Citigroup said to need up to $10 Billion
Citigroup Inc may need to generate up to $10 billion in new capital to meet the requirements of the U.S. government's stress tests, the Wall Street Journal reported on its website on Friday,
Like other financial institutions, the bank is in talks with the Federal Reserve about whether it needs more capital, the Journal said, citing unnamed sources.
Citigroup may need less if regulators accept its arguments about its financial health. In a best-case scenario, Citigroup could have a roughly $500 million cushion above what the government requires, the paper reported.
Calls to Citigroup were not immediately returned. A spokesman for the U.S. Treasury had no comment.
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http://www.reuters.com/article/businessNews/idUSTRE54107J20090502Also, it is widely rumored, considering the continuing delays in the release of the bank stress tests, that Citi won't be the only one needing more of your tax dollars. Perhpas from 6 to 14 of the 19 banks tested will need more taxpayer-funded capital injections to stay afloat awhile longer.
But..
NO HELP FOR YOU IF YOU'RE FACING A MORTGAGE DEFAULT!!!
Throw the bums out!!!
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5578739#5578956