Fed to Rescue Another Shaky Bank
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. Update: Done deal.
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.
Reuters:
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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