Last Updated Jul 23, 2010 1:17 PM EDT
7 of 91 European banks failed the stress tests with an overall capital shortfall of 3.5 billion euros ($4.5 billion). Coming into the day, it was expected that 10 banks would fail.
Investor reaction was muted for a good reason: the tests were rigged! The CEBS stress tests didn't include a risk that many believe still persists: that of a sovereign default. How would these banks do if a country like Greece defaulted? Perhaps we'll never have to know, but when the game is rigged for a specific outcome, it sure is tough to trust the box score.
Image by Flickr User Swami Stream, CC 2.0