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News Alert
5:00 p.m. ET Thursday, May 7, 2009
Nation's Largest Banks Need $75 Billion, Federal Stress Tests Find 5:00 p.m. ET Thursday, May 7, 2009
The nation's largest banks collectively need another $75 billion in equity to ride out potential losses due to the recession, according to long awaited government stress tests released today. Nine of the 19 banks do not need any new capital at all, including J.P Morgan Chase and Goldman Sachs.
For more information, visit washingtonpost.com
News Alert - http://www.washingtonpost.com May 7, 2009
Government Says GMAC Must Raise $13.1B - www.washingtonpost.com
The Federal Reserve has ordered the financing arm of General Motors to raise $13.1 billion in new capital to ensure the firm’s stability in the face of heavy losses in mortgage and auto lending and costs related to taking over new loans for Chrysler dealers and customers, said sources familiar with talks between government and industry officials.
The sum is among the biggest required for any U.S. financial institution, and could prove difficult for GMAC to raise because of the limited nature of its business and poor quality of its loans.
For more information, visit washingtonpost.com
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