To sum up, the nation's 19 largest bank holding companies were tested under a couple scenarios to see if they have the financial wherewithal to withstand another two years of potentially significant economic deterioration.
Nine of the 19 -- JP Morgan Chase, Goldman Sachs, MetLife, State Street, Bank of New York Mellon, U.S. Bancorp, Capital One Financial, American Express and BB&T -- were told that there is no need for them to raise additional capital.
The 10 remaining institutions must come up with varying amounts ranging from $600 million to $33.9 billion.
Banks that need to raise capital have until June 8 to devise a plan detailing how they will accomplish that task. They then have until Nov. 9 to raise the needed funding. If they can't pony up the required amount, they'll have to visit the government trough.
"We want the government involvement to be temporary and short lived with a clean, quick exit strategy so that these positions -- these firms -- are back operating with a stronger financial foundation, with private capital as quickly as possible. And we're going to make it very clear as they go through this, that the government is going to stand behind the system and make sure they have the ability to meet their commitments," said Treasury Secretary Timothy Geithner in a May 6 interview on "The Charlie Rose Show."
