Superhero Government Man is about to rescue another damsel in distress, this time by the name of Citigroup.
The Treasury department, Federal Reserve and FDIC announced on Friday that they were channeling a solid $20 billion into the flagging finance stalwart in the hopes of preventing yet another catastrophic collapse of a longstanding institution.
The boost already has been met with some success, as the market has shown favorable initial response to the move. Citigroup’s stock rose 49 percent in morning trading, and the stock markets in Germany and England gained more than four percent in afternoon trading. The collective financial world is crossing their fingers on this one, hoping to prevent even more financial chaos.
On another note, The New York Mets baseball organization is also knocking on wood for a Citigroup revival, as it’s failure might instigate a renaming of the soon-to-open CitiField to Government Subsidized Stadium.
Buddy Up