Today's Outrage: Citi, BofA Are Biggest Losers

Citigroup (C Quote) and Bank of America (BAC Quote) turned out to be the U.S. government's worst investments so far, with paper losses of $3 billion and $2.2 billion respectively, based on the original strike price for the preferred shares bought by the U.S. Treasury and yesterday's closing price for the common shares.

All told, the government is currently facing $8 billion in losses on the 10 biggest investments it made - and that's after accounting for the $424.1 million paper gain on Morgan Stanley (MS Quote) shares and the $271.6 million paper profit on Goldman Sachs (GS Quote) shares.

For those keeping score, the Treasury owns almost $200 billion in preferred stock from 532 firms, but 8 firms account for $134 billion. In all, the bailout is now more than $3 trillion, which is just about as much as the entire federal budget for last year. ...