ShoreBank Lines Up Financing, But is it Enough?

Charlie Gasparino is reporting on Fox Business News the troubled bank, ShoreBank, has lined up $140 million in new capital from a syndicate of the country’s largest financial institutions. This syndicate includes Goldman Sachs GS, J.P. Morgan JPM, Morgan Stanley MS, Citigroup C, Bank of America BAC and GE Capital GE. It does not look like it will be enough cash however. ShoreBank believes they need $300-400 million to survive long term. For more information visit… http://www.foxbusiness.com/story/markets/industries/finance/shady-support-shorebank/