Many things that Treasury Secretary Henry M. Paulson has said about the credit crunch and financial markets have come back to haunt him.
Now we may be facing a U.S. rescue of Citigroup Inc. — just one week after Paulson assured the American people that the banking system “has been stabilized.”
Citigroup’s shares dived $1.69, or 26.4%, to $4.71 today, leading another meltdown in financial shares, as investors bailed on fears that the sinking economy could torpedo the financial giant.