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VOL. 124 | NO. 99 | Thursday, May 21, 2009

Geithner: Major Banks Have Raised $48 Billion

AP

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WASHINGTON (AP) - Treasury Secretary Timothy Geithner says banks identified in stress tests as having capital shortfalls have raised $48 billion of the $75 billion that the government said they needed to get through an adverse turn in the economy.

Geithner told the Senate Banking Committee in written testimony that the government's review of the nation's 19 biggest banks has helped increase confidence in the financial system.

He said nine of the banks without shortfalls have also raised about $8 billion that they will use to repay the government.

The 10 banks that were found to need more capital after the stress tests, including Citigroup Inc. and Bank of America Corp., have until June 8 to develop such a plan and have it approved by regulators.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 38 20,670
MORTGAGES 45 45 23,790
FORECLOSURE NOTICES 0 0 3,047
BUILDING PERMITS 187 187 42,781
BANKRUPTCIES 57 57 13,237
BUSINESS LICENSES 23 23 6,645
UTILITY CONNECTIONS 30 30 7,819
MARRIAGE LICENSES 27 27 4,670