Why Citigroup got Detroits money

NEW YORK (CNNMoney.com) -- Poor Detroit. The heads of the Big Three automakers had to subject themselves to two days of Congressional grilling last week while they begged for a $25 billion loan.

And what did General Motors (GM, Fortune 500), Ford (F, Fortune 500) and Chrysler get? Nothing. Nada. Zilch.

They were told to go home and write up a viable business plan and to show that they wouldn't be coming back for more money a year down the road. (Adding insult to injury, Motown's hapless football team, the Detroit Lions, is still searching for its first victory. Ouch.)

Meanwhile, Citigroup (C, Fortune 500), which just a month ago received $25 billion, had no trouble securing another $20 billion Sunday night. CEO Vikram Pandit didn't even have to fly his jet to Capitol Hill with hat in hand. (And oh yeah: the two New York football teams are a combined 18-4, with the Jets on Sunday upsetting the previously undefeated Titans. The Giants are also the defending Super Bowl champs. Go Big Blue!)

Why the apparent unfairness?

Daniel Alpert, managing director of Westwood Capital, an investment bank in New York, said that saving a bank like Citigroup has to take precedence over the auto industry.

Even though a collapse of one or more of the Big Three could have major negative implications on the economy, particularly the unemployment rate, he said preventing a Citigroup bankruptcy could forestall an even worse shock to the already fragile financial system.

"This is dramatically different. Essentially, what the government needed to do is under no circumstances allow Citigroup to fail. You can't have a financial world without the major banks," he said.