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...billion in additional capital. But in the past month the bank was able to raise nearly $7 billion by selling new shares of stock. The result: Morgan says those stock sales and other moves will allow the bank to repay all of its TARP funds by the end of June. And Morgan won't be alone. All told, eight of the 19 banks will tell regulators that they plan to pay back their TARP funds in the near future. (Watch TIME's video of Peter Schiff trash-talking the markets...
...common. Add that amount to the more than $600 million Fifth Third had left from its stock offering, and bingo: Stress test passed - over $1.1 billion in new common equity. The problem is the money Fifth Third paid to preferred shareholders to convert to common equity will also end up depleting Tier 1 capital - a measure of total bank resources, not just common equity - by $365 million...
...spin game is on as the world tries to talk itself out of the worst recession since the end of World War II. The good news is that there is a slowing in the rate of deterioration in the global economy. The tougher news is that this is hardly surprising. In the aftermath of unprecedented annualized plunges in real global GDP on the order of 6% to 7% in the fourth quarter of 2008 and the first quarter of 2009, the pace of deterioration almost had to moderate...
...that Obama first date--discovered recently. In April the museum, which gets about $6.5 million a year in support from the city, announced plans to increase admission for adults from $12 to $18 while eliminating its separate charge for special exhibitions. In response, Chicago alderman Edward Burke threatened to end the museum's city-supplied free water. Eventually a compromise was reached: the institute would charge out-of-town visitors the full amount, but Chicagoans would get a $2 discount. James Cuno, the institute's director, says he's very aware that because museums have obligations to the public, they...
This can't possibly last, I remember thinking. I had no real idea how it would end, though, just a vague sense that the Chinese mix of economic freedom and political repression might eventually prove combustible. Well, we're still waiting on the combustion - China is already motoring out of the global economic downturn, and its government seems as cohesive and entrenched as ever. But the economic romance between the world's most populous nation and the biggest multinational corporations is nonetheless on the rocks. (Watch TIME's video of Peter Schiff trash-talking the markets...