Bank of America and CitiGroup were told that they both need more cash to meet government reserve requirements.
Bank of America needs 70 Billion more capital to meet requirment demands. My spin - Didn't BOA announce a profit of 2.8 billion last week? How can there be profit with 70 billion more cash is needed? I need to take a college accounting class to understand how this makes sense.
At least 17 of 30 regional banks that have less than $100 billion in assets may need to raise additional government or private capital, according to a report by Oppenheimer & Co. Inc. on Tuesday. My Spin Notice there is no mention that regional banks have a higher bar than national/global banks....
Italian authorities have seized about $300 million in assets of JPMorgan Chase & Co. (JPM), Deutsche Bank AG (DB), UBS AG (UBS) and Depfa, whose officials have been accused of fraud My Spin - This really opens up the door for an all out money grab by countries around the world, NOT good. How ironic ITALY is the country to call out and penalize the banks for fraud.
New York city saw personal income tax PLUNGE 51% in April year over year. NYC will finally feel the squeeze the rest of the country has been enduring.
The U.S. Treasury Department said on Monday it expects to borrow $361 billion of marketable debt in the April-June quarter, up $196 billion from earlier estimates.
IMF head says it will sell bonds to raise funds, World leaders meeting three weeks ago in London pledged to boost an IMF emergency lending facility by $500 billion
The U.S. Treasury Department will on Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official. - My Spin - JUST get it over with, give houses to people for free.
AIG takes action to try to avoid default on 234 Billion derivatives. My Spin: I got lots to say, but due to being an insurance company, I say nothing.
There is one notable exception, and that is China:
China reveals it has 1,054 tons of gold
Lets just hope China and the rest of the world never gets tired of buying US debt...otherwise the US can't operate at all.