Rochester, NY 8/7/2009 6:31:17 PM
Citigroup Inc, C - Scores 'Cars for Clunkers' Program Contract
CITIGROUP INC
CITIGROUP INC, C
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Citigroup has reaped considerable scorn for the significant investments the government has made to keep the company afloat. But being on the dole has its privileges -- as possibly evidenced by the report today that the Obama administration has awarded Citigroup a $7.7 million contract to help administer the "cash for clunkers" program.
Word of the contract comes as the Senate approved late Thursday a $2 billion extension of the program. It also comes on the heels of complaints that the government has not sufficiently managed the books on the program, resulting in the confusions over the past week regarding how much, if any, money remained in the coffers of the surprisingly popular car-voucher initiative.
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