Stress Testing Tim Geithner
Thanks to Occupy Wall Street, in the State of the Union this week President Obama struck some of his most populist themes yet. He wants to tax millionaires, bring back manufacturing and prosecute the big banks. He touted his Wall Street reforms saying the big banks are "no longer allowed to make risky bets with customers deposits" and "the rest of us aren't bailing you out ever again."
But are we safe from the next big bank bailout? Many experts are dubious and Wednesday the consumer advocacy group Public Citizen decided to test the theory in the most direct way possible. They used the administrative law process to formally petition the nation's top bank regulators to move swiftly to break up Bank of America (BofA) asserting in their petition: "The bank poses a grave threat to U.S. financial stability by any reasonable definition of that phrase."