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.
Fed: Bank Losses Could Approach $600B
HeadlineMay 08, 2009