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Feds and Citigroup Officials Agree on Bailout Plan

WASHINGTON - Federal regulators this weekend agreed to provide Citigroup with additional access to capital to protect it against losses from $306 billion worth of troubled assets, mostly loans and securities tied to the housing market.

By Claude R. Marx | Updated on November 23, 2008

WASHINGTON – Federal regulators this weekend agreed to provide Citigroup with additional access to capital to protect it against losses from $306 billion worth of troubled assets, mostly loans and securities tied to the housing market.

Under the plan, Citigroup will absorb the first $29 billion worth of losses and the government will cover the others. The government will inject $20 billion in capital in the company and in return will receive additional preferred shares.

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