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US to Invest in Citi --2

Posted:24/11/2008 6:49 by Eric Culp
Citi will receive $20bln from the US Treasury's TARP fund in exchange for preferred shares with a guaranteed 8% dividend, according to a joint statement from the Treasury, FED and FDIC. The bank will also be required to comply with restrictions on executive compensation and must implement the FDIC's mortgage modification program. The FED is ready to backstop residual risk through a non-recourse loan, the statement said. click here to return to the top of the page
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