So long and thanks for all the fish...

So long and thanks for all the fish--- we didn't need it after all!

That is what the stronger banks queuing up to pay back their government guarantees are essentially saying.

There is a startling lack of grace: Jamie Dimon, the boss of JPMorgan, has fantasised about sending an ironic accompanying “Dear Timmy” thank-you letter to America’s treasury secretary, Tim Geithner, saying “We hope you enjoyed the experience as much as we did.” The boss of Wells Fargo has called the solvency tests “asinine”.

Sure that paying back this money has a political purpose. Paying back makes the bank appear strong and also goes a long way to distinguish from the weaker bankers who "really" needed the capital. But the harsh reality of 2008 financial meltdown was that every bank needed the capital. Even if Goldman Sachs or JPMorgan Chase were strong enough to stand, they couldn't have stood for too long if the dominoes started falling. This is a crucial fact to remember when you come across rhetoric from the bankers about them not needing the money in the first place.