The American banks are actually a very good investment opportunity at the present depressed level

Marc Faber : Well, it is very difficult to really assess the quality of earnings of banks. But I am told by experts here in the U.S. that the auditors have become very, very tough and that banks basically are at their lows recently. JPMorgan was at less than $27. That $27 now is $32. And at their lows, basically the banks were selling below book value. So some people say that American banks are actually a very good investment opportunity at the present depressed level. - in Bloomberg Surveillance

The Banks stress tests in Europe were not properly conducted

Marc Faber : Well, basically, we had the stress test in Europe and out of 90 banks, only six or seven were deemed to be unsafe. The safe banks, including Dexia, are not safe because the stress test was not properly conducted. - in Bloomberg Surveillance