Four Weeks In, Billions Don't Restore Faith in Banks

by 158 | November 21, 2008 at 07:26 pm
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Four Weeks In, Billions Don't Restore Faith in Banks

Four Weeks In, Billions Don't Restore Faith in Banks

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Some four weeks after the U.S. Treasury Department invested $125 billion into nine major U.S. banks -- as part of the government’s $700 billion financial rescue plan -- stocks for some have seen breathtaking declines. Citigroup, which recently announced more than 50,000 layoffs and is rumored to be considering selling all or parts of its financial empire, has taken one of the most-publicized hits, with its share price tumbling more than 60 percent in the past month, while the others have seen less dramatic but still significant declines.

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Rhonda J Mangus
First Flagged at 7:38 PM, Nov 21, 2008 by Rhonda J Mangus
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