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  • April 21, 2009 09:39 AM EDT by Brian Sullivan

    IMF Says Another $875 Billion Needed

    While Tim Geithner is updating Congress (and America) on TARP and banks, the International Monetary Fund came out with its own estimates globally.

    From the WSJ:

    U.S. and European banks need to raise $875 billion in equity by next year to recapitalize banks to a level similar to the pre-crisis years - and twice that amount to match the level of the mid-1990s, the International Monetary Fund estimated. The steep funding requirements reflect a financial crisis that the IMF said continues to deepen along with the global recession. The banking sector's woes have spread from the housing sector to commercial real estate loans and emerging-market debt. Overall, the IMF estimates that the U.S., European and Japanese financial sectors face losses of about $4.1 trillion between 2007 and 2010. Of that amount, banks are confronting $2.5 trillion in losses, insurers $300 billion and other financial institutions $1.3 trillion. The banking sector has already written down $1 trillion of those losses, said the IMF, which didn't estimate how much other financial firms such as insurance companies and hedge funds, have written down thus far.

    Read the whole story here.

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DrDetroit

I say - hey IMF 875 BIllion needed ? how about US tax payers say - I will NOT bank at PNC who takes your tax money - goes shopping - but denies YOU credit. LET ALONE ? This Demchak new hire being #3 at PNC ? I can only ask was any TARP money USED to pay that salary - since it came AFTER TARP ? I will LIVE to FEAST on this injustice until it is remedied. What remedy holds in store ? I don't know Anyone see where IndyMac or WaMu went ? I think the consumer CAN give PNC a PIECE of their mind - buy closing ALL accounts ASAP. let em know where to take their MIS-USE of TARP money. Come on- this one got to me because it was an institution that was NOT in distress that used TARP. If this has been missed in the headlines- it's found now It's about the lousiest use of TARP I've seen I call it criminal - but I define crime as that which is detrimental to ones community. I'd say taking community tax dollars - going spending ON that credit- and at the same time denying credit TO those community members ? a crime. Maybe Fox Business News will be able to summon William Demchak - as I read about him -mr. SIX HUNDRED THOUSAND DOLLARS A YEAR man + STOCK - to what ? figure out how to spend YOUR taxes. for - oh my - super senior salaries. give me a break. These super seniors days are numbered - least those that take TARP MONEY when they were NOT in distress. Is it me ? anyone ELSE outraged by this ?

April 21, 2009 at 4:47 pm

JohnC

Just to show degree of anger here - it's time to F... the IMF!

April 21, 2009 at 10:19 am

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

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