REP. SHERMAN ISSUES STATEMENT ON QUESTIONING THE TERMS OF FEDERAL GOVERNMENT'S AGREEMENT WITH CITIGROUP
November 24, 2008
November 24, 2008
WASHINGTON, Nov. 24 -- Rep. Brad Sherman, D-Calif. (27th CD), issued the following news release:
"Taxpayers are to invest $20 billion and to assume $249 billion in risk on Citigroup's $306 billion portfolio of toxic assets. For this, taxpayers receive preferred stock with a face value of $27 billion (worth well less than $20 billion) and $2.7 billion worth of warrants.
Taxpayers are taking an enormous risk for a small share of the possible upside. Paulson shoul . . .
"Taxpayers are to invest $20 billion and to assume $249 billion in risk on Citigroup's $306 billion portfolio of toxic assets. For this, taxpayers receive preferred stock with a face value of $27 billion (worth well less than $20 billion) and $2.7 billion worth of warrants.
Taxpayers are taking an enormous risk for a small share of the possible upside. Paulson shoul . . .