Citigroup sued for fraud over $1 billion of CDOs
Posted by admin / Under Citigroup
Citigroup Inc (C.N) was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007. Citigroup is accused of defrauding Loreley into purchasing "fraudulent investments that are now worthless," Loreley said in a complaint filed Tuesday in New York State Supreme Court in Manhattan...
Published on Friday 18th of May 2012 05:37:57 PM
New Chief of Staff: Former HedgeFund Exec. at Citigroup, MadeMoney Off Mortgage Defaults
Posted by admin / Under Citigroup
President Obama's first chief of staff Rahm Emanuel once sat on the board of troubled federal mortgage giant Freddie Mac. Bill Daley, the president's chief of staff whose departure was announced today, was previously a top executive at financial firm J.P. Morgan Chase & Co. So of course there should be little surprise that Obama's latest chief of staff, announced today by the president himself, also has deep ties to the financial industry himself. From 2006-2008, Jack Lew was chief operating officer of Citibank's alternative investments division (snip)that made billions of dollars betting "U.S. homeowners would not be able
Published on Friday 18th of May 2012 05:37:57 PM
Citi cuts 4,500 jobs, will take $400 million charge (Ooops, not taking Teddy Obama's advise)
Posted by admin / Under Citigroup
Citigroup Inc (C.N) is cutting 4,500 staff positions worldwide and the bank expects to record a $400 million charge related to the job cuts, Chief Executive Vikram Pandit said on Tuesday. Pandit, speaking at the Goldman Sachs Financial Services Conference, said the bank's expense reduction plan generated $1.4 billion in savings so far this year, nearly 4 percent of the bank's $37.72 billion of operating expenses in the first three quarters.
Published on Friday 18th of May 2012 05:37:57 PM
Guess which President has raked in the most Wall Street bucks ?
Posted by admin / Under Citigroup
While the professional Left trashes Wall Street, they might want to consider how their current President got elected. The Sunlight Foundation reports that Barack Obama didn’t just win the Wall Street sweepstakes in 2008 over John McCain — he’s done better at getting Wall Street cash than any other President in the last 20 years: Despite his rhetorical attacks on Wall Street, a study by the Sunlight Foundation’s Influence Project shows that President Barack Obama has received more money from Wall Street than any other politician over the past 20 years, including former President George W. Bush.In 2008, Wall Street’s largesse accounted for...
Published on Friday 18th of May 2012 05:37:57 PM
Citibank hits checking accounts with fee
Posted by admin / Under Citigroup
U.S. banking giant Citigroup Inc. said this week it would charge $15 per month for checking account holders who kept a balance below $6,000. The firm's move comes on the heels of Bank of America's announcement this week that it would charge $5 for most debit card holders and sparked at least one desertion, the Los Angeles Times reported Saturday. Cheryl Holt of Burbank, Calif., said she was "on my way out the door right now … off to start a new account at my nearest credit union." "Should have done it years before," she added. Holt said she received...
Published on Friday 18th of May 2012 05:37:57 PM
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