Government Bails out Citigroup While Automakers Flounder

Washington announced this Sunday that they will be injected $20B more into Citibank, a bank who has already recieved $25B from the $700B bailout package passed weeks ago. This comes in the wake of a heated exchange between the big three automakers and Congress, who refuses to give them $25B to avoid bankruptcy unless they come up with a good plan for spending the money in the future.

Guess Citigroup had one hell of a plan.

But I suppose the banking system is slightly more important than the domestic auto industry at the moment. Prominent leaders like Mitt Romney have said that bankruptcy might ultimately be good for auto companies in the long run. We'll see how that goes.

Citigroup shares are up 56% today on the bailout news.