BUSINESS
03/06/2009 05:12 am ET | Updated May 25, 2011

Citi Not Backing Out Of Controversial Stadium Deal, Says Source

NEW YORK/CHICAGO (Reuters) - Citigroup Inc said it will use $36.5 billion in taxpayer bailout money to boost lending, while a source told Reuters the bank was not backing out of a controversial $400 million baseball stadium sponsorship deal with the New York Mets.

Both the bank's announcement on its capital deployment plan and the political pressure it faces over the baseball deal reflect the U.S. government's increasing sway over Citigroup, which has been weakened by more than $80 billion in writedowns and credit losses.

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