Sunday, November 23, 2008

U.S. Agrees to Citigroup Bailout

WASHINGTON – The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup Inc. by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books, according to people familiar with details of the plan.

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WSJ - U.S. Agrees to Citigroup Bailout

At the end of 2006, Citigroup was the fourth-largest company in the S&P's 500 Index with a market value of $274 billion. This was near the height of the bubble. Not sure where I'm going with this but the government still has not done anything to help the ailing real estate market and we continue to pour insane amounts of money into financial institutions that knowingly undertook massive risks.

Every one of them should fail and the money should be injected into the consumer segment through extended unemployment benefits and mortgage relief.

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