Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Citigroup reaches aid deal with government

Send a link to a friend

[February 27, 2009]  NEW YORK (AP) -- Citigroup says it has reached a deal that will give the government up to a 40 percent stake in the struggling bank.

DonutsThe company also says it recorded a goodwill impairment charge of about $9.6 billion due to deterioration in the financial markets.

The government will convert some of its preferred stock in Citi to common shares if the New York-based bank along with other private investors.

The increase in government ownership will not require additional taxpayer money. The government currently holds about an 8 percent stake in Citi.

One of the hardest hit banks by the ongoing credit crisis, Citi has already received $45 billion in cash from the government and guarantees protecting it from the bulk of losses on $300 billion of risky investments.

[Associated Press]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor