US unveils $20bn Citigroup aid plan

Aljazeera

Citigroup has posted losses for the past four financial quarters [GALLO/GETTY] The US treasury department has announced that is is investing $20bn in Citigroup Inc as one of a series of actions to help the bank. The US government will take preferred shares in the company as part of the arrangement. In a late Sunday night announcement, the treasury department said it and the Federal Deposit Insurance Corp will provide protection against losses in a pool of about $306bn worth of loans and securities on Citigroup's balance sheet. Read more: http://english.aljazeera.net/news/americas/2008/11/2008112475458284269.html