US authorities shore up Citi

Washington will invest $20 billion and insure up to $306 billion-worth of distressed assets in a bid to shore up confidence in Citi, the world's biggest bank.

Shares in Citi had plunged by 64.5% to $3.77 at the Friday close since Hank Paulson, the US Treasury secretary, said that the funds from the Troubled Asset Relief Plan (Tarp) would not be used to buy distressed assets, as was originally intended. Citi had hoped that the government's asset purchases would lure investors into the market b

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