Companies such as Citigroup and General Electric will save a combined $24 billion in borrowing costs as a result of the government's guarantee of new debt they issue, according to a Wall Street Journal analysis. The Federal Deposit Insurance Corp.'s Term Liquidity Guarantee Program helped the eight biggest firms save $2.2 billion in the second quarter. "You can't ignore the TLGP when you look at bank earnings," says Daniel Alpert, managing director at investment bank Westwood Capital. "It has reduced their cost of funding and ensured that the market has the kind of liquidity required so that trading revenues have been so high."

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