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Fed: Bank Losses Could Approach $600B

HeadlineMay 08, 2009

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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