Bailout for Breakfast: Citi, BoA Stressin’
By next week, we’ll know how many billions more of bailout money will be going to the nation’s biggest banks. Until then, the rumor mill will be humming. That’s because federal regulators have already delivered the results of the “stress tests” to each of the banks. Over the course of this week, the two sides will be debating the results, until the final word on Friday when regulators tell the banks how much more money they need to raise.
So this morning, the Wall Street Journal reports that regulators have decided that Bank of America and Citigroup need more capital. How much more isn’t clear. What is clear is that the companies aren’t happy with the process, one exec from Citi even griping that regulators have been asking “a million questions.”
The griping and sniping will probably only get worse as the week goes on.
Other links:
- Criminal Authorities Focus on 3 in Investigation of AIG (WSJ)
- U.S. Tries to Broker Sale Of Chrysler's Loan Arm (WaPo)
- F.D.I.C. Chief Calls for Broader Powers for Agency (NYT)
- Obama to Unveil New Incentives for Mortgage Servicers (WSJ)
- UAW Would Own Majority Of Chrysler, Source Says (WaPo)
- GM Offers U.S. a Majority Stake (WSJ)
- For Big Banks, Money Still Talks (Politico)
- BoA Replaces Countrywide Brand, Launches Flat-Fee Loan (Char. Obs.)
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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