• Municipal finance

    The Fed’s troubling stress test calculations


    The Fed's annual stress tests and capital analysis amount to a contest between the regulator's models of large banks in a crisis and those of the banks themselves. The latest disclosures suggest troubling flaws in the Fed's calculations.

  • Non financial

    The music won’t stop soon in media-telecom merger frenzy

    Mergers & acquisitions

    The AT&T Time Warner merger, and the battle between Comcast and Disney for Fox will prompt a vast amount of new borrowing. The spillover effects on other borrowers in the media and telecom sectors could be challenging.