Regions to raise cash

B'ham News reports the state's big bank will agree to raise cash following stress test, though not agreeing with the test results. [UPDATE: NY Times reaction quote to the demand that Regions and the other banks raise $75-Billion by November: “It’s window-dressing,” said Bert Ely, a longtime bank analyst based in Alexandria, Va. Mr. Ely was particularly skeptical about letting companies bolster their balance sheets by converting preferred shares to common. “That won’t add one extra dollar to a bank’s capital buffer against losses,” Mr. Ely complained.] [UPDATE: Regions needs to raise $2.5-Billion, not $2.5Million as one station reported, and it is not "taxpayer money" as the same report said. $2.5 Billion is a lot of money everywhere except in government and in big banking. Almost chump change in those two areas. ($2.5 Million is like a cash drawer.) That's why Regions stock rose 8.4% after the FED announcement. Read Bloomburg for an excellent story on Regions.]