Instead of letting Congress vote on one, the IRS went ahead and gave it to them: The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial […]
Is Citigroup becoming viable? Citigroup Inc. Chief Executive Officer Vikram Pandit said his bank is having the best quarter since 2007, when it last posted a profit. The shares rose as much as 27 percent and helped spur gains for finance company stocks. “I am most encouraged with the strength of our business so far […]
When banks abuse their bailout funds, the Obama administration takes action: A Treasury Department official on Monday called Citigroup, which has received $45 billion in bailout capital from the government, to protest plans to accept delivery on a luxurious $50 million corporate jet made in France. [SNIP] The Treasury official called the bank to complain […]
Geez. The U.S. government has agreed to guarantee over $300 billion of Citigroup’s troubled assets — loans and securities backed by residential and commercial real estate and other such assets — with conditions attached. These conditions are being hammered out. In addition, the U.S. Treasury will invest $20 billion in Citigroup from the Troubled Asset […]
Citigoup’s stock closed at $4.71 today, down 26.39%. That pushes them below the $5 threshold, which is generally a big trigger for massive selling: Most institutional investors and pension funds are barred from owning stocks below $5. So if Citigroup’s stock remains below that level, it could trigger a wave of selling that would send […]
Damn the hits just keep on coming. This means their workforce has decreased by about 20% since 2007.
Citigroup is getting ready to announce thousands of job cuts. They are also looking for new money and some of that money is coming from Saudi Arabia. So we now have that nation’s largest bank being sold in chunks to other nation’s. Bush economics are great!