US government promises to protect Citigroup from 'large losses'
The US government is promising to protect struggling banking giant Citigroup against large losses by issuing a 306-billion-dollar guarantee for its capital and purchasing a 20-billion-dollar stake in the company using a financial rescue package approved by Congress.
The US government has unveiled a bold plan to rescue troubled Citigroup, including taking a $US20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets.