The Federal Reserve yesterday released the long-awaited results of the “stress tests”. The tests found that ten of the nation's 19 largest banks need a total of about $75 billion in new capital to withstand losses if the recession worsened. The banks in trouble will have until June 8 to come up with a plan and have it approved. While the verdict was far more upbeat than many in the industry had feared when the tests were first announced in February, will the results help build the confidence they're meant to? Edmund Andrews, New York Times economics reporter, joins The Takeaway to discuss.
For more, read Edmund L. Andrews' article, Ailing Banks Need $75 Billion, U.S. Says
, in today's New York Times.
Stress-test results: click here
to see which banks still need more cash.