Nov 24 2008
Citicorp Gets Bailout
Citigroup got a government bailout in the billions, which really should not come as much as a shock to anyone. The government not afford to let this company go under as it would reach across many different markets and could sail the economy in a worse tailspin than it is already in.
The Bush Administration has indicated this is not the last bailout that maybe needed before all is said and done. I think these bailouts are needed in certain instances and this was one of them. If Citigroup would have failed it would have been disaster for the world economy. I guess we will have to see what company gets bailed out next.
