Citi Promises to Lend Bailout Money

Citigroup announced plans to lend $36.5 billion of the $45 billion they received in bailout funds. The loans will hopefully help keep the economy afloat by making cash available to individuals and businesses.

Critics have pointed out that the banks got large handouts from the government (or the taxpayers) but failed to lend the money. While some hesitation is understandable - irresponsible lending is part of what got us here in the first place - a complete shutdown of lending is unacceptable.

Citi is also looking to back out of a $400 million deal with the New York Mets. These days, executives are scrambling to stay out of the headlines for getting taxpayer money and spending lavishly.

Further reading:

• Bloomberg: Citi Plans to Lend
• Banks Prefer Using Bailout Funds to Buy More Banks