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    Thursday, May 07, 2009

     

    Biggest Banks Need $75 Billion More

    by Dollars and Sense

    The results of the "stress tests" are in.

    According to the results, the biggest banks need $75 billion in additional capital to ride out a "prolonged downturn" (as opposed to whatever it was we've just been through and all the money we've loaned out).

    The Washington Post has a handy chart here. The biggest potential losers are Bank of America, Wells Fargo, and GMAC.

    However, according to former banking regulator and S&L scandal prosecutor William Black, the tests are a "complete sham" that don't go nearly far enough. If they really tested banks properly they would show a collective hole of $2 Trillion (yes, capital "t"), and force banks to massively increase their capitalization rates.

    Read the article here and the interview here, as well as Black's amazing article for D&S way back from 2007.

    --d.f.

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    5/07/2009 05:57:00 PM

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