Breaking:Citi-Group About To Release Enron Like Problem

FOX,CNBC | 7-22-02 | my favorite headache

[My Favorite Headache]

Radio and I just see FOX reporting this. Big lender to worldcom and other giants...in trouble.Markets now back to falling...here we go.

[rintense]

I'm telling you, this will get worse before it gets better. And everyone will realize that part of the reason the 90s seemed so utopian is because many of the dot coms and telecom wiz kids overstated earnings to falsely bumper an economy to benefit the Clinton Adminstration. The man ran on the economy. How do we know there wasn't a promise of 'hands off' shady accounting practices that would, one, falsely encourage the market, and two, bolster his ratings among the American public? Where is the accountability for Clinton's SEC?

It's the old, you scratch my back, I'll shave Hillary's syndrome...

[kcvl]

2002 election cycle • 2000 election cycle • 1998 election cycle
New York
2001-2002 TOP SOFT MONEY DONORS

Rank
Organization
Total
to Dems
to Repubs

1 Loral Spacecom $1,380,250 $1,380,250 $0
2 Philip Morris $1,222,500 $120,000 $1,102,500
3 Service Employees International Union $1,199,666 $1,199,666 $0
4 Goldman Sachs $610,385 $600,000 $10,385
5 De Shaw & Co $599,296 $599,296 $0
6 Welsh, Carson et al $587,500 $0 $587,500
7 Pepsico Inc $521,350 $65,000 $456,350
8 American International Group $510,000 $265,000 $245,000
9 Milberg, Weiss et al $420,000 $420,000 $0
10 Dyson-Kissner-Moran Corp $375,000 $375,000 $0
11 Citigroup Inc $336,080 $325,500 $10,580
12 New York Life Insurance $307,000 $210,000 $97,000
13 Interpublic Group of Companies $300,000 $0 $300,000
13 Tiger Management $300,000 $0 $300,000
15 Kohlberg, Kravis et al $275,000 $0 $275,000

[My Favorite Headache]

It's the old, you scratch my back, I'll shave Hillary's syndrome...>

LMFAO!!!!!!!!!!!!!!!!!!!!!!!

[kcvl]

2002 election cycle • 2000 election cycle • 1998 election cycle
Connecticut
2001-2002 TOP SOFT MONEY DONORS

Rank
Organization
Total
to Dems
to Repubs

1 Paloma Partners $475,000 $425,000 $50,000
2 Aetna Inc $370,800 $105,000 $265,800
3 US Smokeless Tobacco $353,202 $20,000 $333,202
4 Aviation Products Management $200,000 $200,000 $0
5 BlackRock Financial Management $129,700 $0 $129,700
6 National Shooting Sports Foundation $107,500 $0 $107,500
7 Martha Stewart Living Omnimedia $100,000 $100,000 $0
8 Citigroup Inc $95,000 $0 $95,000
9 JHK Investments $65,000 $0 $65,000
10 Mashantucket Pequot Tribe $60,900 $20,000 $40,900
11 Walter Karl Inc $53,168 $0 $0
12 Pitney Bowes Inc $50,000 $0 $50,000
12 SASCO $50,000 $0 $50,000
14 Environmental Systems Products $40,000 $0 $40,000
14 Strand-Brc Group $40,000 $40,000 $0
14 Tosco Corp $40,000 $0 $40,000

[hchutch]

If the GOP is smart, Bush signs whatever corporate accountability measure, and then the issue is, for the most part, a wash. A LOT of these folks were donors to the Dems, and I'd like to know who is buying those bonds from California...

[kcvl]

2000 Election

JOHN MCCAIN (R-AZ)
Top Contributors
1 Qwest Communications $106,950
2 Goldman Sachs $72,720
3 Merrill Lynch $69,150
4 AT&T $68,950
5 Verizon Communications $65,200
6 Viacom Inc $65,104
7 BellSouth Corp $57,800
8 SBC Communications $56,250
9 Citigroup Inc $51,950
10 Microsoft Corp $49,349
11 Time Warner $44,825
12 CSX Corp $42,075
13 Del Webb Corp $40,450
14 Morgan Stanley Dean Witter & Co $40,100
15 Nomura Securities International $39,748
16 Mashantucket Pequot Tribe $38,850
17 Pinnacle West Capital $36,550
18 Lockheed Martin $35,750
19 Union Pacific Corp $34,500
20 Credit Suisse First Boston $34,050

[Oldeconomybuyer]

RUBIN, ROBERT E.: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
Citigroup, Inc Director NYSE:C (historical quotes, profile, SEC, financials, other insiders)	2002-02-13	233,699	direct

 

Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
2002-02-13	*111,304	C	Acquisition (Non Open Market)
2001-01-16	*93,523	C	Acquisition (Non Open Market)

[kcvl]

Well, isn't THAT interesting?!

[Endeavor]

I'm surprised it's taken this long for someone to start digging into Citibank, knowing it was a big financer of Enron. Not EVERYBODY at these companies is stupid or suffering memory loss, as we've been led to believe by types like Skilling and Lay and Fastenow et al.

[kcvl]

ARMSTRONG, C. MICHAEL (84,071 shares)
Director
1-Apr-02

• BELDA, ALAIN J.P. (12,636 shares)
Director
1-Apr-02

• BIALKIN, KENNETH J. (962,763 shares)
Director
1-Apr-02

• BIGLARI, HAMID (1,558 shares)
Officer
16-Jan-01

• BISCHOFF, WINFRIED FW (186,830 shares)
Chairman
13-Feb-02

• CARPENTER, MICHAEL A. (0 shares)
Chairman
18-Mar-02

• COLLINS, PAUL J (895,365 shares)
Vice Chairman
30-Sep-00

• D'AMBROSE, MICHAEL
Officer
20-Nov-00

• DAVID, GEORGE A. L. (10,000 shares)
Director
6-Jun-02

• DERR, KENNETH T. (41,453 shares)
Director
1-Apr-02

• DEUTCH, JOHN M. (53,935 shares)
Director
1-Apr-02

• DRUSKIN, ROBERT A. (829,199 shares)
Chief Operating Officer
26-Mar-01

• FAHOUR, AHMED (59,758 shares)
Senior Vice President
16-Jan-01

• FISHMAN, JAY S. (683,322 shares)
Chief Operating Officer
24-May-01

• FORD, GERALD R. (116,100 shares)
Director
1-Apr-02

• FROMAN, MICHAEL B.
Officer
29-Jan-01

• GUTHRIE, ROY A. (32,103 shares)
Officer
30-Nov-00

• HOROWITZ, EDWARD D. (228,216 shares)
Officer
31-Jul-00

• HUGHES, KEITH W. (126,743 shares)
Vice Chairman
30-Nov-00

• JONES, THOMAS W. (417,360 shares)
Officer
13-Feb-02

• JONES, THOMAS W.
Chairman
28-Jan-02

• JORDAN, ANN D. (19,386 shares)
Director
1-Apr-02

• LIPP, ROBERT I. (690,789 shares)
Chairman
1-Apr-02

• MAGNER, MARJORIE (470,818 shares)
Sr Executive Vice President
16-Mar-01

• MAGNER, MARJORIE
Officer
29-Jan-01

• MARK, REUBEN (41,376 shares)
Director
1-Jan-02


• MASIN, MICHAEL T. (21,394 shares)
Director
1-Apr-02

• MAUGHAN, DERYCK C. (1,278,303 shares)
Vice Chairman
5-Mar-02

• MECUM, DUDLEY C. (296,739 shares)
Director
1-Apr-02

• MECUM, DUDLEY C. II (293,609 shares)
Director
1-Oct-01

• MENEZES, VICTOR J.
Officer
28-Mar-02

• PARSONS, RICHARD D. (16,032 shares)
Director
1-Apr-02

• PEARSON, ANDRALL E. (235,280 shares)
Director
1-Apr-02

• PRINCE, CHARLES O. III (1,189,472 shares)
Chief Operating Officer
13-Feb-02

• REUBEN, MARK (41,397 shares)
Director
1-Apr-02

• RHODES, WILLIAM B.
Vice Chairman
8-Jan-02

• RHODES, WILLIAM R. (658,039 shares)
Vice Chairman
13-Feb-02

• RUBIN, ROBERT E. (233,699 shares)
Director
13-Feb-02

• SABATACAKIS, PETROS (24,400 shares)
Officer
16-Jan-01

• THOMAS, FRANKLIN A. (18,620 shares)
Director
1-Apr-02

• THOMSON, TODD S. (113,542 shares)
Chief Fincl Officer
13-Feb-02

• WEILL, MARC P. (662,786 shares)
Officer
3-Aug-00

• WEILL, SANFORD I. (22,855,818 shares)
Chairman
13-Feb-02

• WILLUMSTAD, ROBERT B. (1,057,283 shares)
President
13-Feb-02

• YASTINE, BARBARA A.
Chief Fincl Officer
16-Jan-01

• ZANKEL, ARTHUR (476,240 shares)
Director
20-Dec-01
A

[kcvl]

Check out all the activity on April 1, 2002...

[kcvl]

MARCH, 2002
Citigroup aims to sell 20% of Travelers property-casualty unit in an IPO. Indicated market value of unit: $17.5 billion
Price-book value ratio: 1.8*

* Book value adjusted down for $1 billion dividend due from Travelers to Citigroup in December, 2002
Data: Company reports, BusinessWeek

[Vets_Husband_and_Wife]

Thanks. It's true.. it is ugly...and I think you are right,.. It's gonna get a tad uglier. Then a slower recovery,.. but a Bull non the less. What do you think?

[kcvl]

As head of Primerica, Weill in 1992 bought part of Travelers, then an independent company. A year later, he took the rest of it. Next, as head of Travelers, he sold part of its property-casualty unit in an IPO, keeping life insurance and other parts close. As CEO of Citi, which merged with Travelers, he bought back the property-casualty interest in 2000. Now, in the latest IPO, Weill is selling another minority stake in the property-casualty biz. Is the boss of the world's most valuable banking franchise crying out for a psychiatrist?

I don't think so. But such compulsive buying and selling does raise a question: Why? Weill's spokeswoman at Citi did not respond to my inquiries. And the official explanations are not entirely credible. It's one thing for Citi to say it's taking the unit public so it "will have greater capital management flexibility," as the securities filing for Travelers Property Casualty explains, or so "compensation of management can be directly aligned with the performance of our common stock." Yet it's another thing to say that less than two years after taking the company private to give Citi "additional flexibility in the management of its capital," as it said back then, or to "reduce costs associated with [Travelers'] obligations and reporting requirements."

So, let's assume that the explicit reasons are not the sole motivations. Some other possibilities:

-- Welfare for investment bankers. Among its many operations, Citi also owns Salomon Smith Barney. It employs legions of investment bankers, who have spent much of the bear market trying to look busy. As lead underwriter on the IPO, plus a simultaneous sale of Travelers notes, SSB stands to take the largest cut of fees that I estimate will top $200 million.

-- Halliburtosis. Oil-services giant Halliburton saw its stock plunge last year as investors grew anxious that victims of asbestosis and other related diseases might reach past a unit it bought and into its own pockets. Travelers' filing vibrates with similar anxiety over asbestos claims. It's also curious that Citi unveiled its Travelers IPO just days after Halliburton shares sank 43%. Coincidence? Maybe, but asbestos so worries Travelers that Citi is offering $800 million in protection against excess claims. That could pinch Citi. But since it plans by yearend to give its own shareholders most of the stock in Travelers it doesn't sell in the IPO, the deal may be one way to distance Citi from any whiff of Halliburtosis.

[kcvl]

Tuesday April 16, 10:43 am Eastern Time

Press Release

SOURCE: Infosys

Infosys Announces Progeon, its Business Process Management Venture

Citigroup Investments to Invest US$ 20 Million

BANGALORE, India & FREMONT, Calif.--(BUSINESS WIRE)--April 16, 2002--Infosys Technologies Ltd. (Nasdaq:INFY - news) today announced the launch of its Business Process Management venture called Progeon Ltd. (``Progeon''), a company in which it would hold a majority stake. Infosys has also acquired additional funding of US$ 20 million from Citigroup Investments for Progeon. Infosys had announced its plans to start a BPM initiative at the declaration of its annual results last week, with an investment of US$ 5 million.

Progeon (Managing Processes in the Global Era (Eon)) will be headquartered in Bangalore and is incorporated in India. The company will currently operate out of Infosys' state-of-the art facilities at Bangalore. Together, Progeon and Infosys will offer their clients a complete cost-effective solution based on service and technology outsourcing.

``Infosys welcomes Citigroup Investments as an investor and we see this as a great partnership,'' said Phaneesh Murthy, Infosys board member and head worldwide sales and marketing.

``Infosys is a leading brand in India and this is a significant investment for us,'' said Robert Druskin, executive vice president - chief operations and technology officer, Citigroup. ``We already have a business relationship with Infosys, which we are happy with, and it was logical for Citigroup Investments to build upon the existing relationship with Infosys by investing in Progeon.''

About Infosys Technologies Ltd. (Nasdaq: INFY - news)

Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys' Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has approximately 10,000 employees in over 30 offices worldwide. For more information, visit www.infy.com.

About Citigroup

Citigroup (NYSE:C - news), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.

[dixiechick2000]

Good find! I held my nose and read it...

[wingnuts'nbolts]

No, but the Saudi Prince certainly has a very chic beauty mark just below his oh, so carefully groomed mustache, on the right side of his oh, so handsome face.

[wingnuts'nbolts]

The market will probably reel from this, but it will eventually right itself and then will be on solid ground. Unfortunately people are going to lose money here. Let's get the crud out of the market. All of it.

[wingnuts'nbolts]

I was wondering about that too. I did a Google search the night the original Saudi Rape thread was up on hte owner's of the hotel but turned up nothing suspicious.

[kcvl]

You know, it just about takes one of those HAZMAT suits to read anything about these people. Anyone who worked even close to Clintons had to be complete crooks.