Bank Of America Needs Billions More In Bailout Paper Reports

05.06.09 | FL News Team

In the wake of new federal "stress tests" results, Bank of America reportedly needs a whopping 34-billion-dollar bailout to survive. "The New York Times" cites a bank executive in its report of the ailing corporation, comparing an earlier bailout estimate of just ten-billion-dollars.

Thursday, the federal government is expected to release the results of bank stress tests, which were created to reveal which banks are strong enough to survive a possibly prolonged rescession. Before the yearly shareholder's meeting, it was leaked that Bank of America received a low grade on the tests. However, bank officials are denying the need for further federal funds and say first quarter earnings were remarkably high.