Government unveils plan to rescue Citigroup - Spokane, North Idaho News & Weather KHQ.com

Government unveils plan to rescue Citigroup

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WASHINGTON _ The government unveiled a plan Sunday to rescue troubled Citigroup, including taking a $20 billion stake in the firm whose stock has been hammered on worries about its financial health.

In addition, the government will guarantee as much as $306 billion of risky loans and securities backed by commercial and residential mortgages. The announcement was made by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp.

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