The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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To: ggersh who wrote (9062)	6/18/2008 7:40:25 AM
From: RockyBalboa	Read Replies (1) of 71462

Dead on: Stock off 15% on capital raising divvy cut: biz.yahoo.com AP Fifth Third to raise $1 billion, cut dividend Wednesday June 18, 7:36 am ET Fifth Third Bancorp raising $1 billion through preferred stock offering, slashing dividend CINCINNATI (AP) -- Fifth Third Bancorp says it will raise $1 billion, cut its dividend and sell noncore businesses in an effort to shore up its capital base. The Cincinnati-based bank will raise the money through an offering of convertible preferred shares. The quarterly dividend will be slashed to 15 cents from 44 cents. Fifth Third did not specify which of its business units it might sell, but says it plans to divest some over the "next several quarters" to help improve capital ratios. Banks across the country have been forced to raise new capital and slash dividends as they look for ways to build up a capital base that has been severely eroded by losses tied to rising defaults among mortgages. AP Business Writer Stephen Bernard in New York

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