Wow, that's a pretty shocking figure and as the article mentions, raising capital is getting harder by the day. I'll be Phil Gramm's phone is ringing off the hook these days, though perhaps he only works for posh Swiss banks when he's not co-chair of the McCain campaign.
U.S. banks may need to raise $65 billion of additional capital to cope with mounting losses from a global credit crisis that will not peak until 2009, Goldman Sachs analysts said on Tuesday.
The new capital would be on top of $120 billion already raised by the industry, analysts led by Richard Ramsden said.
