US Banks Raise Billions

US Banks Raise Billions

http://www.nytimes.com/2009/05/21/business/economy/21geithner.html?hp

Following the revelation of the results of the stress tests conducted on the US banks, several banks have taken steps to shore up their balance sheets and raised $56 billion. The bailout efforts by the US government have started yielding results and the next phase of the financial rescue efforts is to be initiated soon. Although the US economy appears to be healing, it is still too early to say that the time has come for the Obama government to make an exit, US Treasury Secretary Timothy Geithner says. Of the $56 billion raised by the country’s banks in recent weeks, $48 billion was raised by the 10 banks asked to shore up their capital following the results of the stress tests.