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Sunday, May 3, 2009

Citi sticks out hand give me just $10 billion more oh please

Citigroup Inc. (C) may need to raise as much as $10 billion in new capital, according to people familiar with the matter, as the government continues negotiations with banks over the results of its so-called stress tests.

The bank, like many others, is negotiating with the Federal Reserve and may need less if regulators accept the bank's arguments about its financial health, these people said. In a best-case scenario, Citigroup could wind up having a roughly $500 million cushion above what the government is requiring.

Disclosure None, I wouldn't buy Citi with your money!

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