Community | November 24, 2008 | 3 comments

U.S. Government unveils $306 Billion plan to bailout Citigroup

source: http://www.usatoday.com/money/industries/banking/2008-11-23-citigroup-government-plan_N.htm

Image
bansheewail

http://www.usatoday.com/money/industries/banking/2008-11-23-citigroup...

WASHINGTON — Federal regulators late Sunday agreed to backstop about $306 billion of Citicorp's riskiest assets to bolster the staggering banking giant, in yet another in a growing list of radical efforts shore up confidence in troubled financial markets.

Under the agreement announced by the Treasury Department, the FDIC and the Federal Reserve, the government will protect Citi securities backed by residential and commercial real estate. The assets will remain on Citigroup's (C) balance sheet. As a fee for the government protection, Citi will issue $7 billion in preferred stock to the Treasury and FDIC.
  1. groups:
    Community,   News and Politics,   Politics,   Money
  2. tags:
    News,  Politics,  News and Politics,  US,  7 more
  3.     
    |

3 comments // U.S. Government unveils $306 Billion plan to bailout Citigroup

top videos