Right Wingers, help me out on this one. Seriously. by NewOldBrownCoat

REAL WORLD EVENT DISCUSSIONS

Right Wingers, help me out on this one. Seriously.

POSTED BY: NEWOLDBROWNCOAT
UPDATED: Wednesday, May 6, 2009 20:23
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Wednesday, May 6, 2009 8:23 PM

from CNNMoney:
" Bank of America (BAC, Fortune 500) is reportedly being told to raise $34 billion,
while Wells Fargo (WFC, Fortune 500) is expected to be told to raise $15 billion.

Reports surfaced late Tuesday that Bank of America (BAC, Fortune 500) may need
roughly $34 billion in capital to weather a more painful economic environment.

Rivals of the Charlotte-based lender, including Wells Fargo (WFC, Fortune 500)
and Citigroup (C, Fortune 500), have also been frequently mentioned in recent
days as two institutions in need of capital."

According to my leadman, who is a member of the Birch Society, " BofA and Wells Fargo are being forced to borrow money from the Federal governemnt, that they don't need. If they offer to pay it back immediately, the Fed is refusing to accept payment."

Now that don't sound quite like what CNN is reporting, although I can see where that MIGHT BE IMPLIED in what they report. Anybody got a source that directly supports his point of view?

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