Today's Top Videos: Citi, Obama's Cabinet & More...
The government steps in to assist Citigroup by injecting $20 billion into the troubled firm, while President-elect Barack Obama answers questions about his economic team. Following are today's top videos:
Obama’s Economic Plan Q&A
“I want to see [the stimulus package] enacted right away. It is going to be of a size and scope that is necessary to get this economy back on track. I don’t want to get into the numbers right now, part of the task of this economic team behind me is to help shape the details of that plan…”
—Barack Obama, President-electThe Fed's Plan
“I think [the government is] trying very hard to address the problems and they’re getting some right and getting some wrong. Let’s talk about AIG for a moment—I think the first bailout plan that they had was terrible…”
—Hank Greenberg, Chairman and CEO, CV Starr
Citi of the Future
“I think what took place today was very dramatic and in very dramatic times. I’ve always been in touch with Mr. Vikram, especially lately, and as he confirmed last week in several town hall meetings, that Citigroup was solid…So although Citigroup went down to a very unreasonable price lately, it’s still on very solid grounds. And [the government bailout] should be commended.”
—Prince Alaweed Bin Talal, Saudi Arabia
Obama Team Ranking
“I think we have the information we need about the team—they’re competent, they’re people who know what to do, but they still have to figure out their game plan. I think the big difference here is that just after three weeks of the presidential election—Obama is not a Washington insider, he’s new to Washington—but he’s bringing two of his administration to his team.”
—Al Dellibovi, President & CEO, Federal home Loan Bank of NY
Citi's Bailout
“No, I don’t think this is [a nationalization of Citigroup]. This is a transaction where we issue preferred securities to the government; we’re pairing a fair coupon on those securities.We have issued warrants in conjunction with these securities that gives the government an incremental 4.5 percent ownership in the company or a total of 7.8 percent and their ownership is limited to that level.”
—Gary Crittenden, CFO, Citigroup
More From CNBC.com
Play Santa or Scrooge? Companies Rethink Gifts
Market Selloff Cools Enthusiasm for 401(k) Plans