Strong and severe storms continue to push across central and eastern Kentucky. This action should begin to wind down over the next few hours.
NEW YORK (AP) - Citigroup says it has reached a deal that will
give the government up to a 40 percent stake in the struggling
The company also says it recorded a goodwill impairment charge
of about $9.6 billion due to deterioration in the financial
The government will convert some of its preferred stock in Citi
to common shares if the New York-based bank along with other
The increase in government ownership will not require additional
taxpayer money. The government currently holds about an 8 percent
stake in Citi.
One of the hardest hit banks by the ongoing credit crisis, Citi
has already received $45 billion in cash from the government and
guarantees protecting it from the bulk of losses on $300 billion of