Many Banks May Fail Stress Test as Toxic Assets Wreck Wall Street

Many banks are expected to fail the "stress test," leading the market into a tumble, reports CBS News correspondent Priya David. Julie Chen talks to financial manager Art Cashin. A new report from JPMorgan states that there may still be $400 billion in bad assets on bank books, meaning that more bailout money may be required. What the markets really need is clarity from the government on the next steps it will take to mitigate the crisis, says Arthur Cashin, UBS Financial Services.

Watch CBS Videos OnlineMany banks are expected to fail the "stress test," leading the market into a tumble, reports CBS News correspondent Priya David. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio