Week of November 23
Late on Sunday, November 23, a rescue plan for Citigroup was agreed by the United States government. In a joint statement by the United States Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp it was announced that in exchange for preferred stock valued at $27 billion paying 8% interest, a further $20 billion would be invested into the company and that the government would limit loss on $306 billion in risky loans and securities to 29 billion dollars plus 10% of any remaining losses. According to the joint statement, "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy."
Friday, November 21 and Monday, November 24 marked the Dow Jones Industrial Average's largest two-session gain since October 1987. The Dow gained 891.10 points, 11.8%, bringing it to a close at 8,443.39 points.
Read more about this topic: Global Financial Crisis In November 2008
Famous quotes containing the words november 23, week and/or november:
“Are we talking about a church founded by the Son of God made man? Or are we talking about simply a social gathering that we can rebuild as we wish?”
—Donna Steichen, U.S. opponent of women in the ministry. As quoted in Time magazine, p. 54 (November 23, 1992)
“And although he had given himself a week to do it in and had told the landlady that he had finally decided to leave on Saturday, Ganin felt that neither this week not the next would change anything. Meanwhile nostalgia in reverse, the longing for yet another strange land, grew especially strong in spring.”
—Vladimir Nabokov (1899–1977)
“The recognition of Russia on November 16, 1933, started forces which were to have considerable influence in the attempt to collectivize the United States.”
—Herbert Hoover (1874–1964)