» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 124 | NO. 99 | Thursday, May 21, 2009

Geithner: Major Banks Have Raised $48 Billion

AP

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 79 396 11,921
MORTGAGES 90 443 13,870
FORECLOSURE NOTICES 10 70 1,928
BUILDING PERMITS 191 975 25,139
BANKRUPTCIES 56 289 7,762
BUSINESS LICENSES 23 184 4,083
UTILITY CONNECTIONS 22 166 4,847
MARRIAGE LICENSES 16 81 2,625

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.