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.

[wingnuts'nbolts]

Bush's sale of his Harken stock is not a story. It was not illegal. He did not run away with money and then the company colapse. It was a straight sale. The stock went up subsequently.

[aristeides]

Look at that, Gerald Ford and John Deutch are directors.

[wingnuts'nbolts]

Don't forget "There was no controlling legal authority".

[wingnuts'nbolts]

I think your assessment of what's to come is correct.

[aristeides]

Isn't HealthSouth an HMO? I wonder if any other HMO's have been cooking the books.

[Vets_Husband_and_Wife]

Kcvl.. in layman terms, what do you think is up? I confess ignorance. Is Citi going to be in big trouble? Or, are they recovering? You seem extremely knowlegable in this area..and I appreciate any time you can take to "teach" me. I mean, from what I just read, isn't this kind of a cooking the books type thing? Kind of like the Halliburtosis? (I don't care what anyone says.. this stuff IS complicated, to me anyway!)

Thanks!

[kcvl]

Yeah, he's really cute isn't he?! LOL! It would take more than a few BILLION dollars to live with that!

[Vets_Husband_and_Wife]

I agree with your assesments too!! I think you will enjoy this article. A very common sense article. The best I've seen for a while. Let me know what you thought of it. I'll be back tomorrow.

FRegards!!

http://www.freerepublic.com/focus/news/720393/posts

[fivetoes]

Does anyone remember the CITIBANK brooha from two and a half years ago? They were denying accounts to firearms dealers. They should have known better. 8-)
For more info do a search on FR for CITIBANK.

This was my answer then and still holds true today!

Citibank Declares Economic Warfare
The Assault on the Second Amendment Continues

A new corporate policy at Citibank, one of the largest corporate banks in the world, prohibits "maintaining accounts for businesses that deal in weapons," according to a letter sent from the Las Vegas branch of Citibank to a local pistol club owner.

The letter, dated Feb. 7, said the Nevada Pistol Academy would be forbidden from doing business at the Citibank branch as of Thursday, Feb. 17. The "Notice of Account Closure" said the bank was closing the academy's checking account and instructed account holders to refrain from making further deposits or writing checks on the account.

After the closing date, "any additional funds remaining in your account on the date of closure will be sent to you in the form of an official bank check," the letter said. Bank officials provided a customer service number for the account holders "if you have any questions regarding our decision to close your account."

Chris Lorenzo, director of the academy, said he received the bank's letter "within 3 or 4 days of opening my account." He told WorldNetDaily that no one at the bank informed him of Citibank's policy when he opened his account..

When he called to ask about the cancellation, "they gave me the runaround," he said. WorldNetDaily placed several calls to Citibank officials with no response.

Lorenzo said that while he felt the "bank was entitled to its own opinion," he just felt "other shooters might want to know this information."

As a result, Lorenzo said he contacted the National Rifle Association who, he said, is looking into the legalities of the case. His NRA contact, Chris Oswald, was out of the office for the weekend when WorldNetDaily contacted the NRA late Friday afternoon.

Chris Stark, director of the Texas Gun Owners Alliance, called the action an "outrage," and said it fell "under the category of unlawful restraint of trade."

"For Citibank to operate in this manner is a violation of common and ethical business practices and is discriminatory," he added.

The full text of Citibank's letter follows:

Citibank (Nevada) N.A.
4065 South Jones Boulevard
Las Vegas, NV 89103
Tel 702/364-2061

February 7, 2000

Nevada Pistol Academy 4610 Blue Diamond Road Las Vegas, NV 89139

CUSTOMER NOTICE: ACCOUNT CLOSURE

Account Number: (removed for privacy)

Your Citibank checking account will be closed ten calendar days from the date of this notice. This action is necessary due to Citibank not maintaining accounts for businesses that deal in weapons.

Deposits to this account will not be accepted as of three business days from the date of this notice. Please refrain from writing additional checks on this account.

Checks presented for payment will be honored until your account is closed if sufficient funds are available. Any additional funds remaining in your account on the date of closure will be sent to you in the form of an official bank check.

If you have any questions regarding our decision to close your account, please contact our 24 hour customer service telephone number, 800-756-7047 or Text Tel/TTD 800-756-0382.

Here's My Answer

[desertcry]

Yes right, and a thousand more real gems from the mouth of the demons.

[kcvl]

I can't stand these pdf. files but this one looks interesting...

[PDF] Actions of the Board, Its Staff, and the Federal Reserve Banks; ...

File Format: PDF/Adobe Acrobat - View as HTML ... Approved, April 23, 2001 Cleveland Citigroup Inc., New York, New ... assumption of certain liabilities of Citizens Community Bank of Florida, Marco Island. ...

www.federalreserve.gov/releases/h2/20010428/h2.pdf -

[kcvl]

Does this ring any bells with you?

[liberallarry]

It may not have been proveably criminal...but it may not have been a straight sale either. The executive committee - of which Bush was not a member - knew the real magnitude of the impending losses and may have disclosed them to Bush informally or indirectly.

But that wasn't the point of my post.

Whether Bush's sale was legal or not it looks bad. Should Rubin find himself in that position he will also look bad. Rubin was the hero of the '90s bull market. Should he now be tainted no one will look good....except Rudy Guiliani.

[hsmomx3]

If all is true, then they deserve this after putting in the Clinton gang. They were much better under the guise of John Reed and company.

[wingnuts'nbolts]

A few billion dollars and a new religion.

[Stultis]

Now we know why Rubin was calling people at treasury to "get the ratings agencies to ease up" about a week before enron went belly-up.

Yes! Finally the pervasive role of corporate cronyism and special favors within the Clinton White House will become part of the narrative of the current stock-market meltdown on the network news.

Oh, wait, I forgot DNC shills Brockaw/Jennings/Rather are still running the show.

[arete]

Robert Rubin as Vice Chair is it? How could he be in charge of something sleazy?

CNBC reported that Rubin actually came out today in support of Jack Grubman. It takes one to know one.

Richard W.

[Diddle E. Squat]

Speaking of Guiliani, I wonder if he may end up saving the GOP(so to speak). Right now the ultimate perception of blame(always more important than actuality in the long run) could shift to either party, and won't be settled for awhile. I think Bush is smart enough to intervene only where necessary, and let the markets do the painful job of purging themselves and returning to fundamentally sound foundations. Short term pain, long-term gain, ala 1981-2.

But that likely doesn't help in November. I wonder if Guiliani might step up to the plate in the Fall, when the real campaign is in full gear, and put this all in perspective. Like Bush he has a similar large reservoir of goodwill and credibility, yet his tapping it might not be as costly or risky. He also is positioned as an independent, and since he is not running could have the ability to speak somewhat as an outsider. Yet having been mayor of NYC, he certainly has the position to be viewed as a credible authority on Wall Street(to the average public).

So would the Bush admin tap, and would he accept, a request to speak out on the nature of the bear market, its political root causes(dishonesty, corruption, 'depends on what "is" is' metality) to refute and mute the Democrat blamethrowers?

A fan of the Strauss and Howe book 'Generations', I wonder if this is one of the issues upon which the cultural wars will ultimately be decided on. Right now is about the period in the American historical cycle where previously a deeply divided US has faced a crisis and resolved its major divisions in response to the crisis. 9/11 put a whiplash crack of requestioning into the socialist/moral relativists' momentum, this could go either way, and likely one or several more other types of crisis will emerge as 'the bills come due'. Historically these crisis(Revolution, Civil War, Depression/WWII) have assigned blame to one point of view and accepted the other eliminating the division, so how this market trouble plays out and who it is blamed on will likely significantly shape the political and cultural climate for the rest of our lifetime.

What would it cost the admin, a VP position? To the social conservatives, would gaining control of the Senate now, and thus the judiciary, be worth a Guiliani VP and 2008 win?

[My Favorite Headache]

Clinton Paper Trail Ping

[dixiechick2000]

"...HAZMAT suits..."

ROTFLOL!!!

Your post is funny but, sadly, very true.