Weeks of leaks made the final test scores seem anticlimactic, to say the least, and the six-month window given to banks who need to add capital to fill the gaps reduced the impact even more. But the grades have been posted, and from the language of the press releases one would think that the D students aced their finals. Everybody gets a trophy.

As it turns out, school’s still in session to figure out what the test results will mean for the rest of the industry, and for the big banks that put their systemic risk susceptibility through the paces.

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