Post Tagged with: "Citigroup"
Citi to repay $20 billion in bailout money
Citigroup has confirmed it will repay $20 billion of the bailout money it has received from government, becoming the latest big bank to exit the TARP (troubled asset relief program). To prevent capital ratios from dipping, the company will issue $17 billion in new shares and $3.5 billion in new debt (“tangible equity units”) to
Matt Taibbi: Obama’s Big Sellout
Matt Taibbi is one of the few commentators in the mainstream media who is not worried about ‘access’ and has, therefore, been free to write much more critically about the economic crisis and reform efforts on Wall Street. His first piece was a polemic against Goldman Sachs, which triggered a backlash against the venerated Wall
New Citigroup maven Buiter warns of sovereign debt delusion
This post from November 2009 is a reminder of how things looked in the sovereign debt crisis just a few months ago
Credit Suisse cautious on Citigroup due to regulatory hurdles
Credit Suisse has a note out urging caution on Citigroup shares due to regulatory hurdles. Their logic bears noting as it can be useful for other U.S.-based banks. On Monday the CS analysts met with Citi management, who were somewhat cautious. The CS note indicates that regulatory changes in the U.S. are likely to mandate
How well capitalized is Citigroup?
In a recent post, “How is Citi going to deal with $38 billion in deferred tax assets?,” I pointed to a Reuters article which called into question Citigroup’s ability to earn enough money to prevent its having to take a charge for an incredibly large deferred tax asset. That post generated a response from a
How is Citi going to deal with $38 billion in deferred tax assets?
Citigroup has been losing tens of billions of dollars over the past two years as the financial crisis has unfolded. If one considers the government capital that Citi has not paid back, the bank is clearly the weakest of the four largest legacy banking behemoths in the United States. Earnings results this year demonstrate that
Former Citi Chairman in favor of re-imposing Glass-Steagall
This comes via the NYTimes: To the Editor: Re “Volcker’s Voice, Often Heeded, Fails to Sell a Bank Strategy” (front page, Oct. 21): As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I would agree with Paul A. Volcker (and also Mervyn King, governor of the Bank of England)
Is Citi being forced to downsize by Obama?
It seems that not a day goes by when you don’t hear about some asset sale in Citigroup’s far-flung empire. Of all the major too-big-to-fail institutions, it is easily the most troubled: the poster child for everything that is wrong in finance in America. But, when President Obama’s Pay Czar Kenneth Feinberg stepped in to
Citibank Belgium to pay ‘duped’ savers 128mn for bad Lehman deal
This is my translation of a Dutch-language article which appeared today in Belgian daily De Tijd. Let’s see if this news is picked up in the U.S. Citibank Belgium never should have recommended the controversial Lehman Brothers investments to its customers. So states the writ of the Brussels public prosecutor on the case. The collapse
Nationalized Citi Mexicana Redux
Back in March when the US Government felt compelled to bail out out Citigroup, Tracy Alloway over at FT Alphaville noticed a curious thing – Citigroup had effectively been nationalized. No, they were not seized by government, but Citi was controlled by government. The Feds had 36% of shares outstanding, which in many cases is
JPMorgan has record revenue and $2.7 billion in profit
While Citi and BofA are getting taken to the woodshed for double secret probation, JPMorgan Chase is showing record revenue of $25.6 billion and a large profit of $2.7 billion. As profit is up 36% from a year earlier and 27% from just last quarter, you can see that JPM is now firing on all
BofA, Citi, Wells and GMAC biggest losers in stress test leaks
If you haven’t noticed, the Treasury department seems to be leaking the results of the stress tests to reporters at the Wall Street Journal. Richard Bove, a well-known bank analyst was on Bloomberg Radio this morning talking to Tom Keene and said he knows they have been leaking. Yves Smith was on top of this