CITIGROUP (NYSE: C)
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What Enron & WorldCom Can Teach Us About Goldman & AIG
Arianna Huffington

Newsweek's latest cover story declares that The Great Recession is over. A Merrill Lynch report concurs, saying, 'The recession is over... We are bullish on global equities.' Goldman Sachs is placing riskier bets on the market than it did before the financial meltdown (and setting aside huge amounts of money to pay its executives). The problem is ...

Smoke Billowing Out of Our Economic Mount Vesuvius
Arianna Huffington

There is currently plenty of alarming smoke pouring out of our economic Vesuvius, but it is being dismissed. Don't worry about economic tremors, we're told, our financial system is back on track, the bailout worked and we'll start our slow but steady climb to recovery. But warning signs are all around us ...

Awful: $10 Million Bonuses, 10% Unemployment
Ostentatious bonus packages on Wall Street are stoking legitimate anger among ordinary Americans who got shafted. 2009 11 06 19:20

Final Glance: Finance companies
NEW YORK (AP) - Shares of some top finance companies were down at the close of trading: 2009 11 06 17:55

College Football Corner: SEC Showdown
The Bayou Bengals and the Crimson Tide bid for a shot at the Gators. 2009 11 06 17:31

The Weekly Layoff Report: A Busy Week
Johnson & Johnson leads the pack, announcing that 8,000 jobs will go. 2009 11 06 17:25

Early Glance: Finance companies
NEW YORK (AP) - Shares of some top finance companies are down at 10 a.m.: 2009 11 06 10:32

Community Banks Step In for CIT Group
Small-business lending has increased this year, as community banks move into CIT's space. 2009 11 06 05:00

Citi’s “Global Community Day” Mobilizes More Than 40,000 Volunteers Across More Than 90 Countries
Citi volunteers across the world will mobilize for the company’s fourth annual “Global Community Day,” on Saturday, November 7. Citi expects more than 40,000 volunteers will be participating in 2009 11 06 00:01

MSN Money News - C
News about Citigroup Inc

 

Back On The Balance Sheet
New accounting rules will force big banks to own up to their hidden obligations.

Starbucks' Caffeine High
The coffee chain predicts a cappuccino comeback. Fannie needs another rescue.

Extreme Growth Gambles
Aggressive strategies--some wise, some worrisome--for dealing with stubbornly flat demand.

SEC Lets Top Execs In Fraud Settlement Go Free
Bisys scandal boss promotes self as fraud expert.

At Harvard Business School, Turning an Eye to Consumer Finance
Most business school courses focus on high-level topics like financial engineering or venture-capital funding. But next semester, the vaunted Harvard Business School is offering a new course on the finances of the humble American household. The course, called consumer finance, will look at topics ranging from using tax policy to boost the savings rate to how [...]

Detroit's Gem: Ford
Airlines upgraded; positive data on manufacturing and home sales.

The Clunky Recovery
Bad news: Washington's stimulus is playing a huge role in helping the economy recover.

Another Sad October
Markets fell sharply to end the week as investors seemed grew cautious despite upbeat earnings.

The Bond Rush Continues
Money is filling up fixed-income coffers, and Icahn's in CIT's catbird seat.

Banks Rethink Credit Cards
Nowhere is the credit card industry more visible than in Delaware. The tiny state became the headquarters of the card business in the early 1980s when banks discovered that they could charge unlimited interest rates to any consumer nationwide as long as the company was based in Delaware. Now, banks like Bank of America, JP [...]

Banks: Winners And Losers
The banking industry has rallied since March, but there are still some rotten apples in the bunch. Buy Goldman and JPMorgan, shun Citi.

Czar-Struck
It's clearly important that nobody discuss anything with the president without asking Congress first.

Banks Piling Cash At Fed
New data show excess reserves topped $1 trillion this week, a record. What's up?

Stocks Struggle
Microsoft earnings and a strong existing home sales report do not encourage traders.

Perils Of The Pay Crusade
If the past is any guide, banks may find ways to interpret the forthcoming guidelines in their favor.

How To Amp Up Your Charisma
Want to lead, assure and enchant? Learn how to disguise your inner imposter.

Lend America Wins Round With Feds
Court rules Long Island lender can keep making HUD loans while government lawyers press a civil suit.

Government Cuts Ties With Controversial Lender
Long Island's Lend America looked to capitalize on feds' $300 billion mortgage insurance initiative.

Citi's Mortgage Problem
The Home Affordable Modification Program is increasing delinquent loans at Citi.

Getting Citi Out Of Mexico
Citigroup's potential forced sale of Mexico's Banamex is a good thing, says Dick Bove of Rochdale Securities.

How To Become An Oil Trader
College students vie to wheel and deal for Big Oil.

Taking Stock: Apple's iPhone
Device will be key to Apple's earnings; Microsoft, Yahoo!, AT&T report.

Goldman, Citi's Credit Concerns
Banks beat expectations, but CEOs are cautious; Google, IBM on tap.

Chinese Regulators Battle Over Computer Gaming Industry
NetEase appears to be the loser as China crimps its World of Warcraft game.

Intelligent Investing: How Our Experts Did
For the one-year anniversary of ''Intelligent Investing With Steve Forbes,'' we saw how some of the market's savviest players did.

Forbes.com: c
The latest Forbes.com news on the ticker c.

 

Changing Streams (at Barrons.com)
Changing Streams Some financial-services companies are worth owning, despite the chaos that surrounds them. The question to ask: Who's buying?

To Retain Its Bankers, Citi Offers Option Plan (at The New York Times)

Citigroup says new rules may hit securitization (at Reuters)

Awful: $10 Million Bonuses, 10% Unemployment (at Forbes.com)

The Weekly Layoff Report: A Busy Week (at Forbes.com)

The Build America Boondoggle (at Forbes.com)

CITIGROUP INC Files SEC form 10-Q, Quarterly Report (EDGAR Online)

Back On The Balance Sheet (at Forbes.com)

UPDATE - Big bank "break-up" idea gains ground in Congress (at Reuters)

MarketWatch First Take: Goldman gets vaccine, public is sick over it (at MarketWatch)

2 Stocks and 1 Hotel On Our Radar (at Motley Fool)

Citi to spin off Primerica (at bizjournals.com)

Reviewing 'Too Big to Fail' Solutions (at Seeking Alpha)

GE, Citigroup Suddenly Trade Like Twins (at TheStreet.com)

[$$] Transaction Tax Is an Ugly Idea (at RealMoney by TheStreet.com)

Banks' H1N1 Flu Vaccines Stir Outrage (at BusinessWeek)

Correction Coming When Fed Ends 'Easy Money': Market Pro (at CNBC)

[$$] NYSE, Nasdaq Win Back Ground From Smaller Rivals (at The Wall Street Journal Online)

Weak Currencies, Stagnant Economies Weigh on U.S., U.K. Investors (at Seeking Alpha)

Upgrading the GE Deal Machine (at The Wall Street Journal Online)

Yahoo! Finance: C News
Latest Financial News for CITIGROUP INC

 

To Retain Its Bankers, Citi Offers Option Plan
As an extra incentive to keep its bankers, Citigroup said it would grant one stock option at just above the current price for each share employees had accumulated.

Official Endorses Workplace Clinics for Vaccine Distribution
The official said swine flu vaccine should be distributed through many outlets, to get it to high-risk people quickly.

Officials Defend Distribution of Flu Vaccine to Companies
Citigroup received 1,200 doses and Goldman Sachs got 200, as shortages have continued and hospitals have not received the supplies they have requested.

Corrections

Can Citigroup Carry Its Own Weight?
Citigroup has received government aid several times in the past 80 years, and this time around, some investors see its infusion of federal cash as a good sign.

The Fatal Conceit
The effort to cap executives’ compensation is a good example of overconfidence in government to solve everything.

A New Challenge for 2 Ailing Banks
The pay cuts for the top 25 earners at the two banks could be skewed because their chief executives had already agreed to enormous reductions.

Time for Citigroup to Take a Stand
If Citigroup’s ownership of the Mexican bank Banamex is threatened, the bank should be prepared to put up more of a fight than it did for Phibro.

The Banks Are Not All Right
While bank trading operations are highly profitable again, the part of banking that really matters lending, which fuels investment and job creation is not.

Citi Struggles Even as Other Banks Show Strong Profits
After pulling off two consecutive quarterly profits, spiraling consumer losses overwhelmed Citigroup’s strong trading results in the third quarter.

Bank Earnings Show Shifting Landscape of Wall Street
Earnings reports from Goldman Sachs and Citigroup were both better than expected, but they also highlighted the political and financial obstacles facing each bank.

What $100 Million?
High-risk, high-reward hedge funds have no place on the books of the nation’s too-big-to-fail banks.

Pace Slows on Losses for Banks
Just a year ago, many of the nation’s biggest banks were in such bad shape that their losses threatened to topple the financial system.

Citigroup Hires Mr. Inside
Citigroup has raised some hackles by hiring a longtime Washington insider who critics say exacerbated the savings and loan crisis.

Citigroup Sheds Energy Unit and Its $100 Million Trader
With the sale of the energy-trading unit to Occidental, Citigroup could potentially avoid controversy over the compensation of Andrew J. Hall, who ran the firm.

NYT > Citigroup Inc.

Updated Oct. 15, 2009

Citigroup Inc. was formed in 1998 when the company's architect and former chief, Sanford I. Weill, merged the insurance giant Travelers Group and Citicorp, then the nation's largest bank. The deal brought traditional banking, insurance and Wall Street businesses, like stock underwriting, under one roof. Mr. Weill's vision was of a financial superpower dominating global markets.

But for the first decade of its life, the company came under repeated fire from shareholders for lackluster results. Then came the housing bust. Citigroup had been an aggressive player in the securitized mortgage market, and those chickens came home to roost in tens of billions of losses. After a change in chief executives and two federal bailouts, Citigroup announced on Jan. 16, 2009, that it would split, for management purposes, into two entities, Citicorp and Citi Holdings.

A third bailout in February brought the federal government's investment to $45 billion, making taxpayers the bank's largest single shareholder. Citigroup is considered to be in the worst shape among the major banks. Along with Bank of America, it is the last of the big lenders that have yet to pay back their emergency bailout money from the federal government. As new winners and losers emerged on Wall Street, the ailing Citigroup was seen as one of the losers.

Read More...

CREATING CITIGROUP

The chain of events was a giant comedown from Mr. Weill's hopes. To create Citigroup, he had led the lobbying effort to repeal the Depression-era Glass-Steagall laws separating commercial and investment banks, had pushed out Citicorp's head, John Reed, after an awkward period in which they were co-chairmen and installed his longtime lawyer, Charles O. Prince, as his successor.

Under Mr. Prince, Citigroup charged aggressively into the trading of mortgage-backed securities that were the hot product on Wall Street at the time. As late as the summer of 2007, as evidence mounted of a collapse in the housing market, Mr. Prince declared that the bank was "still dancing."

Not much later, the music ended, and Mr. Prince was out in November of that year as the bank posted a $5.9 billion loss.

THE FINANCIAL CRISIS

The loss turned out to be the first of many. On Jan. 16, 2009, Citigroup announced an $8.29 billion fourth-quarter loss, bringing its total losses for 2008 to $27.7 billion, among the largest in corporate history. The bank also said that its head count had been reduced by approximately 29,000 since the third quarter and approximately 52,000 for all of 2008.

Citigroup's first cash infusion from the government came in October 2008 in a $25 billion capital injection from the Troubled Asset Relief Program, or TARP. The bank's breakup plan came after a stern regulatory warning it received in late November 2008, when its rapidly deteriorating share price prompted the government to give it a second cash infusion, of $20 billion. Federal regulators also leaned on Citigroup to shake up its board and on Jan. 21, Richard D. Parsons, the former Time Warner chairman, was named its new chairman.

A new strategy, put into place by its chief executive, Vikram S. Pandit, focused its executives' attention on its stronger remaining businesses while winding down its money-losing operations.

RESTRUCTURING AND A GREATER GOVERNMENT STAKE

By segmenting Citigroup into Citicorp and Citi Holdings, run by separate managers, Mr. Pandit seemed to be setting the stage for a spinoff of Citigroup's stronger operations, or an eventual merger. Meanwhile, reporting the two sets of businesses separately should burnish its quarterly results by making it easier for investors to focus on its healthier operations.

On Feb. 27, Citigroup and Treasury officials reached an agreement that vastly increased government ownership of Citigroup, to 36 percent. Under the deal, the Treasury Department agreed to convert up to $25 billion of its preferred stock investment in Citigroup into common stock, giving taxpayers more risk, but more potential for profit if the company recovers. The government will not put in any additional money for now, but some analysts believe Citigroup may require more down the road.

Under pressure from federal regulators, the bank reorganized its management team repeatedly, naming three new chief financial officers in four months and swapping out or pushing aside other high-level executives. In July 2009, after the third shake-up in less than a year, some questioned how long Mr. Pandit would be able to hang on to his post as chief. The head of the F.D.I.C., Sheila Bair, openly pushed for Mr. Pandit's ouster, but she was overruled and he worked hard to rebuild his relationship with federal regulators.

The bank reported a $4.3 billion second quarter profit on July 17, 2009. But the happy result was driven by billions of dollars in one-time gains. Without its bonanza from a new joint venture for its Smith Barney division, Citibank would have lost billions.

And in October, the bank reported a big loss for its third quarter. Despite net income of $101 million, Citi had to account for $288 million in preferred dividends and a debt exchange that gave Washington 34 percent of earnings. The bottom line for shareholders: a $3.2 billion loss.

The results add to the mounting pressure on Mr. Pandit to turn around the troubled bank, which is one-third owned by taxpayers. Mr. Pandit has been trying to shrink the bank's balance sheet in the worst financial crisis since the Great Depression.

All the while, he is trying to find a way to repay part of the $45 billion in federal aid and get out from under the government's thumb. That has made it crucial for the bank to show investors it had a gain in the quarter, no matter how it eked it out - hence, stressing the $101 million in income from continuing operations.

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Citigroup says new rules may hit securitization

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News for Citigroup Inc. - Google Finance
News for Citigroup Inc. - Google Finance