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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#bailout#banking industry#ben bernanke#citigroup#economy#fed#henry paulson#treasury#wall street