Financial Crisis: Is there more to it than that meets the eye??

The present global recession that began around the third quarter of 2008 has been termed as unusually severe with the recovery very slow and sluggish. The reason being, this time the recession is synchronized with deep financial crisis previously unprecedented. According to a journal recently published , the bubble of derivatives, leveraging, hedging and other interlocking ponzi schemes that began the crisis to begin are still out there unpopped. Top Banks in US that received the Federal funding (they refuse to use the terminology of "Nationalisation") have been asked to undergo the "stress test" but to remain keep quiet meaning not to publish
about their performance.
So much for accountability and so much for transparency and disclosure. Here are the results as published by a network which look very scary.

Here's the report published on Turner Radio Network's blog, - an Online organization, which advertises itself as “Free speech; no matter who doesn’t like it"

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Turner Radio Network Leaks Info on Bank Stress Tests

The Turner Radio Network has obtained "stress test" results for the top 19
Banks in the USA. (Corrections/ clarifications below in orange)

The stress tests were conducted to determine how well, if at all, the top
19 banks in the USA could withstand further or future economic hardship.

When the tests were completed, regulators within the Treasury and inside
the Federal Reserve began bickering with each other as to whether or not
the test results should be made public. That bickering continues to this
very day as evidenced by this "main stream media" report.

The Turner Radio Network has obtained the stress test results. They are
very bad. The most salient points from the stress tests appear below.

1) Of the top nineteen (19) banks in the nation, sixteen (16) are already
technically insolvent. (Based upon the "alternative more adverse" scenario
which had a 3.3 percent contraction of the U.S. Economy in 2009,
accompanied by 8.9 percent unemployment, followed by 0.5 percent growth of
the U.S. Economy but a 10.3 percent jobless in 2010.)
2) Of the 16 banks that are already technically insolvent, not even one can
withstand any disruption of cash flow at all or any further deterioration
in non-paying loans. (Without further government injections of cash)

3) If any two of the 16 insolvent banks go under, they will totally wipe
out all remaining FDIC insurance funding.

4) Of the top 19 banks in the nation, the top five (5) largest banks are
under capitalized so dangerously, there is serious doubt about their
ability to continue as ongoing businesses.

5) Five large U.S. banks have credit exposure related to their derivatives
trading that exceeds their capital, with four in particular - JPMorgan
Chase, Goldman Sachs, HSBC Bank America and Citibank - taking especially
large risks.

6) Bank of America`s total credit exposure to derivatives was 179 percent
of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s,
382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman
Sachs began reporting as a commercial bank, revealing an alarming total
credit exposure of 1,056 percent, or more than ten times its capital! (HSBC
is NOT in the top 19 banks undergoing a stress test, but is mentioned in
the report as an aside because of its risk capital exposure to derivatives)

7) Not only are there serious questions about whether or not JPMorgan
Chase, Goldman Sachs,Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA,
can continue in business, more than 1,800 regional and smaller institutions
are at risk of failure despite government bailouts!

The debt crisis is much greater than the government has reported. The
FDIC`s "Problem List" of troubled banks includes 252 institutions with
assets of $159 billion. 1,816 banks and thrifts are at risk of failure,
with total assets of $4.67 trillion, compared to 1,568 institutions, with
$2.32 trillion in total assets in prior quarter.

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To put it bluntly, the entire US Banking System is in complete and total collapse. Wonder where all that money went??!!