Banks Need to Raise $75 Billion

The results of the bank stress tests were released on Thursday. It was revealed that 10 out of 19 tested need to raise a total of $74.6 billion in capital. Leading the list was Bank of America, which need to raise $33.9 billion. Next on the list was Wells Fargo ($13.7 billion) and GMAC ($11.5 billion), rounding out the top three.
Now that the results of the tests are public, the 10 banks have until June 8, 2009 to tell regulators in a detailed plan how they intend to raise the capital. At that point, they will have six months …read more