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Odd Story Of The Day

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by Ryan Avent
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Apr 20 2009 1:35pm EDT

Odd Story of the Day

Apparently, one of the things dragging down financial shares today is an erroneous blog post, whose author claimed to have leaked results of the stress tests. A Treasury official was forced to publicly deny the report, which continued to affect financial shares as of midday. The author of the blog post (entitled "LEAKED! Bank Stress Test Reults [sic] !) is one Hal Turner, of whom Bloomberg writes:

Turner has advocated violence against blacks, Jews and immigrants on his Web site and Internet radio show, according to the Anti- Defamation League, created in 1913 to monitor anti-Semitism.

Turner wrote that 16 of the 19 banks tested were found to be "technically insolvent," and he described test results for "large U.S. bank" HSBC, which is not an American bank, oddly enough, and not included in the tests. Yet another blow for the efficient markets hypothesis.

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