Federal Govt announces plan to shift risk of bad loans from Citigroup to the American taxpayer

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The government unveiled a plan Sunday to rescue troubled Citigroup, including taking a $20 billion stake in the firm whose stock has been hammered on worries about its financial health.

In addition, the government will guarantee as much as $306 billion of risky loans and securities backed by commercial and residential mortgages.

The announcement was made by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp.

http://www.google.com/hostednews/ap/articl...slMjHQD94L37R00

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U.S. stocks rally in cheering government rescue of Citigroup

NEW YORK (MarketWatch) -- U.S. stocks opened higher on Monday, extending the prior session's solid gains, with bank shares in particular bolstered by word of Citigroup Inc.'s 11th-hour rescue by the government. The Dow Jones Industrial Average gained 134.13 points to 8,180.55. The S&P 500 rose 15.39 points to 815.42, while the Nasdaq Composite climbed 26.08 points to 1,410.43.

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Not news as of September 2008.

[spookyturtle 9,466]

We're all going to have to work more so we can do our part to pay for Citigroup's ** ups. I want everone to take a second or third job to help them out. Oops, I forgot, there are no jobs.