Citigroup

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New York, N.Y.

Committed:	$45,000,000,000
Disbursed:	$45,000,000,000	Returned:	$20,000,000,000	Revenue to Gov't:	$2,777,867,222
				Net Outstanding:	$22,222,132,778

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7%	of all bailout funds committed.
50.3%	of the Bank industry bailout.

Description

Citigroup was among the eight large U.S. banks to receive the Treasury Department's initial round of capital investments -- money described by Treasury officials not as a bailout, but rather as funds to help bolster "healthy" banks in tough times. But last November, with its stock price spiraling downward, Citigroup received additional government aid.

That $50 billion in aid came mostly in the form of large capital investments, but also through government guarantees to limit losses from a $301 billion pool of toxic assets. Treasury made those guarantees alongside the Fed and FDIC. In addition to the Treasury's $5 billion commitment, the FDIC committed $10 billion and the Federal Reserve up to about $220 billion.

On Dec. 23, 2009, the Treasury and Citi terminated that agreement. Citi also repaid $20 billion. $25 billion in aid remains outstanding.

Additional Resources:
Summary of Terms of Loss Sharing Program
Securities Purchase Agreement (1/15/09)

Stress Tested

This company is among the 19 companies that underwent a "stress test." Regulators determined that it needs to raise $5.5 billion in additional capital.

See the list of all 19 stress-tested companies here.

Map: Corporate headquarters of Citigroup.
See all recipients in New York

Events

$25B

Oct. 28, 2008 Purchase - Preferred Stock w/ Warrants

Part of the Capital Purchase Program
Nov. 23, 2008 Citigroup Bailed Out

The Treasury announces that it will invest $20 billion more in Citigroup; this is in addition to a $25 billion investment in October through the Capital Purchase Program. The government also agrees to use up to $5 billion to help Citi absorb losses from a $301 billion pool of assets.

Part of the Targeted Investment Program

More info from www.ustreas.gov
$20B

Dec. 31, 2008 Purchase - Preferred Stock w/ Warrants

Part of the Targeted Investment Program
May 7, 2009 Federal releases the results of its stress tests

According to the results of the Federal Reserve's "stress tests," 10 of the 19 largest banks will have to raise a total of $74.6 billion in additional capital to withstand a dire economic scenario. Ultimately, all of the banks raise the money privately, with the exception of GMAC.

More info from www.propublica.org
$600M

May 31, 2009 Dividends Paid Through 5/31/2009

This amount reflects the sum of dividends paid up to 5/31/2009

Part of the Targeted Investment Program
$684M

May 31, 2009 Dividends Paid Through 5/31/2009

This amount reflects the sum of dividends paid up to 5/31/2009

Part of the Capital Purchase Program
$107.6M

May 31, 2009 Dividends Paid Through 5/31/2009

This amount reflects the sum of dividends paid up to 5/31/2009

Part of the Asset Guarantee Program
$118.1M

Jul. 23, 2009 Dividend Paid

Part of the Capital Purchase Program

More info from www.financialstability.gov
Jul. 30, 2009 Treasury Completes Exchange of Citigroup Shares

On July 23 and July 30, Treasury exchanged a total of $25 billion of its preferred shares in Citigroup for common stock. As a result, the Treasury owns 7.7 billion shares of Citi's common stock, a 34% stake in the company.

Part of the Capital Purchase Program
$333.3M

Jul. 30, 2009 Dividend Paid

Part of the Targeted Investment Program

More info from www.financialstability.gov
$130.2M

Jul. 30, 2009 Dividend Paid

Part of the Capital Purchase Program

More info from www.financialstability.gov
$67.2M

Jul. 30, 2009 Dividend Paid

Part of the Asset Guarantee Program

More info from www.financialstability.gov
Oct. 22, 2009 TARP Chief for Exec Compensation Releases Findings

The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.

More info from www.financialstability.gov
$80.7M

Oct. 30, 2009 Dividend Paid

Part of the Asset Guarantee Program

More info from www.financialstability.gov
$400M

Oct. 30, 2009 Dividend Paid

Part of the Targeted Investment Program

More info from www.financialstability.gov
Dec. 23, 2009 Citi Also Terminates its Loss-Share Agreement

Citi's $5 billion loss-share agreement with the Treasury is terminated. The Treasury still retains the common stock it received in exchanged for its $25 billion investment, so, together with the $20 billion reimbursement, the total outstanding aid falls to $25 billion from $50 billion.

Part of the Asset Guarantee Program

More info from www.citigroup.com
Dec. 23, 2009 Citigroup Returns $20 Billion

Citigroup repays $20 billion to the Treasury.

Part of the Targeted Investment Program

More info from www.citigroup.com
$20B

Dec. 23, 2009 Partial Repayment

Part of the Targeted Investment Program

More info from www.citigroup.com
$21.2M

Dec. 23, 2009 Dividend Payment

Part of the Asset Guarantee Program

More info from www.financialstability.gov
$235.6M

Dec. 23, 2009 Dividend Payment

Part of the Targeted Investment Program

More info from www.financialstability.gov

Date	Type	Amount	Program	Description
12/23/2009	Refund	$20,000,000,000	TIP	Partial Repayment
12/23/2009	Dividend	$21,200,000	AGP	Dividend Payment
12/23/2009	Dividend	$235,555,556	TIP	Dividend Payment
10/30/2009	Dividend	$80,680,000	AGP	Dividend Paid
10/30/2009	Dividend	$400,000,000	TIP	Dividend Paid
07/30/2009	Dividend	$67,233,333	AGP	Dividend Paid
07/30/2009	Dividend	$130,208,333	CPP	Dividend Paid
07/30/2009	Dividend	$333,333,333	TIP	Dividend Paid
07/23/2009	Dividend	$118,055,556	CPP	Dividend Paid
05/31/2009	Dividend	$600,000,000	TIP	Dividends Paid Through 5/31/2009
05/31/2009	Dividend	$684,027,778	CPP	Dividends Paid Through 5/31/2009
05/31/2009	Dividend	$107,573,333	AGP	Dividends Paid Through 5/31/2009
12/31/2008	Purchase	$20,000,000,000	TIP	Purchase - Preferred Stock w/ Warrants
10/28/2008	Purchase	$25,000,000,000	CPP	Purchase - Preferred Stock w/ Warrants

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About This Project

We're tracking where the bailout money is going. Our lead bailout reporter – and blogger – is ProPublica's . Lead developer is .

ProPublica is an independent, non-profit newsroom that produces investigative journalism in the public interest. We strive to foster change through exposing exploitation of the weak by the strong and the failures of those with power to vindicate the trust placed in them.

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Eye on the Bailout

Citigroup

New York, N.Y.

Description

Stress Tested

Events

Oct. 28, 2008 Purchase - Preferred Stock w/ Warrants

Nov. 23, 2008 Citigroup Bailed Out

Dec. 31, 2008 Purchase - Preferred Stock w/ Warrants

May 7, 2009 Federal releases the results of its stress tests

May 31, 2009 Dividends Paid Through 5/31/2009

May 31, 2009 Dividends Paid Through 5/31/2009

May 31, 2009 Dividends Paid Through 5/31/2009

Jul. 23, 2009 Dividend Paid

Jul. 30, 2009 Treasury Completes Exchange of Citigroup Shares

Jul. 30, 2009 Dividend Paid

Jul. 30, 2009 Dividend Paid

Jul. 30, 2009 Dividend Paid

Oct. 22, 2009 TARP Chief for Exec Compensation Releases Findings

Oct. 30, 2009 Dividend Paid

Oct. 30, 2009 Dividend Paid

Dec. 23, 2009 Citi Also Terminates its Loss-Share Agreement

Dec. 23, 2009 Citigroup Returns $20 Billion

Dec. 23, 2009 Partial Repayment

Dec. 23, 2009 Dividend Payment

Dec. 23, 2009 Dividend Payment