Tim Geithner says:

tg-94: Treasury Secretary Tim Geithner Written Testimony: Congressional Oversight Panel: Currently, the vast majority of banks have more capital than they need to be considered well capitalized by their regulators...

I know that I was not pleased to hear that. The failure to assure us that the vast majority of bank assets are in well-capitalized institutions seemed to me to speak volumes. Nobody ever thought that the vast majority of banks are not well capitalized--it's the highly leveraged New York high flyers.

Yet the market liked it.

Kiran Stacey in the FT: