The Administration will give Citibank ® a total of 45 billion dollars in one month; 20 and 25 billion dollars with no conditions. Isn’t that twice the amount the Big Three asked for last week? Yet it doesn’t stop there, the kabuki continues, the Administration’s regulators will lift away the bad debt (note: this should sound familiar, Bear Strearns in March) from Citi’s books at a tune of 306 billion dollars.
MM - J.P. Morgan Chase & Co. is buying battered broker Bear Stearns Cos. for $236 million in a Federal Reserve-backed bailout unprecedented in scope and execution.
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