Citigroup Reaches Deal To Pay Back TARP Loan
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Banking giant Citigroup has reached a deal to repay $20 billion in federal bailout money.
It is the last of the big Wall Street banks to repay its loans.
The New York-based bank received $45 billion in government loans as part of the Troubled Asset Relief Program.
Citigroup was among the banks hardest hit by the credit crisis.
It only has to repay $20 billion because the remaining $25 billion was converted into a 34 percent ownership stake in the bank. The government says it plans to sell its shares in the bank within the next year.
Meanwhile, President Barack Obama is meeting with executives from the nation's biggest banks, including Citigroup, Goldman Sachs and Bank of America. He's urging them to provide more loans to small businesses and home owners to help spur the economy.