Obama won’t bail out City bank, he will nationalize them outright. That’s what he’s setting up.
Note that by having his officials state that they won’t bail out city, that essentially has doomed the company. That sucking sound you hear is all the depositors withdrawing funds. They are doomed within 48 hours after a statement like that is released.
This is not Citicorp or Citibank (C), but rather CIT Group (CIT).
Completely unrelated entity.
They have Skadden Arps working on the BK filing even as we speak.