WH won't say who's next on help list

WASHINGTON, Nov. 24 (UPI) -- The White House Monday defended the emergency bailout of Citigroup but declined to identify who else might be in line for government help.

White House spokesman Tony Fratto said the Citigroup bailout and one for American Insurance Group do not undermine the free-market system, even though companies competing against each other with some thriving and some failing is what makes the economy strong.

"But when you have systemically large companies that can bring down not just the entire U.S. financial system but the global financial system, and have a devastating effect on our broader economy, the government has to step in," Fratto said. "And so we have an obligation to preserve that very important part of our economy, and that supports the free market system."

Asked during the regular White House press briefing what other companies might be in line for help, Fratto said he wouldn't speculate.

"If you had said two weeks ago that they were going to have to take this action for Citibank, I think that would have seemed unlikely," Fratto said. "This is a very dynamic situation we're dealing with, and the financial system is still fragile."