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.

Read more

 WAIT BEFORE YOU GO...

This year, the ground feels uncertain — facts are buried and those in power are working to keep them hidden. Now more than ever, independent journalism must go beneath the surface.

At Truthdig, we don’t just report what's happening — we investigate how and why. We follow the threads others leave behind and uncover the forces shaping our future.

Your tax-deductible donation fuels journalism that asks harder questions and digs where others won’t.

Don’t settle for surface-level coverage.

Unearth what matters. Help dig deeper.

Donate now.

SUPPORT TRUTHDIG
In this Article:
#bailout#banking industry#ben bernanke#citigroup#economy#fed#henry paulson#treasury#wall street