U.S. To Bank Of America: You Need $33.9B
Should the bank be unable to raise the $33.9 billion, it would have to rely on government aid, which is roughly $45 billion from the Troubled Asset Relief Program, a bank executive told the newspaper.
"We're not happy about it because it's still a big number," J. Steele Alphin, the bank's chief administrative officer, said. "We think it should be a bit less at the end of the day."
The report comes as the Treasury Department is set to unveil the results of bank stress tests. Bank of America would be able to raise the $33.9 billion if it converts the shares it sold to the government into common stock, however, that would make the government one of the bank's largest shareholders.
"There are several ways to deal with this," Alphin said. "The company is very healthy."