Fed's reverse repo activity in Treasuries with major banks. When I was on the corporate staff of a large conglomerate, we eventually busted one of our divisions for pushing inventory out the door on the last day of the quarter, only to have most of it returned a few days later, all as a way to boost quarterly revenues. This appears to be the bankers' equivalent of such channel-stuffing.
Are the Feds really fooled by artificial quarter-end liquidity that is provided by the Feds themselves? The stress-tests remind me of the story about FDR declaring a bank holiday, and claiming to have allowed only the strong banks to reopen the next day. How did they know which were strong and weak? They didn't, really. The whole exercise was a PR ploy to boost consumer confidence in the banking industry.
Update: Yep, there it all goes back where it came from