Citigroup Gets Government Help: The government announced late last night that it will protect Citigroup beyond the first $29 billion the bank loses on its troubled assets according to The Washington Post. The government will receive up to $7 billion in preferred shares.
Citi Study Shows Bleak Legal Outlook: According to The American Lawyer, The Law Firm Group at Citi Private Bank made several notable observations of the legal industry - many of which showed a grim outlook - in its most recent review of about 150 law firms. Among those observations of the legal industry are head count at law firms have remained relatively flat and New York-headquarted firms are bearing the brunt of the slow economy.
Detroit Troubles: The Big Three Detroit automakers owe more than $100 billion to their bankers and shareholders. The New York Times reports investors are increasingly concerned that without a bailout of the industry, the automakers won’t be able to pay it back.
Big Names Want Presidential Help: With President Bush’s term nearing its end, high-profile criminals, like Michael Milken and Randy “Duke” Cunningham (R-Calif.) are appealing to the president for consideration on pardons and clemency. Those seeking presidential action might not want to hold their breath. The Washington Post reports Bush has only issued 157 pardons out of 2,064 petitions and granted only six of 7,707 requests for commutations.