The world will get a glimpse of what the vaunted stress tests are all about in two distinct parts: On April 24, Treasury will disclose the assumptions involved in the tests, which include a best case and worst case economically speaking. Banks will be able to comment at this point. May 4 marks the big day, when the actual results of the tests are revealed for 19 big banks.

For many banks, a lot is on the line. No doubt, some will fare well, the likes of Goldman Sachs and JPMorgan Chase perhaps. But you really have to wonder about Citigroup and Bank of America and some big regionals. My guess is that banks will deploy their full PR and IR arsenals around these events. If a bank's results are bad, it will have to go into crisis mode immediately. One question for banks in need is whether or not the government will quickly announce a remediation plan. 

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