Citigroup

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Citi Blocks Hedge Fund Withdrawals
Citi Blocks Hedge Fund Withdrawals
Feb 15, 2008 1:35 PM CST

Citi Blocks Hedge Fund Withdrawals

Move is latest black eye for bank's alternative investments

(Newser) - Still struggling with billions of dollars in subprime losses, Citigroup blocked nervous investors from bailing out of a hedge fund specializing in corporate debt, reports the Wall Street Journal. Investors tried to pull more than 30% of $500 million in assets from CSO Partners, which posted an 11% loss last...

Stocks Up on Rate-Cut Hopes
Stocks Up on Rate-Cut Hopes
MARKETS
Jan 28, 2008 3:48 PM CST

Stocks Up on Rate-Cut Hopes

Investors look for grim housing numbers to lead to a cut

(Newser) - Stocks finished in positive territory today, riding hopes that grim new housing numbers will lead the Fed to cut interest rates this week. "The main event for the week will be the Fed-rate decision on Wednesday," a strategist tells MarketWatch. The Dow was up 176.72 to 12,...

Are Foreign Bailouts Good for the Economy?

Critics worry rush of overseas cash heralds fundamental

(Newser) - Wall Street firms, battered by the collapsing subprime market, shored by their bottom lines by selling ownership stakes to foreign governments. Although the investments represent a significant change in the US economy, they drew little public criticism and no government intervention. That reaction—or lack thereof—follows years of lobbying...

For Sale: These United States
For Sale: These United States
OPINION
Jan 20, 2008 10:41 AM CST

For Sale: These United States

Bush, US companies reduced to holding out a tin cup

(Newser) - Some Americans are outraged about illegal immigrants crossing the Mexican border, but the New York Times' Maureen Dowd thinks that the breech of some financial boundaries are of greater concern. "Who’s going to own the American economy?" she asks, pointing to oil-rich countries taking advantage of the weak...

For Hurting US Companies, World Supplies Band-Aid

In economic sea change, 'we need the money,' one US Rep. says

(Newser) - The subprime collapse has US financial institutions in uncharted waters—asking for help from foreign investors and governments, the Wall Street Journal reports. Citigroup, Merrill Lynch, and Morgan Stanley all have recently sought bailouts, a dramatic switch from a tradition that saw US banks coming to the “rescue of...

Citigroup Woes Sink Stocks
Citigroup Woes Sink Stocks
MARKETS
Jan 15, 2008 3:31 PM CST

Citigroup Woes Sink Stocks

Bleak retail numbers also contribute to steep decline

(Newser) - Stocks plunged today on news of Citigroup's big losses and surprisingly poor retail numbers. This is the worst start to a year by the S&P 500 since 1978, reports Bloomberg. "There seems to be no end of bad news,'' says one exec. The Dow was down 277....

Citi Takes $9.83B Loss, $18B in Writedowns

Record Q4 loss offset by $14.5B cash infusion from Singapore, Kuwait

(Newser) - Citigroup announced $18 billion in writedowns and a $9.83-billion fourth-quarter loss today as a relentless torrent of mortgage defaults has brought the banking giant to its knees. The $1.99-per-share loss is the largest in Citi’s 196-year history, Bloomberg reports. Citi, struggling to recapitalize, also reported US and...

China May Scuttle $2B Citigroup Bailout

Sources say China's government is standing in the way of the deal

(Newser) - On the eve of Citigroup’s fourth-quarter earnings announcement, the Chinese government appears to have raised objections to China Development Bank's purchase of a $2 billion stake in the struggling financial giant, reports the Wall Street Journal. The proposed deal, reported by the Journal over the weekend, is part of...

Saudi Prince, Chinese Bank to Back Citigroup

Foundering US giant will get billions from foreign investors

(Newser) - A Saudi prince and one of China's government banks are expected to invest billions in Citigroup, the Wall Street Journal reports today. The China Development Bank is expected to pump in $2 billion, sources said; the amount billionaire Prince Alwaleed bin Talal would front is yet to be determined, but...

Citi, Merrill Look Overseas for More Cash

Big Banks could announce $25 billion in additional losses next week

(Newser) - Merrill Lynch and Citigroup, which have already tapped foreign investors for billions of dollars to help bail them out of the subprime debacle, are headed back to the well, reports the Wall Street Journal. Merrill is seeking some $4 billion more, Citi up to $10 billion—all expected to come...

Subprime Lender Lobbying Foiled Safeguards

Ameriquest's budget to woo local, national officials: $20M+

(Newser) - Subprime giant Ameriquest spent more than $20 million on political donations from 2002 to 2006 to successfully lobby against lending restrictions meant to protect borrowers, reports the Wall Street Journal. Though the company spent millions at the national level, its focus was local, where regulators were cracking down on predatory...

In Need of Cash, Banks Looking to Sell

It's a buyers market as banks unload 'everything from branches to entire units'

(Newser) - Still in need of cash, as subprime writedowns continue to maul bottom lines, US and European banks are selling off or shuttering non-critical assets. They've already sold stakes to foreign investors and borrowed from central banks; now it's time for the yard sale, as the Wall Street Journal puts it....

Goldman Sees Bigger Losses for Big Banks

Predicts larger writedowns at Citi, Merrill, JP Morgan

(Newser) - Goldman Sachs has some bad news for Citigroup, Merrill Lynch, and JPMorgan Chase: An analyst predicts even bigger fourth-quarter writedowns for all three firms than they've already cottoned to, thanks to continued exposure to collateralized debt. The losses will be “significantly larger than investors are anticipating.” How large...

Banks Scuttle SIV Bailout
Banks Scuttle SIV Bailout
Dec 21, 2007 3:56 PM CST

Banks Scuttle SIV Bailout

BoA, Citi and JP Morgan drop subprime fix over lack of interest

(Newser) - The three banks charged by Treasury with setting up a fund to bail out investments threatened by the subprime mess are abandoning the project, the Wall Street Journal reports. Citigroup, Bank of America and JP Morgan Chase had been working since September on the plan to rescue structured investment vehicles,...

Stocks Plunge to End Off Week
Stocks Plunge to End Off Week
Dec 14, 2007 3:51 PM CST

Stocks Plunge to End Off Week

Big consumer price inflation builds concern rate cuts are over

(Newser) - The Dow dived 178.11 points today to 13,339.85 after a 0.8% spike in the consumer price index, the biggest since September 2005, sparked concern that the era of rate cuts might be over. Inflation was “the 800-pound gorilla in the room,” one strategist told...

Citigroup to Bail Out Struggling $49B SIVs

Citigroup reverses course; Moody's downgrades its credit rating

(Newser) - Citigroup will take over seven subprime-plagued investment funds, with $49 billion in assets, and provide emergency support if necessary, to keep them solvent, the Wall Street Journal reports. The decision yesterday to bail out its affiliated SIVs—structured-investment vehicles—is a reversal of Citi's earlier decision to keep them off...

Selloff May be Next Under New Citigroup CEO

Pandit's 'front-to-back review' will look for options to boost capital

(Newser) - Major restructuring and sales of businesses appear to be on the table for embattled Citigroup, Bloomberg reports, with new CEO Vikram Pandit today promising a "front-to-back review" of operations at the financial giant battered by the subprime crisis. Citigroup stock has fallen 40% this year; one analyst called it...

Struggling Citi Names Pandit CEO
Struggling
Citi Names
Pandit CEO
Dec 11, 2007 2:19 PM CST

Struggling Citi Names Pandit CEO

Megabank looks to former Morgan Stanley prez to lead recovery

(Newser) - Citigroup today named Vikram Pandit its new CEO. The current head of private-equity and hedge-fund investments will be charged with leading the bank's recovery from staggering losses in the subprime collapse and a 38% drop in its share price this year. The ex-Morgan Stanley president joined Citigroup in April; he...

Treasury Secretary Won't Jump to Citigroup

Paulson says he'll stick it out with Bush

(Newser) - Treasury Secretary Hank Paulson will stick it out until the end of the Bush presidency and won't jump to Citigroup, the Financial Times reports. His name had been mentioned in connection with the vacant top spot at Citigroup and investors are likely to be disappointed that he has ruled himself...

Subprime Waves Ripple Across Europe
Subprime Waves Ripple Across Europe
Nov 29, 2007 1:59 PM CST

Subprime Waves Ripple Across Europe

Crises at German and Norwegian banks underscore exposure to US collapse

(Newser) - The ripples from the US subprime collapse continue to rock Europe as a group of German banks agreed to bail out troubled IKB Deutsche Industriebank, reeling from additional risk from US bond investments. Meanwhile, four Norwegian municipalities scrambled to recover after they they invested $156 million in now fading US...

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