’s army of inspectors didn’t catch the very …Read More