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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 This material may not be published, broadcast, rewritten or redistributed.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 56 437 16,061
MORTGAGES 76 508 18,556
FORECLOSURE NOTICES 8 56 2,461
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314
BUSINESS LICENSES 15 125 5,303
UTILITY CONNECTIONS 17 125 6,273
MARRIAGE LICENSES 19 98 3,511