Jefferey Johnson
When I woke up this morning, a financial news was breaking. Yes, the news broke as many of us sipped our coffee or brushed our teeth this Sunday morning. I thought: It is not happening. Not to Citibank. But it is happening...and it is in the category of "the fallen bank". Citigroup Inc. will probably get rescued by the U.S. government after a crisis in confidence erased half its stock-market value in three days, investors and analysts said. Citigroup has more than $2 trillion of assets, dwarfing companies such as American International Group Inc. that got U.S. support this year. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke may favor a rescue to avoid the chaotic aftermath of Lehman Brothers Holdings Inc.’s bankruptcy in September. How in the world can the Government and Obama save our Citibank?
When I woke up this morning, a financial news was breaking. Yes, the news broke as many of us sipped our coffee or brushed our teeth this Sunday morning. I thought: It is not happening. Not to Citibank. But it is happening...and it is in the category of "the fallen bank". Citigroup Inc. will probably get rescued by the U.S. government after a crisis in confidence erased half its stock-market value in three days, investors and analysts said. Citigroup has more than $2 trillion of assets, dwarfing companies such as American International Group Inc. that got U.S. support this year. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke may favor a rescue to avoid the chaotic aftermath of Lehman Brothers Holdings Inc.’s bankruptcy in September. How in the world can the Government and Obama save our Citibank?
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