Citigroup Reaches Bailout Deal

Another late night weekend deal was struck between the Fed and a credit crunch casualty: Citigroup. 
In my previous post I just wrote about how shocked I was to see Citigroup make it through the weekend.  No sooner than I hit “Publish,” news broke that the U.S. government has agreed to bailout Citigroup!
Madness!!!

The world could not afford to let Citigroup fail.  Citi has a hand in all things money: retail banking, insurance, investments… you name it, they do it.  Citi operates in 140 countries and has $2 trillion in assets on the books.  According to MarketWatch, Citi has another $1.23 trillion in potentially troublesome …read more