By Daily Crux Editor Sean Goldsmith:

The latest stress test leak says Bank of America needs around $34 billion in new capital to continue operations - the biggest number among the 19 U.S. banks that underwent the stress tests.

BofA has one month to raise the $34 billion, which Fed Chairman Ben Bernanke hopes will be "through either private equity offers, or through conversions and exchanges of existing liabilities."

But what private investor would want to sink money into the bank that has time and time again proven its inability to safely manage capital? It's in even worse shape than the perennial credit crisis loser, Citigroup. BofA will likely be forced to exchange the government's debt stake for equity... or, if we're lucky, it will receive billions more in tax dollars.

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