Bailout of banks, Citigroup

Citigroup has received two lifelines from the U.S. Treasury Department's Troubled Asset Relief Program, getting $25 billion in October 08 and $20 billion in November 08.

The second infusion involved an agreement by the government to share in some losses, in exchange for preferred stock and warrants.

http://www.reuters.com/article/
newsOne/idUSN1234412520090114

Is this a welfare for the richest? From the richest.

Bailout billions out to execs

Banks that are getting taxpayer bailouts awarded their top 600 executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The 116 banks have so far received $188 billion in taxpayer help.

Wells Fargo of San Francisco took $25 billion in taxpayer bailout money.


http://www.huffingtonpost.com/2008/12/21/ap-study-finds-16b-went-t_n_152647.html