Capital plans submitted for the tests typically involve requests for higher dividends and share buybacks, which the Fed allowed for JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) 
 
 “Investors are going to be disappointed,” said Michael Shemi, a director at Christofferson, Robb & Co., a New York- based investment firm with about $1.5 billion under management, referring to Citigroup.  Article Excerpt 
 
 Most of the biggest U.S. banks passed the latest round of "stress tests" administered by federal regulators—a milestone in the recovery from the financial crisis that clears the way for investors to receive tens of billions of dollars in increased bank dividends and share buybacks. Even with that blow, the 19 banks would see their tier one common capital ratio -- a measure of bank strength against loss -- fall to 6.3 percent in the fourth quarter of 2013 in the hypothetical scenario, above the 5 percent minimum the Fed required. Ally’s ratio was estimated at 2.5 percent, regardless of any capital actions it proposed, according to Fed data.  “It is night and day,” Jason Goldberg, senior analyst at Barclays Capital Inc. in New York, said before the announcement. To contact the reporters on this story: Craig Torres in Washington at ctor To contact the reporter on this story: Joshua Zumbrun in Washington at jzumbrun@bloomberg.net;res3@bloomberg.net; 
 
 To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
– The Federal Reserve released the results of its latest round of stress tests at the nation's biggest banks, and they're generally being received as good news. Fifteen of the 19 banks passed, which is what outlets such as the Wall Street Journal and Washington Post are highlighting in the the first paragraph. But the AP and Bloomberg opt to focus on the four that failed, and each singles out Citigroup in the opening paragraph. (The three other banks that failed to impress were SunTrust, MetLife, and Ally Financial.) A Barclays Capital analyst sides with the rosier view, especially when the numbers are compared to the dark days of the Lehman collapse: “It is night and day. In 2009, about half the banks failed the stress test. The industry’s capital position is higher today, and better quality. There is a lot less leverage.”