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Keyword: citigroup

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  • Citi's $7 Billion MBS Settlement: The OTHER Side of the Story (Government Strong-armed Lenders)

    07/15/2014 12:25:56 PM PDT · by MRourke85 · 11 replies
    Confounded Interest ^ | 07/15/2014 | Anthony B. Sanders
    The media talked endlessly about Citigroup’s $7 billion settlement with the U.S. Department of Justice yesterday. A colleague at work complained “But it should have been double or triple that amount!” I asked if he had read the complaint. No, he said, he heard the news from his wife who watches MSNBC. First, here is DOJ’s announcement of the $7 billion settlement. Second, here is the complaint. Citi_Mortgage_Complaint-in-intervention Read it for yourself without editorial comments from people who just read the headline. Bear in mind that the complaint is just one side of the story (Justice’s). Of the $7 billion...
  • Who Funds the Far Left? You’ll Be Surprised

    12/14/2013 3:20:29 AM PST · by afraidfortherepublic · 49 replies
    Powerline ^ | 12-13-13 | John Hinderaker
    The Center for American Progress is a left-wing organization that is closely associated with the Obama administration. Its principal product is a web site called Think Progress. Think Progress is part of the internet cesspool that modern liberalism has become. Written by hack left-wing bloggers, it is bitterly hostile to free enterprise. It is a low-rent site that traffics in the most absurd smears and conspiracy theories. Many have wondered for some years who finances far-left web sites like Think Progress. As of today, we know at least part of the answer, as CAP released its corporate donor list for...
  • Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

    12/07/2013 10:37:20 AM PST · by SeekAndFind · 21 replies
    TEC ^ | 12/06/2013 | Michael Snyder
    <p>The too big to fail banks have a larger share of the U.S. banking industry than they have ever had before. So if having banks that were too big to fail was a "problem" back in 2008, what is it today? As you will read about below, the total number of banks in the United States has fallen to a brand new all-time record low and that means that the health of the too big to fail banks is now more critical to our economy than ever. In 1985, there were more than 18,000 banks in the United States. Today, there are only 6,891 left, and that number continues to drop every single year. That means that more than 10,000 U.S. banks have gone out of existence since 1985. Meanwhile, the too big to fail banks just keep on getting even bigger. In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years. If even one of those banks collapses, it would be absolutely crippling to the U.S. economy. If several of them were to collapse at the same time, it could potentially plunge us into an economic depression unlike anything that this nation has ever seen before.</p>
  • CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

    10/27/2012 10:47:23 AM PDT · by opentalk · 73 replies
    Intel Hub ^ | October 26, 2012 | JG Vibes
    This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector. Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters. Within hours the original page for the article was taken down, and CNBC senior...
  • Jack Lew and Citigroup: How the Corrupt Rich Get Richer with Cronyism

    03/01/2013 9:29:57 AM PST · by Kaslin · 5 replies
    Townhall.com ^ | March 1, 2013 | Daniel J. Mitchell
    If you’re an amoral person with political connections, it’s possible to make a lot of money. Warren Buffett lined his pockets by making a government-subsidized investment in Goldman Sachs during the financial crisis.The rest of us suffered and he got richer, but the left seems to be okay with that perverse form of redistribution because he supports class-warfare tax hikes. Sort of like buying an indulgence in the Middle Ages.Hey, nice work if you can get it.But Buffett may be an amateur compared to the crony capitalists at Citigroup.The just-confirmed Treasury Secretary Jack Lew was given a huge bonus for...
  • From the Citi to the Caymans (Jack Lew rehabilitates what Obama once called a 'tax scam.')

    02/13/2013 6:42:11 AM PST · by SeekAndFind · 2 replies
    No matter how Jack Lew performs at his Senate confirmation hearing on Wednesday, his nomination to be Treasury Secretary has already produced one big winner: the Cayman Islands. The Caribbean low-tax haven is getting a political rehabilitation thanks to Mr. Lew's participation in a Cayman-based fund he invested in while working at Citigroup C +0.16% from 2006-2008. For years Democrats have denounced the Caymans, which has no corporate income tax, as a refuge for tax cheats. In 2012 President Obama ripped Mitt Romney for investments based there. But now an Obama spokesman suggests that Mr. Lew's Caymans investment, a Citigroup...
  • Jack Lew Bagged $950,000 Bonus After Citigroup Bailout

    01/10/2013 5:30:38 PM PST · by george76 · 15 replies
    Breitbart ^ | 9 Jan 2013 | Wynton Hall
    In the wake of the financial meltdown, President Barack Obama derided Wall Street bonuses as “obscene,” calling them examples of “fat cats who are getting awarded for their failure.” But now, Mr. Obama has announced that he will nominate as his next Treasury secretary Jack Lew, a man who in 2009 bagged a $950,000 bonus after his bank, Citigroup, received billions in a taxpayer-funded bailout. Mr. Lew is the former chief operating officer of Citigroup’s Alternative Investments unit—a group that bet billions against homeowners paying their mortgages.
  • Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge

    12/05/2012 9:51:56 AM PST · by SeekAndFind · 17 replies
    New York Times ^ | 12/05/2012 | JESSICA SILVER-GREENBERG
    <p>Citigroup announced on Wednesday that it would cut 11,000 jobs, reducing its work force by roughly 4 percent in an effort to cut costs.</p> <p>Under the reduction, 1,900 jobs will be eliminated in the institutional clients division. Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group.</p>
  • Citigroup To Slash Over 11K Jobs; Sees About $1 Bln Pre-Tax Charge In Q4

    12/05/2012 7:25:59 AM PST · by ExxonPatrolUs · 16 replies
    Real Time Business News ^ | 12/5/2012 9:14 AM ET
    Citigroup Inc. said it is cutting more than 11,000 positions, as a part of repositioning actions, resulting in an estimated pre-tax charges of nearly $1 billion in the fourth quarter of 2012 and some $100 million of related charges in the first half of 2013. Citi said it now expects the repositioning to generate $900 million of expense savings benefitting 2013 results and that the annual expense savings would exceed $1.1 billion annually beginning in 2014. Furthermore, the company anticipates that the actions would have a negative impact on annual revenues of less than $300 million. The repositioning, which includes...
  • Vikram Pandit Steps Down as Citigroup's Chief

    10/16/2012 6:58:56 AM PDT · by SeekAndFind · 6 replies
    New York Times ^ | 10/16/2012 | BY MICHAEL J. DE LA MERCED AND JESSICA SILVER-GREENBERG
    Citigroup‘s board said on Tuesday that Vikram S. Pandit had stepped down as chief executive, effective immediately, and will be succceeded by the head of the bank’s European and Middle Eastern division, Michael L. Corbat. John P. Havens, the bank’s president and a longtime associate of Mr. Pandit’s, has also resigned. The surprising move by Mr. Pandit comes just one day after the firm reported stronger-than-expected third-quarter earnings. Excluding a number of onetime charges — including a big loss tied to the continued shedding of the Smith Barney brokerage — Citigroup earned $3.27 billion, or $1.06 a share. That bested...
  • NIRP: The Financial System’s Death Knell?

    08/22/2012 6:10:02 PM PDT · by DeaconBenjamin · 6 replies
    zero hedge ^ | 08/22/2012 17:49 -0400 | Eric Sprott
    On July 18th, 2012, the German government sold US$5.13 billion worth of 2-year bonds at an average yield of -0.06%. Please note the negative symbol in front of that yield number. What this means is that the German government was able to borrow money for less than nothing. When those specific bonds expire in two years’ time, the German government will pay back the original $5.13 billion minus 0.06%. Expressed another way, investors knowingly and willingly bid the German government $5.13 billion in exchange for bonds that will pay no interest and are guaranteed to lose them money on expiration.1...
  • Barclays Chairman Agius Resigns

    07/02/2012 5:48:13 AM PDT · by Kartographer · 7 replies
    WSJ Online ^ | 7/2/12 | JESSICA HODGSON
    Libor rates are calculated for different currencies each day under the auspices of the British Bankers' Association, using quotes that are submitted by banks on a panel, based on the banks' estimated borrowing costs. More than $800 trillion in securities and loans are linked to Libor, including $350 trillion in swaps and $10 trillion in loans, including auto and home loans, according to the CFTC. No other banks or individuals have been charged with wrongdoing. Banks that have disclosed they are being investigated include Citigroup Inc., C +3.72% Deutsche Bank AG, DBK.XE +2.02% HSBC Holdings HBC +1.00% PLC, J.P. Morgan...
  • Citigroup sued for fraud over $1 billion of CDOs

    01/25/2012 11:59:09 PM PST · by Razzz42 · 4 replies
    uk.reuters.com ^ | Tue Jan 24, 2012 | By Karen Freifeld
    Citigroup Inc (C.N) was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007. Citigroup is accused of defrauding Loreley into purchasing "fraudulent investments that are now worthless," Loreley said in a complaint filed Tuesday in New York State Supreme Court in Manhattan...
  • New Chief of Staff: Former Hedge Fund Exec. at Citigroup, Made Money Off Mortgage Defaults

    01/09/2012 6:39:37 PM PST · by Nachum · 5 replies
    Weekly Standard ^ | 1/9/12 | Daniel Halpe
    President Obama's first chief of staff Rahm Emanuel once sat on the board of troubled federal mortgage giant Freddie Mac. Bill Daley, the president's chief of staff whose departure was announced today, was previously a top executive at financial firm J.P. Morgan Chase & Co. So of course there should be little surprise that Obama's latest chief of staff, announced today by the president himself, also has deep ties to the financial industry himself. From 2006-2008, Jack Lew was chief operating officer of Citibank's alternative investments division (snip)that made billions of dollars betting "U.S. homeowners would not be able
  • Citi cuts 4,500 jobs, will take $400 million charge (Ooops, not taking Teddy Obama's advise)

    12/06/2011 3:23:14 PM PST · by tobyhill · 3 replies
    reuters ^ | 12/6/2011 | Reuters
    Citigroup Inc (C.N) is cutting 4,500 staff positions worldwide and the bank expects to record a $400 million charge related to the job cuts, Chief Executive Vikram Pandit said on Tuesday. Pandit, speaking at the Goldman Sachs Financial Services Conference, said the bank's expense reduction plan generated $1.4 billion in savings so far this year, nearly 4 percent of the bank's $37.72 billion of operating expenses in the first three quarters.
  • Guess which President has raked in the most Wall Street bucks ?

    10/10/2011 12:28:34 PM PDT · by NoLibZone · 13 replies
    hotair.com ^ | 10 10 2011 | Ed Morrissey
    While the professional Left trashes Wall Street, they might want to consider how their current President got elected.  The Sunlight Foundation reports that Barack Obama didn’t just win the Wall Street sweepstakes in 2008 over John McCain — he’s done better at getting Wall Street cash than any other President in the last 20 years: Despite his rhetorical attacks on Wall Street, a study by the Sunlight Foundation’s Influence Project shows that President Barack Obama has received more money from Wall Street than any other politician over the past 20 years, including former President George W. Bush.In 2008, Wall Street’s largesse accounted for...
  • Citibank hits checking accounts with fee

    10/01/2011 12:47:05 PM PDT · by EBH · 41 replies
    UPI ^ | 10/1/11
    U.S. banking giant Citigroup Inc. said this week it would charge $15 per month for checking account holders who kept a balance below $6,000. The firm's move comes on the heels of Bank of America's announcement this week that it would charge $5 for most debit card holders and sparked at least one desertion, the Los Angeles Times reported Saturday. Cheryl Holt of Burbank, Calif., said she was "on my way out the door right now … off to start a new account at my nearest credit union." "Should have done it years before," she added. Holt said she received...
  • Watchdog: Regulators bowed to banks on bailout

    09/30/2011 5:58:16 AM PDT · by Toddsterpatriot · 3 replies
    AP ^ | September 30, 2011 | Marcy Gordon
    WASHINGTON (AP) -- Federal regulators bowed to pressure from big banks seeking a quick exit from the financial bailout program and did not uniformly apply the government's own conditions set for repaying the taxpayer funds, a new watchdog report says. The report was issued Friday by the office of Christy Romero, the acting special inspector general for the $400 billion taxpayer bailout of the financial industry and automakers. It found that regulators, to varying degrees, "bent" to pressure from the banks in late 2009 and relaxed the requirements put in only weeks earlier. The regulators also were motivated by a...
  • Too Big To Fail?: 10 Banks Own 77 Percent Of All U.S. Banking Assets

    07/18/2011 2:47:30 PM PDT · by lbryce · 11 replies
    The Economic Collapse ^ | July 18, 2011 | Staff
    Back during the financial crisis of 2008, the American people were told that the largest banks in the United States were "too big to fail" and that was why it was necessary for the federal government to step in and bail them out. The idea was that if several of our biggest banks collapsed at the same time the financial system would not be strong enough to keep things going and economic activity all across America would simply come to a standstill. Congress was told that if the "too big to fail" banks did not receive bailouts that there would...
  • Obama's Travel Companions in Brazil

    03/19/2011 6:52:59 PM PDT · by GVnana · 86 replies
    U.S. CEOs IN BRAZIL WITH OBAMA JEFFREY R. IMMELT - CEO, GENERAL ELECTRIC Jeffrey Robert Immelt.. Immelt will retain his post at G.E. while becoming "chairman of the Council on Jobs and Competitiveness, a newly named panel that President Obama is creating by executive order."ARIS CANDRIS - CEO, WESTINGHOUSE Prior to this appointment, Dr. Candris served as senior vice president, Nuclear Fuel, providing fuel fabrication, components and services to commercial nuclear power plants worldwide.JAMES T. HACKETT – CEO, ANADARKO PETROLEUM CORP He currently serves as a director of Fluor Corporation, Halliburton Company and The Welch Foundation.JOHN V. FARACI – CEO,...
  • US Will Be the World's Third Largest Economy: Citi

    02/25/2011 9:07:25 AM PST · by NRG1973 · 24 replies
    CNBC ^ | February 25, 2011 | Patrick Allen
    The world is going to become richer and richer as developing economies play catch up over the coming years, according to Willem Buiter, chief economist at Citigroup. "We expect strong growth in the world economy until 2050, with average real GDP growth rates of 4.6 percent per annum until 2030 and 3.8 percent per annum between 2030 and 2050," Buiter wrote in a market research. "As a result, world GDP should rise in real PPP-adjusted terms from $72 trillion in 2010 to $380 trillion dollars in 2050," he wrote. As the world watches oil prices rise sharply amid unrest in...
  • Madoff victims' advocate: Citigroup saw red flags. Lawsuit seeks about $425 million from bank

    02/22/2011 1:18:16 PM PST · by SeekAndFind · 4 replies
    MSNBC ^ | 02/22/2011 | Grant McCool
    Citigroup saw several red flags in the dealings of Bernard Madoff's firm years before his multibillion-dollar fraud was exposed in late 2008, the firm's liquidator said in a newly unsealed lawsuit. Irving Picard, a court-appointed trustee seeking to recover money for former Madoff clients, made the accusations in one of several complaints he has filed against big banks he says "enabled" the massive, decades-long Ponzi scheme by turning a blind eye to it. "Citi had access to and received information placing it on inquiry notice that Madoff's advisory business was potentially a fraud, and/or that Madoff was making hundreds of...
  • Banks threaten debit card spending limit

    02/20/2011 7:30:15 AM PST · by FromLori · 118 replies
    WFAA ^ | 2/19/2011 | Elaine Thompson
    What if you go to use your debit card but find you have a $100 spending limit — even if you have more money in your account? Right now, the idea is a bargaining chip being used by some of the nation's biggest banks, including JP Morgan Chase, Bank of America and Citigroup. The change would have a big impact on shoppers. The average family spends $122 on groceries every week, so a simple trip to the supermarket might in the future require a stop at the ATM. It all goes back to new rules that Congress is considering aimed...
  • Citigroup Gets Huge New $38 Billion Bailout, Wiping Out All Of The Taxpayer's "Profits" (Dec. 2009)

    01/31/2011 8:47:30 AM PST · by Nachum · 45 replies
    business insider ^ | Dec. 16, 2009 | Joe Weisenthal
    The Treasury may have made some silly paper "profit" on its bailout of Citigroup (C) but the taxpayer may not get much of anything. The Washington Post reports that as part of the bank's TARP payback agreement, it's quietly been given a $38 billion tax break by the IRS. Seriously. The Internal Revenue Service on Friday issued an exception to long-standing tax rules for the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in value...
  • Citigroup fears fresh wave of sovereign defaults and bank failures in eurozone

    12/23/2010 2:19:26 AM PST · by TigerLikesRooster · 1 replies
    Telegraph ^ | 12/22/10 | Ambrose Evans-Pritchard
    Citigroup fears fresh wave of sovereign defaults and bank failures in eurozone Citigroup has warned of a fresh wave of bank failures and a string of sovereign defaults in Europe unless EU leaders come up with a credible response to the crisis. By Ambrose Evans-Pritchard, International Business Editor 6:18AM GMT 22 Dec 2010 Professor Willem Buiter, the bank’s chief economist and a former UK rate-setter, said the eurozone is paralysed by a "game of chicken" between the European Central Bank and EMU governments in charge of fiscal policy. Both sides are trying to shift responsibility onto the other for shoring...
  • Ex-banker Quattrone arrested, faces criminal charges

    04/23/2003 7:55:43 AM PDT · by NormsRevenge · 11 replies · 213+ views
    CBS.Marketwatch.com via Yahoo! ^ | 4/23/03 | Luisa Beltran
    NEW YORK (CBS.MW) -- Former Credit Suisse First Boston star banker Frank Quattrone surrendered to federal authorities Wednesday morning and will face criminal charges, prosecutors said. James Comey, U.S. Attorney for the Southern District of New York, will unveil the charges at a 1 p.m. ET press conference. Quattrone, a former star banker for CSFB, allegedly advised his colleagues in late 2000 to destroy documents while regulators were investigating the ways Wall Street investment banks were doling out shares of lucrative initial public offerings. The former banker is charged in a three-count criminal complaint with obstruction of justice, document destruction...
  • Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

    12/02/2010 9:30:51 AM PST · by FromLori · 49 replies
    Huffingtonpost.com ^ | 12/1/2010 | Marcus Baram
    NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....
  • Is Anything Real? Trillions in Secret Fed Payments Revealed

    12/02/2010 4:08:11 PM PST · by Nachum · 45 replies
    RushLimbaugh.com ^ | 12/2/10 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Let's go back, audio sound bite-wise, to me on my program, this program. This is March 12th of this year... RUSH ARCHIVE: The TARP money was not used for its original purpose. There's something else out there, Jordan, you need to know. The Federal Reserve, before the TARP bailout, made loans totaling $2 trillion and they will not tell us to whom. We don't know who got the money. Whether the Fed loans it or the government prints it, it's our money. So you can talk about the $700 billion TARP. You can talk about the $787...
  • Report: Orszag, Obama’s Ex-Budget Wonk, Chatting with Citi

    12/01/2010 2:19:45 PM PST · by Nachum · 3 replies
    wsj ^ | 12/1/10 | Matt Phillips
    The Washington to Wall Street revolving door spins on, Bloomie reports: Citigroup Inc., recovering from its $45 billion bailout in 2008, is in advanced talks to hire former White House Budget Director Peter Orszag, people with knowledge of the matter said. Orszag, 41, may take a job in the New York-based firm’s investment-banking division, the people said, declining to be identified because the discussions are private. An announcement may come as early as today, one of the people said. Of course, there is a well-trampled trail between the White House and Citigroup, most prominently traveled by Clinton administration Treasury Secretary...
  • What You Don’t Know about “Mortgagegate” Could Crush the U.S. Banking System

    10/25/2010 5:53:50 AM PDT · by Chunga85 · 24 replies
    Money Morning ^ | 10/15/2010 | Shah Gilani, Contributing Editor, Money Morning
    Frightening FalloutIn order to easily buy and sell mortgages between themselves so that these loans might be repackaged, securitized and then sold to investors as mortgage-backed securities, banks and other lenders needed a quick way to "trade" individual mortgages. They created a company called Mortgage Electronic Registration Systems (MERS). This group includes Bank of America Corp. (NYSE: BAC), GMAC LLC (NYSE: GMA), Wells Fargo & Co. (NYSE: WFC), Washington Mutual (now owned by JPMorgan Chase), the United Guaranty Corp. unit of American International Group Inc. (NYSE: AIG), Fannie Mae (OTC: FNMA), Freddie Mac (OTC: FMCC), mortgage-servicing companies and other similarly...
  • "A European Lynch Mob Is Coming For Bank of America"

    10/25/2010 11:33:02 AM PDT · by TheDailyChange · 31 replies · 1+ views
    Forbes ^ | 10252010 | Matt Schifrin
    "The latest ugly news for Bank of America is actually coming from Europe, where big institutional money managers and other mortgage securities buyers are now beginning to organize for an assault."
  • U.S. Housing Subprime Mortgage Market Securitization Debacle, They Knew What They Were Selling

    10/25/2010 12:54:08 PM PDT · by An Old Man · 17 replies
    The Market Oracle ^ | Oct 24, 2010 | John_Mauldin
    At the end of last week's letter on the whole mortgage foreclosure mess, I wrote: "All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses...
  • Foreclosure 'robo-signers' appear to be widespread

    10/12/2010 2:57:13 PM PDT · by Fred · 11 replies
    Palm Beach Post ^ | 111210 | Kimberly Miller
    Florida foreclosure law firms were using the same "robo-signer"-type practices to repossess homes that tripped up the nation's major lenders, a signal, defense attorneys argue, that should lead to a larger foreclosure moratorium. Banks that have not pulled back on foreclosure sales and evictions, such as lender CitiMortgage, gave firms power of attorney to sign documents on their behalf. In turn, some firms created assembly-line signing systems to keep up with bank deadlines on foreclosure cases.
  • Ireland's finance minister Brian Lenihan ridiculed by City investors

    10/02/2010 5:10:29 PM PDT · by dynachrome · 1 replies
    The Telegraph ^ | 11:41PM BST 01 Oct 2010 | Harry Wilson
    Mr Lenihan had been speaking for less than two minutes on Friday before a mistake by Citigroup meant that the bank's clients were all able to be heard on the line. Between 200 and 500 investors are understood to have been on the call, and as they realised their lines were not muted many began to heckle Mr Lenihan. Some traders began making what one banker on the call described as "chimp sounds", while another cried out "dive, dive". A third man said "short Ireland" before adding "why not short Citi too?" As the call descended into chaos, with one...
  • Regulators shut big Chicago-based bank ["a big community bank... known for its social activism"]

    08/20/2010 5:20:54 PM PDT · by Brilliant · 19 replies
    AP via Yahoo! ^ | August 20, 2010 | Marcy Gordon
    Regulators on Friday shut down a big community bank based in Chicago that has been known for its social activism but racked by financial troubles in recent months. It was the 114th U.S. bank to fail this year. The Federal Deposit Insurance Corp. took over ShoreBank, with $2.16 billion in assets and $1.54 billion in deposits. Urban Partnership Bank, a new institution comprised of several big Wall Street banks and a private foundation, agreed to assume ShoreBank's deposits and nearly all its assets... In an unusual move, the FDIC allowed some of ShoreBank's executives to continue running the restructured bank......
  • OMB nominee got $900,000 after Citigroup bailout

    07/29/2010 9:25:21 AM PDT · by george76 · 3 replies · 1+ views
    The Washington Times ^ | July 28, 2010 | Jim McElhatton -
    Obama's choice to be the government's chief budget officer received a bonus of more than $900,000 from Citigroup Inc. last year -- after the Wall Street firm for which he worked received a massive taxpayer bailout. The money was paid to Jacob Lew in January 2009, about two weeks before he joined the State Department as deputy secretary of state, according to a newly filed ethics form. The payout came on top of the already hefty $1.1 million Citigroup compensation package for 2008 that he reported last year. Administration officials and members of Congress last year expressed outrage that executives...
  • Obama stiffs Dimon, Blankfein on signing

    07/21/2010 6:52:53 PM PDT · by CutePuppy · 23 replies
    NY Post ^ | July 21, 2010 | Mark DeCambre
    Wall Street's most vocal critics of the new financial regulations aren't invited to the party. Neither Goldman Sachs CEO Lloyd Blankfein nor JPMorgan Chase chief Jamie Dimon were asked to attend President Obama's signing ceremony set for today in Washington. FinReg, as the financial sector overhaul is known, is likely to alter the state and style of business of Wall Street and, potentially, sap billions of dollars of revenues from some of the most powerful financial institutions in the country. The high-profile ceremony is expected to be attended by a few hundred guests including Harvard professor Elizabeth Warren, viewed by...
  • The Oil Spill Stories that even the Conservative Media Refuse to Cover

    06/17/2010 7:45:53 AM PDT · by Welshman007 · 22 replies · 920+ views
    Conservative Examiner ^ | 6/17/2010 | Anthony G. Martin
    As the deepening crisis of the catastrophic Gulf oil disaster continues to unfold, several oil spill stories of major importance have been virtually ignored. Even the conservative media have refused by and large to cover these stories. Conservative Examiner was among the first to break these stories, yet to this day not a single major media outlet has been willing to report them, not even Fox News or conservative talk radio. These stories are explosive, conclusive, factually verified, and of utmost importance to understanding what is truly happening in the Gulf and the scenario that led to it. First, on...
  • Lawsuit: Woman fired for being too pretty

    06/03/2010 11:35:56 AM PDT · by JoeProBono · 77 replies · 3,969+ views
    upi ^ | June 3, 2010
    NEW YORK,- A New York woman's lawsuit against Citigroup says she was fired because bosses deemed her feminine beauty to be a distraction for male colleagues. Debrahlee Lorenzana, 33, said in her city Supreme Court lawsuit that she was ordered not to wear turtlenecks, pencil skirts, fitted suits or heels in the workplace because the tight clothing made her body "too distracting" for male coworkers, the New York Daily News reported Thursday. "Never did I ever show cleavage," Lorenzana said. "I like fashion, but I always dressed professionally." "I can't help it that I have curves," she said. "And I'm...
  • CitiFinancial (Consumer Arm of Citigroup) to close 330 branches, 3 in Months !

    06/01/2010 8:07:44 PM PDT · by SeekAndFind · 2 replies · 383+ views
    CitiFinancial said Tuesday it will close 330 branches in the U.S., including three in Missouri and eight in Illinois. Baltimore-based CitiFinancial, the consumer finance arm of Citigroup (NYSE: C), was not immediately disclosing which branches it will shutter, spokeswoman Shannon Bell said. As part of a reorganization plan, CitiFinancial is separating its U.S. business full-service branch and servicing segments, and will convert 182 of its full-service U.S. branches into servicing centers. CitiFinancial also said it would rename its business after the reorganization and by the end of the year. Full-service branches will continue to focus on loan originations and servicing...
  • Rubin is challenged on role in Citi's risk-taking

    04/08/2010 1:35:08 PM PDT · by NormsRevenge · 15 replies · 424+ views
    AP on Yahoo ^ | 4/8/10 | Marcy Gordon - ap
    WASHINGTON (AP) -- Robert Rubin, the former financial superstar once lionized for his global crisis-fighting prowess, was scolded Thursday over the mortgage-securities disaster at Citigroup Inc. when he was a top executive there. His claim he didn't know of the risks piling up drew a sharp retort. "You can't have it both ways: You either were pulling the levers or asleep at the switch," the head of the panel investigating the roots of the financial crisis told Rubin at a hearing. Rubin expressed regret. Yet he insisted he didn't know until late in the game, when the subprime mortgage crisis...
  • Rubin says he learned late of Citi's risky bets

    04/08/2010 7:51:52 AM PDT · by facedown · 41 replies · 553+ views
    AP via Yahoo ^ | Thursday April 8, 2010 | Marcy Gordon, AP Business Writer
    WASHINGTON (AP) -- Robert Rubin, a senior adviser to Citigroup Inc. at the time of its deep losses from subprime mortgages, said Wednesday that he learned belatedly that Citi had $43 billion in high-risk securities on its books. "I do not recall knowing before September 2007" that the bank had held onto the investments composed of repackaged mortgage bonds, Rubin said. In November 2007, Citigroup publicly estimated it would lose $8 billion to $11 billion in the fourth quarter that year from those securities.
  • Democratic (and Obama) Fund-Raiser Nemazee Indicted In $292 Million Fraud

    09/21/2009 3:33:07 PM PDT · by pissant · 83 replies · 4,048+ views
    NasDaq ^ | 9/21/09 | Chad Bray
    NEW YORK -(Dow Jones)- New York businessman and prominent Democratic fund- raiser Hassan Nemazee was indicted Monday for allegedly defrauding three banks out of $292 million in loans. Nemazee, 59 years old, was charged with aggravated identity theft and three counts of bank fraud in the indictment. Each bank fraud count carries a term of up to 30 years in prison. A lawyer for Nemazee didn't immediately respond to a request for comment. Nemazee, who was involved in various presidential campaigns and once served as finance chairman of the Democratic Senatorial Campaign Committee, was initially charged criminally in August related...
  • Citigroup Warns Customers It May Refuse To Allow Withdrawals (your money is not your money)

    02/22/2010 6:24:54 AM PST · by Tulsa Ramjet · 68 replies · 1,940+ views
    Business Insider ^ | Sunday, February 21, 2010 | John Carney
    The image of banks locking their doors to keep customers from making withdrawals during a bank run is what immediately came to mind when we heard that Citigroup was telling customers it has the right to prevent any withdrawals from checking accounts for seven days. "Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts.
  • Bailed Out Citigroup Won’t Rule Out Giving More Money to ACORN

    01/08/2010 7:43:52 AM PST · by jazusamo · 10 replies · 344+ views
    CNSNews ^ | January 8, 2009 | Fred Lucas
    (CNSNews.com) – Citigroup, which received $45 billion in tax dollars from the federal bank bailout, will not rule out giving more money to ACORN, the liberal community organizing group under investigation in several states for alleged voter registration fraud.  Citigroup was one of the three major recipients of money from the Troubled Assets Relief Program (TARP) to give money to the Association of Community Organizers for Reform Now (ACORN) and its affiliates. The other TARP recipients were Bank of America, which also received $45 billion in loans from the federal government and J.P. Morgan Chase, which got $25 billion. ...
  • Treasury delays its Citi sale

    12/17/2009 2:06:04 AM PST · by Scanian · 3 replies · 281+ views
    NY Post ^ | December 17, 2009 | AP
    Citigroup Inc. said it is selling a huge chunk of its stock at a steep discount to raise the cash it needs to repay bailout funds and free itself from government support. But the government backed out of selling any of its 34 percent Citi stake, apparently due to the tepid investor response and the weak price garnered by the $20.5 billion equity offering -- described by Citigroup as the largest in history. Citigroup said it is selling 5.4 million common shares at $3.15 apiece, an 8.7 percent discount to yesterday's close. The bank is also selling 35 million tangible...
  • U.S. gave up billions in tax money in deal for Citigroup's bailout repayment

    12/15/2009 7:02:14 PM PST · by Bokababe · 41 replies · 2,038+ views
    Washington Post ^ | 12/15/09 | Binyamin Appelbaum
    Deal made to recover bailout Firms exempted from rule when U.S. sells its stake
  • U.S. Could See $13-14 Billion Profit on Citi — Official

    12/15/2009 12:22:43 AM PST · by CutePuppy · 17 replies · 760+ views
    Reuters via CNBC ^ | December 14, 2009 | Reuters
    U.S. taxpayers could ultimately see a profit of $13 billion to $14 billion from Citigroup's payback of bailout investments, including dividends paid, a U.S. Treasury official said on Monday. That amount includes the gain on the government's 34 percent stake in Citi common shares , which was close to $5.8 billion as of Friday's close, as well as trust preferred securities with a $5.2 billion face value, received in a loss-sharing agreement backing a pool of Citigroup assets. The official also said the total also includes estimates of nearly $3 billion in dividends paid on the government's investments in the...
  • Rolling Stone: Waah, Obama sold us out

    12/12/2009 8:26:04 PM PST · by dano1 · 42 replies · 2,619+ views
    Don Surber - Daily Mail Blogs ^ | December 10, 2009 | Don Surber
    There comes a moment in politics when the blinders fall off the supporters of the other guy and they discover what you have known all along: He’s a fraud. The blinders just fell off Matt Taibbi, a writer for Rolling Stone magazine. He just now noticed that while 26% of the money Barack Obama raised came from “small” donors, nearly 3 times as much came from big donors, who ponied up a half billion bucks. Where the 26% saw Hope and Change, the 74% saw Invest and Collect. Wrote Taibbi: “What’s taken place in the year since Obama won the...
  • Obamas Big Sellout

    12/11/2009 5:55:21 AM PST · by marstegreg · 29 replies · 1,215+ views
    Rolling Stone ^ | Dec. 9 2009 | Matt Tiabbi
    Barack Obama ran for president as a man of the people, standing up to Wall Street as the global economy melted down in that fateful fall of 2008. He pushed a tax plan to soak the rich, ripped NAFTA for hurting the middle class and tore into John McCain for supporting a bankruptcy bill that sided with wealthy bankers "at the expense of hardworking Americans." Obama may not have run to the left of Samuel Gompers or Cesar Chavez, but it's not like you saw him on the campaign trail flanked by bankers from Citigroup and Goldman Sachs. What inspired...