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to the tune of $20 billion from the Treasury. Those billions went into the purchase of some of Citi's preferred stock. There was also some some $306 billion in guarantee's for Citi's troubled assets, which are added to the $25 billion stake in Citi which the government took back in October by way of the Troubled Asset Recovery Program..
Just how fucking much more will you and I end up giving these crooks? Funny you should ask. Here is part of the answer for you from Friedman Billings Ramsey analyst Paul Miller
Indeed, with house prices falling after a decade-long run-up and unemployment last month hitting a 14-year high, U.S. banks face increasing loan losses on mortgages, commercial real estate and credit cards. FBR's Miller writes that the eight biggest U.S. firms - Citi, Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Goldman Sachs (GS, Fortune 500), Morgan Stanley (MS, Fortune 500), Wells Fargo (WFC, Fortune 500), AIG (AIG, Fortune 500) and General Electric's (GE, Fortune 500) financial services arm - need at least $1 trillion in new capital to weather the coming recession without the prospect of an institutional failure. ( my emphasis )
A trillion dollars folks! That is one hell of a lot of money to be pissing away to companies that got themselves into this mess in the first place.
Yet, you and I will still continue paying for their greed and corruption. What a fucking waste!
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