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May 8, 2009

Fed: Bank Losses Could Approach $600B
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The Federal Reserve has determined the nation’s top banks could lose
nearly $600 billion by the end of next year. The warning came out of the
government’s stress test assessing the banks’ viability. The Fed has
ordered ten banks to raise a combined $74.6 billion in capital to
protect themselves against collapse. Of all the banks, the government
says only GMAC, the financial arm of General Motors, is likely to need
additional taxpayer aid.



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