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.

[Shermy]

What did the stock close at? more than 10% down?

[antivenom]

Citigroup extended loans to Enron...Enron and it's fancy accounting had shown the money as cash and posted it on it's books as a credit...when it was a loan and was a debt.

Citgroup was merely one of many "enablers" to Enrons creative accounting.

[doug from upland]

The entire Sinkmaster economy was smoke and mirrors. He got what he wanted. The pathetic rapist traitorous bastard got to keep his job.

[steveegg]

How much ado do you think the media will make of a Klintonistas involvement in the corporate scandals?

None.

[kcvl]

The former Hilton International COO says of M&C: "When I joined the group in January 1998, there were only 24 hotels. Today, we have 88." And it is testimony to how exciting M&C’s growth prospects are that it has been able to attract "top-class" talent, he argues.

Robert Morse, who previously held senior positions at Meri-Star and Sheraton, now heads M&C’s US operations. Tony Potter, a former CEO of Friendly Hotels plc and senior VP at Hilton, is in charge of M&C’s UK business. And Mr Wilson himself spent 25 years with Ladbroke Group and Hilton International before joining M&C.

Then came his high-profile acquisition of New York’s glitzy Plaza hotel in 1995, with Saudi Prince Alwaleed. Later that year, Mr Kwek snapped up Aer Lingus’ Copthorne chain in the UK. Within six months, M&C was structured, holding the Kwek family’s hotels in New York and Europe, and floated on the London bourse in April 1996. The next big wave of acquisitions came in 1999. M&C bought all 43 Asia-Pacific hotels belonging to its then parent, CDL Hotels International, and later snapped up the Seoul Hilton and YS Lo’s Regal chain in the US - all in the same year. The three deals came to US$1.5 billion.

[mombonn]

No doubt Rush will be all over this tomorrow.

Rush is gone for a couple of days. Hopefully, Tom Sullivan will be back tomorrow. He's a financial guy who could probably do an even better job of explaining all of this than Rush.

[kcvl]

Millennium & Copthorne in its acquisitions of three major New York City hotels—the Millennium Broadway (formerly the Hotel Macklowe), the Millennium Hilton and the Plaza, including the financing of the acquisitions, the negotiation of new management agreements and, in the case of the Plaza, a joint-venture agreement with Saudi Arabian Prince Alwaleed bin Talal and Citicorp (The firm also acted as U.S. counsel to Millennium & Copthorne in connection with the public offering of its stock in 1996 in the United Kingdom.)

[Dems_R_Losers]

Key People
Chairman and CEO:
Sanford I. (Sandy) Weill

THIS is the guy that needs to be reamed!!! Best buddy of Bubba Clinton and MAJOR contributor to the DNC, New Democrat Network, Hillary, etc. etc.

Can somebody please go look up all the soft money contributions of Citigroup? I swear, every major Democratic function in Washington has Citigroup as its chief corporate sponsor. Citi has giove hundreds of thousands of dollars to Democrat committees and campiagns in the last 10 years. Clearly they expected something in return for this investment!!!!

[Alberta's Child]

That's a great story. I worked for a company that was bought out by a subsidiary of Tyco two years ago, so we became a subsidiary of a subsidiary. As soon as I heard the news I began preparing to leave the company, because I had no interest in working for a corporate conglomerate like that.

The best thing the parent company could have done was simply leave us alone and let us continue operating as we had been operating before the acquisition. Instead, they insisted on running things "their way," which meant they were running the business like they were from another planet.

On my last day with the company I warned all my friends there that they should be prepared to leave on short notice.

"I don't know what it is," I said, "but something about that Kozlowski guy (former CEO Dennis Kozlowski) strikes me the wrong way. I just don't trust him."

When Kozlowski was indicted for tax evasion in New York and removed from his position by Tyco's board of directors a few months ago, I got about a dozen e-mails from people at my old company asking me to pick lottery numbers for them.

[kinghorse]

Saudi prince pours another dlrs 500 million into Citigroup...

And here I thought they set up our bubble. Interesting. We all know Enron was a front company for Uncle Sam to pump $$ into sympathetic regimes around the world (stop right there, I never said it was bad). Perhaps our Uncle was using Enron to sucker C into a morass knowing if C goes, a lot of Sheik money comes back to our shores. Nice touch. Markets will puke their guts, but nice touch.

[Freee-dame]

I wonder if history will record this story correctly???

The odds are against it with Clinton-loving lefties in control of big media and academia.

[Pining_4_TX]

Lieberman also sponsored the bill that changed the rules on stock options. Scott Burns mentions it in his column today in the Houston Chronicle business section. I've been asking for someone to post the article! Please!!! :)

[NormsRevenge]

soft money contributions of Citigroup

http://www.capitaleye.org/inside.asp?ID=21

May 16, 2002 | With the ban on unlimited soft money contributions set to take effect after the November elections, Democrats and Republicans are locked in a frantic fundraising race. Both parties are brazenly raising as much soft money as possible before the ban takes effect. Republicans held a $33 million Washington fundraiser Tuesday night that featured President Bush. The GOP said the night smashed previous fundraising records for a single event. Not surprisingly, the event's underwriters, several of whom were revealed by the Washington Post, included some of the biggest donors in the country, including Carl Lindner ($209,000 so far in the 2002 election cycle, 97 percent to the GOP), head of American Financial Group; and Dwight Schar ($89,500, all to Republicans), chairman of NVR Homes. Corporate sponsors identified by the Post include Philip Morris ($2.0 million in individual, PAC and soft money contributions so far in the 2002 cycle, 88 percent to Republicans), Microsoft ($1.6 million, 60 percent to Republicans), AT&T ($1.5 million, 54 percent to Republicans), Citigroup ($1.2 million, 53 percent to Republicans), American International Group ($1.1 million, 57 percent to Republicans), and Lockheed Martin ($1.1 million, 60 percent to Republicans).

[GraniteStateConservative]

The son of the 41st president didn't have an FBI file? Hmmmm... yeah, I believe that. < /sarcasm >

The FBI files aren't just for people who have committed federal crimes.

[kcvl]

CITIGROUP
HARTFORD, CT 06183 12/7/2000 $20,000 RNC/Repub National

State Elections Cmte
CITIGROUP
LONG ISLAND CITY, NY 11120 11/7/2000 $25,000 RNC/Repub National State Elections Cmte

CITIGROUP
WASHINGTON, DC 20004 11/3/2000 $100,000 DNC/Non-Federal Corporate

CITIGROUP
LONG ISLAND CITY, NY 11120 11/3/2000 $5,000 RNC/Repub National State Elections Cmte

CITIGROUP INC PAC
WASHINGTON, DC 20004 10/13/2000 $50,000 NRSC/Non-Federal

CITIGROUP INC
NEW YORK, NY 10043 8/8/2000 $1,100 RNC/Repub National State Elections Cmte

CITIGROUP
WASHINGTON, DC 20004 7/19/2000 $1,850 RNC/Repub National State Elections Cmte

CITIGROUP
WASHINGTON, DC 20004 7/13/2000 $1,500 NRSC/Non-Federal

CITIGROUP
WASHINGTON, DC 20004 7/13/2000 $250 NRSC/Non-Federal
CITIGROUP

HARTFORD, CT 06183 7/6/2000 $25,000 RNC/Repub National State Elections Cmte

CITIGROUP
WASHINGTON, DC 20004 6/30/2000 $50,000 DSCC/Non-Federal Corporate

[O Neill]

Only America can destroy America. It's rotting from within.

And the really scary thing is that The Founders KNEW this very truth, and placed reliance upon each INDIVIDUAL citizen (NOT Big Government) to maintain the nation's integrity by being constantly vigilant in their Civic Duties, electing ONLY the most stalwart Christians among the many, leaders whose private lives were RIGOROUSLY examined by each voter for even the hint of any flaw!

'Democracy is for the lazy Citizen!', they knew. That's why this nation was established as a REPUBLIC...

...and to the Republic [NOT democracy] for which it stands. One nation, under God, indivisible....

Slick Willie? President?? Shocking, I tell you. Dreadfully SHOCKING to every Founder's concept of Good Government!

[NormsRevenge]

CitiGroup is another quagmire the Republicans have stumbled into ... 2000 Top 50 soft money contributors

[kcvl]

CITIGROUP
WASHINGTON, DC 20004 3/15/2000 $25,000 NRCC/Non-Federal Account

CITIGROUP
LONG ISLAND CITY, NY 11120 3/8/2000 $5,000 RNC/Repub National State Elections Cmte

CITIGROUP
WASHINGTON, DC 20004 3/7/2000 $25,000 DNC/Non-Federal Corporate

CITIGROUP
WASHINGTON, DC 20004 3/7/2000 $25,000 DNC/Non-Federal Corporate

CITIGROUP
WASHINGTON, DC 20004 3/7/2000 $40,000 DSCC/Non-Federal Corporate

CITIGROUP
WASHINGTON, DC 20004 3/7/2000 $10,000 DSCC/Non-Federal Corporate

CITIGROUP
WASHINGTON, DC 20004 2/4/2000 $50,000 NRCC/Non-Federal Account

CITIGROUP
WASHINGTON, DC 20004 1/19/2000 $25,000 DNC/Non-Federal Corporate

[Alberta's Child]

The son of the former President of the United States and former director of the CIA had anything other than a parking ticket in his FBI file?

Yeah, I'll believe THAT!

[rintense]

Citigroup, Inc. is the SECOND largest business contributor to Tom Daschle...