U.S. Treasury to invest $20 bil. in embattled Citigroup+
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[November 24, 2008]

U.S. Treasury to invest $20 bil. in embattled Citigroup+

(Japan Economic Newswire Via Acquire Media NewsEdge) NEW YORK, Nov. 24_(Kyodo) _ The U.S. Treasury Department said it will invest an additional $20 billion in Citigroup Inc. as part of a package of guarantees, liquidity access and capital agreed to on Sunday between the U.S. government and the embattled financial giant.



In a joint statement with the Federal Reserve and the Federal Deposit Insurance Corporation, the Treasury said that the money will come from the Troubled Asset Relief Program and that Citigroup will issue it preferred stock with an 8 percent dividend.

Through such a transaction, the U.S. government "is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy," the statement said.



Copyright ? 2008 Kyodo News International, Inc.

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