Citigroup puts TARP funds to use

The big TARP banks took some PR lumps earlier when it appeared they were not using their TARP funds to expand their lending. Has that changed at Citigroup? The bank's committee overseeing the use of taxpayer money approved $44.75 billion in lending initiatives as of March 31, reports the AP. That's up from $36.5 billion in lending initiatives announced in February.

The bank is looking to get a nice PR hit out of the news. It made a point of noting that the loans include $5 billion in credit to state and local governments, municipal agencies, universities and non-profit hospitals that "would not likely have been made had the bank not received money from the Troubled Assets Relief Program." 

For more:
- here's the AP article

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