Government Plans Massive Citigroup Rescue Effort

By: Associated Press
By: Associated Press

Wall Street seems happy about news of the government's rescue of Citigroup.

Stock futures have been moving higher ahead of the opening bell this morning. Dow futures are up almost 2 percent.

Trading in Europe is also up, with stock markets in Britain and Germany each showing gains of more than 4 percent in afternoon trading.

Citigroup shares themselves have jumped 44 percent in premarket trading.

Analysts around the world suggest if Citigroup were to fail, financial markets would descend into chaos and there'd be no more lending or borrowing "for a while."

Regulators are hoping this latest step will bolster badly shaken confidence not just in Citigroup, but throughout the nation's financial system.

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  • by David Location: Colorado Springs on Nov 24, 2008 at 11:37 AM
    This story tells only about reaction to a Citigroup rescue plan, but says nothing about what the plan involves. Is this something that's going to help prevent foreclosures of homeowners with mortgages held by a Citigroup bank?
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