Mar 04, 2010

"At 10:00 a.m. on Thursday, March 4, 2010, the Congressional Oversight Panel will hold a hearing in room 538 of Dirksen Senate Office Building about the government's assistance to Citigroup under the Troubled Asset Relief Program (TARP). Assistant Treasury Secretary Herbert M. Allison, Jr. and Citigroup Chief Executive Officer Vikram Pandit are scheduled to testify.

Over the course of the financial crisis Citigroup received $45 billion in TARP funding, including $20 billion through the Targeted Investment Program (TIP) and $25 billion through the Capital Purchase Program (CPP), as well as a government guarantee of a pool of approximately $301 billion in assets. Citigroup announced on December 23, 2009 that it had completed repaying its $20 billion in TIP assistance and had terminated its asset guarantee. Treasury continues to own approximately 7.7 billion shares of Citigroup common stock - approximately 27 percent of Citigroup's outstanding common stock - as a consequence of CPP assistance.

Congress created the Congressional Oversight Panel to oversee the $700 billion Troubled Asset Relief Program. In carrying out its responsibilities under the Emergency Economic Stabilization Act of 2008, the Panel has published 15 monthly reports and two special reports, and held 17 hearings on a wide range of TARP and related financial stabilization initiatives.

This hearing will provide a better understanding of the Administration's financial stabilization efforts and the impact of TARP assistance on Citigroup. It is open to press and the public."

Click here to view the hearing online.