Top 10 out of 19 US Banks need MORE money?!?! 700bn wasn't enough?
-
-
- warhawk187
- added this
Ten of America's largest 19 banks need a combined $74.6bn (£50bn) of extra funds to boost their cash reserves.
That is the main finding of the so-called "stress tests" to see if the banks have sufficient capital to cope should the recession worsen.
Bank of America is the most at risk, needing an additional $33.9bn.
"Our hope with today's actions is that banks are going to be able to get back to the business of banking," said US Treasury Secretary Timothy Geithner.
Other banks that need more money include Wells Fargo, which is said to require $13.7bn, and GMAC, the financial arm of General Motors, which needs $11.5bn.
Citigroup requires an additional $5.5bn of funds, and Morgan Stanley has been told to find $1.8bn.
----------------------------------------------------------------------------------------
How can these banks ask for more money after being bailed out in several installments with taxpayer money? Hell, the money they did receive was only to balance their own checkbooks and make sure they got their bonuses in time.
This is ridiculous, why do people suddenly scream 'communist' when you try to socialize healthcare, but don't notice a thing when banks are being nationalized with a blank check.
I thought the capitalists said that only the best, most efficient firms would succeed and the market would let those who did poorly fail. Right now the only people failing are the taxpayers...
That is the main finding of the so-called "stress tests" to see if the banks have sufficient capital to cope should the recession worsen.
Bank of America is the most at risk, needing an additional $33.9bn.
"Our hope with today's actions is that banks are going to be able to get back to the business of banking," said US Treasury Secretary Timothy Geithner.
Other banks that need more money include Wells Fargo, which is said to require $13.7bn, and GMAC, the financial arm of General Motors, which needs $11.5bn.
Citigroup requires an additional $5.5bn of funds, and Morgan Stanley has been told to find $1.8bn.
----------------------------------------------------------------------------------------
How can these banks ask for more money after being bailed out in several installments with taxpayer money? Hell, the money they did receive was only to balance their own checkbooks and make sure they got their bonuses in time.
This is ridiculous, why do people suddenly scream 'communist' when you try to socialize healthcare, but don't notice a thing when banks are being nationalized with a blank check.
I thought the capitalists said that only the best, most efficient firms would succeed and the market would let those who did poorly fail. Right now the only people failing are the taxpayers...
-
- groups:
- News and Politics, WTF
-
- tags:
- News and Politics, WTF, United States, Banks, 1 more
