Citi Bailed Out

The US government agreed to provide $326 billion in rescue funds, although Citi has already taken $25 billion of that. The rest will be used to guarantee troubled assets on Citi's books. We the taxpayers now own 7.8% of Citigroup.

The rescue comes just after several foreign investors pumped money into Citi. Those investors may have had some pretty good luck, as the government backstop includes support from the Treasury and FDIC in case Citi sees extensive losses.

Further reading:

• Mortgage Crisis Causes