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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 ...

Final Glance: Finance companies
NEW YORK (AP) - Shares of some top finance companies were mixed at the close of trading: 2009 11 20 17:50

Wall Street Bonuses: Where's the Outrage Been?
2009 11 20 17:05

Goldman, Beaten But Unbowed
More than most the PR department at Goldman Sachs (GS) must be looking forward to the weekend: It just spent the last few days getting pummeled like Apollo Creed. Today the hits kept right on coming. The Wall Street Journal reports this morning that shareholders in Goldman have asked the bank to slice the size of its bonus pool arguing that the firm should pass along more of its earnings to investors.“The investors hold tens of millions of shares in Goldman Sachs which is on track to make the biggest employee payout in the firm's 140-year history ” the ... 2009 11 20 13:33

Early Glance: Finance companies
NEW YORK (AP) - Shares of some top finance companies are down at 10 a.m.: 2009 11 20 10:32

Trichet warns banks risk addiction to support
Banks risk becoming addicted to cheap central bank cash used to fight the financial crisis and must prepare for its eventual withdrawal, the head of the ECB warned at a Frankfurt banking conference on Friday. 2009 11 20 08:57

The Bipolar World of Financial Institution Accounting
Peter Earlier this week on CNBC banking analyst Meredith Whitney said “I think that the call this year the trade this year has been short the regional banks and go long the capital markets banks.” Can you tell me what was behind that?-- Minyan John John As Whitney highlighted in her later comments her call was based on the enormous amount of liquidity from the Federal Reserve raising asset market prices. What she didn’t detail however was why this would help the capital market banks like Goldman Sachs (GS) Bank of America (BAC) and Citigroup (C) more than the ... 2009 11 19 14:48

Citi hires BofA exec for wealth unit post
NEW YORK (AP) - Citigroup Inc. said Thursday it named a former Merrill Lynch executive, Steve Bodurtha, as managing director and head of investments for Citi Private Bank in North America. 2009 11 19 14:34

MSN Money News - C
News about Citigroup Inc

 

Commercial Real Estate Will Collapse
The long-feared financial disaster is still looming. Bad court decisions could set it off.

Housing Starts Drop In October
This is a transcript of the Midday Update Business View video report.

Billionaire's Citigroup Stake
After hours: Federal Regulators close more banks; FDA cites Genzyme.

Tax-Smart Investing
Using taxable, tax-deferred accounts wisely can save you big.

Fed Bans Mandatory Overdraft Protection
The Federal Reserve announced new rules on Thursday that will prohibit banks from automatically enrolling customers in so-called overdraft protection programs, which charge high fees for exceeding the balance in an account. The programs have been a large source of revenue for banks and apply to consumers using debit cards or ATMs. Typically, the programs [...]

Wall Street's Favorite Senator Cracks Down On Wall Street
Christopher Dodd's plan for financial reform is the toughest yet on both banks and regulators. It won't pass. Is that the point?

God's Other Banker
Lloyd Blankfein and the potential perils of mixing money and the divine.

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.

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

 

[$$] Archipelago, China's 7 Days (at The Wall Street Journal Online)

[video] In the Money Now (at CNBC)

[$$] J.P. Morgan Drops Card-Dispute Arbitration Rule (at The Wall Street Journal Online)

A Tale of Two Markets: Overvalued Stocks and the Declining Dollar (at Seeking Alpha)

Wall Street Bonuses: Where's the Outrage Been? (at The Wall Street Journal Online)

Citigroup Gets Creative to Boost Card Use (at TheStreet.com)

Citigroup Gets Creative to Boost Cards (at TheStreet.com)

Goldman, Beaten But Unbowed (at Minyanville.com)
It’s a public punching bag but still a smart investment bet.

An Open Letter to the Federal Reserve (at Motley Fool)

Goldman Dips on Investor Appeals (at TheStreet.com)

This Moneymaker Is Dumping Its Deadweight (at Motley Fool)

UPDATE - Analyst Bove says BofA's Lewis may be back as CEO (at Reuters)

Al Lewis: Holiday Sales Could Be Another Bad Rerun (at Fox Business)

Bonus windfall tax (at FT.com)
In 1360, notes the Bank of England's Andrew Haldane, a Barcelona banker was executed in front of his failed institution to discourage others from excessive risk-taking. In the UK, the mob is today once again baying for blood.

Goldman Shareholders Enter Bonus Debate (at SmartMoney.com)

Tim Geithner Is Mad as Hell and Isn't Going to Take It Anymore (TechTicker)
http://l.yimg.com/us.yimg.com/p/fi/25/98/17.jpg

[audio] Market: I get knocked down. But I get up again [8.0 min] (at MarketWatch)
Acknowledging that Thanksgiving week already has begun for Wall Street with light volatility and trading volume expected today, Loren Danielson nevertheless finds it encouraging that losses are muted.

[video] Enduring TARP woes (at CNNMoney.com)

Recovery Waits on Bank Regulators (at TheStreet.com)

Shareholders Hate Goldman Pay: But What Are They Going to Do About It? (at The Wall Street Journal Online)

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

 

For Citi, Less Sting From a Painful Bet
If Terra Firma were to let EMI default on its debts, Citigroup could offer the company to Warner, which has long coveted the music label.

A Change at the Top of GMAC as It Negotiates for Another Government Bailout
Michael Carpenter, a former Citigroup executive, is the new chief of GMAC, which sought to postpone a decision on the terms of its next federal bailout.

Citi Sells Stake in Japanese Call Center
The bank, which was rescued by the government, is selling off assets as part of its recovery.

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.

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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Upgrades: HES, STP, LINTA

Al Lewis: Holiday Sales Could Be Another Bad Rerun

Finance Layoffs and Hirings: BofA, Citigroup and more

Goldman Shareholders Enter Bonus Debate

Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and JP Morgan Chase (NYSE:JPM) Hire 17,000 for Mortgage Restructuring

Citigroup: Imposing spending requirements?

Citigroup Inc. Sells Barneys New York's Secured Term Loan To Yucaipa-Reuters

Downgrades: Hot Topic, ASM International

Citi hires BofA exec for wealth unit post

John Paulson High on Citi, Down on Goldman (NYSE: C), (NYSE: GS)

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