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Deutsche Bank continues to have bad news.
Deutsche Bank's US division has failed the second round of the Federal Reserve's annual two-stage stress tests, designed to assess how well the sector could withstand another financial crisis.
The German lender suffered from "widespread and critical deficiencies" in parts of its business, the Fed said.
Goldman Sachs and Morgan Stanley were only granted "conditional" passes.
But 31 of the 35 banks tested were given the all-clear.
So we learn that 31 out of 35 banks are safe, right? The problem is that it only takes the failure of one good sized bank to destroy the others. All the banks are tied together in this system. They lashed all the ships together in the storm, so that if one sinks, they all sink.
Where we go one, we go all.