Monday, November 24, 2008
The Fed seems to have gotten a few conditions
In return for the massive guarantee of their part of the shitpile, the Fed did get a few concessions from Citi.
As part of a rescue agreement with federal regulators, Citigroup will effectively halt dividend payments for the next three years and will agree to restrictions on and review of certain executive compensation, it was announced on Monday. The bank will also put in place the Federal Deposit Insurance Corporation’s loan modification plan, which is similar to one it recently announced.As the little old lady who pissed in the ocean said, "Every little bit counts".
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