Fed to Rescue Another Shaky Bank
Posted on Nov 23, 2008
What’s a hundred billion dollars between capitalists? The Fed and the Treasury are once again throwing good cash after bad business. This time the culprit is Citigroup, which could get bailed out—courtesy of you—to the tune of $100 billion.
And with that, we’d like to announce that Truthdig is officially too big to fail. For a mere $50 billion, we promise never to fly individually in our corporate jets.
Update: Consider Citi bailed.
The U.S. government has bailed out Citigroup Inc, agreeing to shoulder most of the potential losses on $306 billion of high risk assets and inject $20 billion of new capital, in its biggest rescue of a bank yet.
Citigroup’s rescue marks the latest government effort to contain a widening financial meltdown that has caused the disappearance or bankruptcies of companies including Bear Stearns Cos, Lehman Brothers Holdings Inc and Washington Mutual Inc.
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