Corporate Profile: Citigroup

Citigroup was one of the biggest recipients of the federal bailout. Stocks fell from about $55 per share pre-recession to $5 where they sit today. They receieved $341 billion in bailout from TARP. Profits from 1998-2008 exceeded a combined $145 billion, and the company netted $28 billion in 2010. Citigroup were one of the worst hands in subprime loaning, financing the 3 biggest subprime lenders, Countrywide, Ameriquest, and New Century Financial, and owning another, CitiFinancial. These 4 lenders accounted for over $280 billion in subprime loans from 2005-2007. My sense is they contributed a great deal to the current economic crisis.