They listened to Sheriff Brody after all (although whether this will prove big enough is unknown). Just across the wires at 07h27 GMT...

(excerpt, Dow Jones Newswires. Full release here)

Which gives the TARP a New Number Number 1 (see New York Times graphic below, not yet reflective of this second TARP infusion to Citi) and marks the commitment of circa 50% of its funds which, if you remember the spiel of its boosters, aren't likely to be totally spent and in any case represent a great deal for the taxpayer.

But, to get back on track, according to the WSJ (link below):

The plan would essentially put the government in the position of insuring a slice of Citigroup's balance sheet. That means taxpayers will be on the hook if Citigroup's massive portfolios of mortgage, credit cards, commercial real-estate and big corporate loans continue to sour

It also - belatedly - marks cards on dividend policy for recipients of public money.

(excerpt, full link here. Hat tip, Simon).

Related links:
WSJ: U.S. Agrees to Rescue Struggling Citigroup
FT: Citigroup gets $20bn bail-out

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