Banks Given ONE MONTH To Raise Capital

After the results of the stress test are released this Thursday, those banks that have to raise capital will be given one month to do so. Unofficial Fed spokesperson Steve Liesmen of CNBC broke the news, while Chairman Bernanke sat in front of Congress.

We’re not sure what the “or what” is. As in, what happens if they don’t or can’t come up with the cash.

When asked by Congresswoman Carolyn Maloney whather he thought banks will be able to come up with the necessary capital on their own, Chairman Bernanke responded saying that he believed they would be able to, through either capital raises, conversions of preferred to common and unit sales.

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