Who You Calling Stressed?

One sign the bank stress-test results won’t be pretty: The banks have fought—and won—to delay their release. They won’t come out until next Thursday now, as both Citigroup and Bank of America objected to the findings and are trying to convince the government they need less or even no capital. Even with their fight, however, the findings are leaking: “The results are expected to show that the banks must raise possibly $150 billion or more in fresh capital,” writes Reuters. Citigroup may need up to $10 billion in new capital—grounds, possibly, for bailout number four—while Bank of America may need to convert $45 billion of government preferred shares to common equity.