Citigroup

Vikram Pandit understands the seriousness of the challenge ahead, if Citi wants to remain a going concern. He must break the firm up and end Citi's disastrous experiment with becoming a financial supermarket.

This just hit the wires. Apparently, Bob Rubin has tendered his resignation at Citigroup. Here is he story from the Wall Street Journal:

After meetings with lawmakers, Citigroup has agreed to back legislation that would allow bankruptcy judges to alter the amount due on mortgage principal, so called cram downs. As it stands today, all other debtors including corporations…

Bankruptcy is a necessary part of a free market. I certainly believe this to be so. Rick Newman, who writes the blog "Flow Chart" over at U.S. News, is putting forward the provocative idea that failure is exactly what we needed more of in…

When a bank with $2.2 trillion in assets is saved from potential ruin, it is big news. So, as you can imagine, every one and his brother has a take on what went wrong at Citigroup and whether the solution to 'fix' Citi was the right one.…

It looks like we have a solution to Citi's crisis. The U.S. Government agreed to bailout Citigroup, backing $306 billion of debt in exchange for preferred equity and warrants plus a host of other details I will enumerate below. On the whole…

Citigroup is in serious trouble. The storied institution with $2 trillion in assets has seen its shares collapse and its reputation is in tatters as it goes cap in hand to the U.S. government for a bailout. Indeed, a solution must be…

Reuters is reporting that persons familiar with the matter have indicated that Citigroup began talks with the U.S. Government as contingency planning. With Citigroup's share price having plunged dramatically in recent days, rumors have…

Today's round-up is going to principally be about the three CCC's of Countries, Citigroup and Corporates.  But I also have some tidbits on other topics as well.  So let's jump right in. Yesterday sucked. Markets fell everywhere from…

Citibank has to be the worst run of the major banks. The result of ridiculous mergers of Citicorp, Travelers, Smith Barney, Salomon Brothers, this unwieldly mess was a disaster that should never have happened. Now, Citigroup has a market…