Citigroup, Wells Fargo to repay bailouts

• Date: December 14, 2009
• Source: www.washingtonpost.com

Citigroup has decided to repay the government provided bailout money. This decision to repay has risen from the fact that the government had imposed stringent conditions on the payout. Citigroup is looking to go about this payment in two phases. It will raise investor money worth $20 million and gradually the Treasury Department will sell its stake with Citigroup worth $25 million over the next year. Wells Fargo is another of the large bank which has decided to repay the federal rescue money. All of the nine banks which recieved federal bailout funds have repaid their fed loans.