The United States government on Monday announced a massive bailout plan for Citicorp to save the gaint financial major from a total collapse.
The US government will inject $20 billion into the banking giant in return for preferred shares of Citigroup. This is in addition to the $25 billion already injected to the bank as part of bank bailout plan unveiled few weeks back.
The Treasury and the Federal Deposit Insurance Corp will also guarantee up to $300 billion of risky loans and securities on Citigroup's balance sheet.
