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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Perspective who wrote (136201)	7/24/2008 1:54:38 PM
From: Jim McMannis	Respond to of 306849

Can they go to the window? National City Rises as CEO Cites `Sufficient Capital' (http://www.bloomberg.com/apps/news?pid=20601208&sid=aHaajjvPyvh8&refer=finance July 24 (Bloomberg) -- National City Corp. rose as much as 11 percent in New York trading after Chief Executive Officer Peter Raskind said the bank, Ohio's largest, has enough capital to survive the credit-market contraction. ``We are highly confident we now have more than sufficient capital to ride out turbulent credit markets,'' Raskind said in a conference call today. ``We have no intention, plan or need to raise additional capital.'' Raskind spoke after the Cleveland- based company reported a $1.76 billion second-quarter loss. National City lost almost three-quarters of its market value this year on concern capital levels were insufficient to weather the collapse of the subprime mortgage market and the failure of its Florida expansion strategy. The bank raised $7 billion in April to offset losses, and said today it has the highest capital ratios of any major U.S. bank.