Posted on 03 Feb 2009
Citigroup said it was using $36.5 billion in taxpayer bailout money to boost lending.
The bank issued a report describing its plans for the new capital, much of which will be used to make government-backed loans, including $10 billion of home loans supported by Fannie Mae.
Those plans follow the U.S. injecting $45 billion of capital from the government since October through the Troubled Asset Relief Program.
That high degree of government support has created a new political dimension to the bank's decisions, especially after an an outcry for the bank to cancel its $50 million corporate jet and rumblings over its sponsorship in the brand-new New York Mets stadium.