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NEWS ABOUT: Citigroup

There May Be No More Smokers in 30 Years

...at least in developed countries, according to Citigroup analysis

(Newser) - Smoking may be a thing of the past in just a few decades—at least in developed countries—a Citigroup analysis of the tobacco industry finds. Using smoking rates in Britain, it calculated that there may be no smokers left in 30 to 50 years. A decade ago, almost one... More »

Taxpayers Will Score $12B on Citigroup Bailout: Treasury

Government strikes deal to sell remaining 2.4B shares

(Newser) - Taxpayers will wind up making out like bandits on their $45 billion bailout of Citigroup. The Treasury Department has struck a deal to sell its remaining 2.4 billion shares of Citigroup for $4.35 a share, it announced yesterday, bringing the total money made off such sales to $57... More »

How to Get Out of Jury Duty: Know Michael Moore

Donna Gianell bounced from Citigroup trial

(Newser) - A juror found herself bounced from a Citigroup-EMI fraud trial after her connections to liberal filmmaker Michael Moore emerged. Citigroup lawyers played a clip from Moore’s Capitalism: A Love Story in court showing juror Donna Gianell’s name in the credits, then asked Judge Jed Rakoff to dismiss her.... More »

Big Banks Still Think We're Chumps

Citigroup hasn't learned its lesson from financial crisis

(Newser) - Have the big banks learned their lesson from the financial crisis? Not a chance, writes Charlie Gasparino in the Daily Beast . Citigroup’s recent attempt to bar a well-respected financial analyst from questioning its executives about accounting practices, plus new documents proving the bank’s top brass knew about its... More »

SEC: Citigroup Execs Lied

Former heads knew of losses, SEC claims

(Newser) - Citigroup 's top brass lied about their knowledge of the firm's subprime losses, the SEC alleges. Court fillings from the SEC suggest former chief executive Charles 'Chuck' Prince and former senior adviser Robert Rubin were well aware that the highest-rated segments of subprime mortgage-backed securities were the source of... More »

Too-Hot Banker Dumps Her S&M-Lovin' Lawyer

Lorenzana was freaked out by sex harassment case

(Newser) - Too-hot-for-Citi banker Debrahlee Lorenzana was apparently afraid she’s also too hot for her lawyer—so she ditched him. After learning of a 2008 sexual harassment suit against attorney Jack Tuckner, “she was horrified,” a source tells the New York Post . And with good reason: Court papers filed... More »

Too-Hot Banker Wasn't Always So Stacked

Debrahlee Lorenzana got two boob jobs, bragged about 'em

(Newser) - Debrahlee Lorenzana may be too hot for Citibank , but it turns out her, er, assets weren’t always quite so big. The bombshell banker was featured in a 2003 Discovery Health Channel series called Plastic Surgery New York Style, during which she talks quite gleefully about her two boob jobs.... More »

Another Bank Has Problem With Too-Hot Banker

Debrahlee Lorenzana in hot water with JPMorgan Chase, too

(Newser) - Too-sexy-for-Citibank Debrahlee Lorenzana is now in hot water with a second bank…but not for looking too hot at work. Lorenzana claims current employer JPMorgan Chase isn’t happy she spoke out against her last employer—who she says fired her for being too attractive . “They're circling the wagons... More »

Banker: I Was Fired for Being 'Too Hot'

Debrahlee 'distracted' male workers, she's suing

(Newser) - A former banker is suing Citibank for firing her because she's "too hot" and was distracting male workers, she argues in court documents. Citibank managers officially cited Debrahlee Lorenzana's poor work performance when she got the ax. But the 33-year-ol single Queens mom says she was told repeatedly she... More »

Typo, Glitches, Panic Blamed for Stock Market Mayhem

'Fat finger trade' likely triggered trader panic

(Newser) - What's known in the business as a "fat finger" trade may have been responsible for yesterday's stock market chaos, analysts say. Multiple sources believe a trader at a major firm—possibly Citigroup—hit a "B" instead of an "M" while trading Procter & Gamble shares, selling a... More »

Bankers Now Think Citi Less Risky Than Goldman

Criticism sends Goldman debt costs higher

(Newser) - One is the most profitable, successful bank on Wall Street, the other came within a hairsbreadth of nationalization. Who would you rather lend money to? Apparently, right now investors are going with the latter. As of Monday, Goldman Sachs' debt was yielding 2.73%, to just 2.29% for Citigroup,... More »

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets... More »

Other Wall St. Banks as Guilty as Goldman

Many engaged in same activities SEC is now calling fraudulent

(Newser) - The SEC's fraud suit against Goldman Sachs might be just the tip of the iceberg, because other investment banks engaged in exactly the same sleight of hand, Pro Publica reports. Goldman is accused of failing to disclose that a hedge fund was both helping to create, and betting against, the... More »

Bailout Tab Plummets; Companies Quick to Repay

Expected costs down from $250B to $89B in past year

(Newser) - The financial bailout is looking a lot less expensive these days: At a projected $250 billion just a year ago, the expected federal bailout tab is now down to $89 billion—less than the government paid for the savings-and-loan crisis 20 years ago. The falling bailout costs come thanks to... More »

Villains of Financial Crisis Hide by Boring Us

Tepid hearings reveal pretty much nothing

(Newser) - If you’re like Peggy Noonan, you devoured CSPAN’s coverage of this week's Financial Industry Inquiry Commission hearings, and you got to see, live, the dramatic testimony of ex-Citigroup CEO Charles Prince. “Let’s be real,” Prince said. “You, for political reasons, both Republicans and Democrats,... More »

Citi Execs 'Sorry' for Financial Crisis, But...

Prince, Rubin take no responsibility at inquiry hearing in DC

(Newser) - Citigroup's former CEO Chuck Prince and former chairman Robert Rubin sure are sorry that their bank’s toxic assets struck a near-fatal blow to the economy and necessitated a $45 billion federal bailout, but they really didn’t see it coming. That’s the gist of their testimony today in... More »

Feds Look to Unload Citi Stake, Collect $8B

Dumping 27% stake would be 2nd-largest offering ever

(Newser) - At the time, throwing scads of cash at crumbling banks looked risky. But now it's financial genius as the Obama administration looks to unload its stake in Citigroup—and collect a tidy $8 billion profit in doing so. The transaction, which the Washington Post reports will be the second-largest stock... More »

Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives

(Newser) - The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky... More »

Dow Rises 45 on Citigroup Optimism

CEO Vikram Pandit confident government will sell Citi stake

(Newser) - A possible move by China to tighten monetary policy sapped stocks today, but optimistic comments from Citigroup's CEO led the indexes higher in the final hour, the Wall Street Journal reports.
  • The Dow added 45 points to close at 10,612.
  • The Nasdaq gained 10 points, closing at 2,368.
... More »

Dow Up 3; Financials Climb

Investors predict payroll gains for March

(Newser) - Gains in financial stocks kept the markets afloat today. Both AIG and Citigroup closed up, in part because of a successful offering of $2 billion in trust preferred securities, the Wall Street Journal reports.
  • The Dow gained 2.95 points to close at 10,567.33.
  • The Nasdaq added 18.
... More »

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