Citi dodges bullet
Government will guarantee losses on more than $300 billion in troubled assets and make a fresh $20 billion injection.
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The U.S. federal government on Sunday announced a massive money rescue for Citigroup, the latest banking giant that has failed in the past week.
The plan have two important features:
First, the U.S. Treasury and the Federal Deposit Insurance Corporation (FDIC) will give $300 billion to the bank.
Second, the government has injected $25 billion into Citigroup as part of the $700 billion bailout passed by Congress in October.
CNNMoney.com
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