Here is a recap of the top news items on Wall Street last week:

1. On Monday the U.S. govenment rescued embattled mega-bank Citi (NYSE: C). The U.S. Treasury will invest $20 billion in Citi preferred stock under the TARP. The government will guarantee $306 billion of Citi assets for another $7 billion in preferred stock. Citi will issue warrants to the U.S. Treasury and the FDIC for approximately 254 million shares of the company’s common stock at a strike price of $10.61. Citi also agreed not to pay a quarterly common stock dividend exceeding $0.01 per share for three years.