Rolfe Winkler has updated his estimates of Tangible Common Equity (rumored to be required by the FED to be at least 3%) for big banks . Some banks pass some fail.  We suspect the government will change the definition of TCE so that it doesn’t even resemble Rolfe’s and all the banks pass.  It should be emphasized that TCE will not tell us ANYTHING about off-balance assets and liabilities or funny accounting for certain assets.