Remember that crazily catchy Lou Bega tune from a few years ago, "Mambo No. 5?"
Click here for a reminder (but do so prepared to be hearing the song in your head for the rest of the day).
Well, President Bush appeared with Treasury Secretary Henry Paulson today to introduce us to Bailout No. 5.
It's Citigroup, which became the fifth private U.S. institution to receive a government bailout this year, following Bear Stearns, Freddie Mac, Fannie Mae and AIG.
Actually, Citigroup's bailout today isn't No. 5. It's actually 5-b, as CNNMoney.com tells us:
The Treasury, the Federal Reserve and the FDIC said the federal government would guarantee roughly $300 billion in losses at Citigroup on its troubled assets and inject $20 billion more into the bank. That new capital injection was on top of the $25 billion given to Citigroup weeks ago as part of the $700 billion bailout passed by Congress in October.
Come to think of it, we're not really sure how many private U.S. institutions have received a government bailout this year, since the Treasury Department won't tell us.)
And the bailouts could continue for as long as that Lou Bega song lingers in your brain: The Big Three are awaiting Bailout Nos. 6, 7 and 8, and President Bush said this morning that "If need be, we're going to make these kind of decisions to safeguard our financial system in the future."
For a reminder about why all this is necessary, read Rich Galen's most recent column on the subject.
And one more thing: Make plans now to be sure you pay your taxes on time next year. The government will need it to give away.
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