cnbc just said bofa may need $34bn, page-17

http://www.businessinsider.com/bank-of-america-needs-a-whopping-34-billion-2009-5
Bank Of America Needs A Whopping $34 Billion
Joe Weisenthal|May. 5, 2009, 9:59 PM|comment1
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Tags: Wall Street, Bank of America, Bailout

When the FT reported that Bank of America (BAC) would need to raise "well in excess" of $10 billion in order to please regulators, they weren't kidding.

Reuters is now reporting that the stress test veridct is that BofA will need $34 billion. The official results are due out in two days, so with any luck we'll have an end to this ongoing leak-fest.

Following the release of the results, the bank will have a month fo come up with a capital-raising plan, which will most likely involve conversion of government-preferred shares to commong stock.