Friday, May 8, 2009
Bank Stress Test explained
General Motors is reporting a first-quarter loss of $6 billion. It also says it spent $10.2 billion more cash than it took in. The nation's biggest domestic automaker faces a June 1 government deadline to finish a restructuring plan or go into bankruptcy protection.
Any bets about GM heading straight to bankruptcy in June?
We already got chumped by Chrysler-- $7.2 billion "write off" in their bankruptcy of bailout money.
The government released results of stress tests given 19 of the nation's largest financial firms. The tests were to gauge whether the banks would need more capital to survive a deeper recession. Wells Fargo, Citigroup and Bank of America may need billions more.
Isn't that special???