Citigroup

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Stocks Mixed; Dow Off 16
 Stocks Mixed; Dow Off 16 
MARKETS
Jun 19, 2009 3:31 PM CDT

Stocks Mixed; Dow Off 16

Weak gains for Nasdaq, S&P cap week of losses

(Newser) - Stocks ended mixed for the day and lower for the week, as gains in financials made up for losses in energy spurred by falling oil prices, MarketWatch reports. Bank of American and American Express each rose about 2%, which analysts saw as investors covering short positions. The Dow fell 15....

Bailed-Out Bank Execs Fly Corporate Jets to Resorts

Citi, BoA, Morgan Stanley CEOs jetted off after cash infusions

(Newser) - Executives at bailed-out banks are still using company jets to fly to vacation homes and resorts, the Wall Street Journal reports. The newspaper reviewed FAA records to find that banks receiving federal aid have flown top execs to locales such as the Caribbean, Aspen, and Europe. Case in point: Less...

Lenders, Not Zell, May Run Tribune Co.
 Lenders, Not Zell, 
 May Run Tribune Co. 
ANALYSIS
Jun 8, 2009 1:09 PM CDT

Lenders, Not Zell, May Run Tribune Co.

(Newser) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan....

Citigroup Halts Payouts to Former Execs

Promised severance packages curtailed to avoid public anger

(Newser) - Citigroup has told several of its top former executives that it will not pay out millions in promised severance pay, reports the Wall Street Journal. The bank has already forked out more than half of the $100 million it had pledged to five or so senior employees, but it is...

Dow Boots GM, Citi; Travelers, Cisco Take Spots

Overhauls drive firms off Industrial Average, says editor

(Newser) - General Motors and Citigroup are losing their spots on the Dow Jones Industrial Average after GM filed for bankruptcy, MarketWatch reports. Replacing them are Cisco Systems and The Travelers Companies. “A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon,...

Stocks Up Despite GM Filing
 Stocks Up Despite GM Filing 
MARKET Open
Jun 1, 2009 8:54 AM CDT

Stocks Up Despite GM Filing

(Newser) - Stocks shot higher at the open this morning, as rising oil prices and strong manufacturing data from China outweighed news of GM's bankruptcy. The Dow rose 102 points; as of next Monday, the index will no longer include GM and Citigroup. The Nasdaq and S&P were each up 1....

Why Corporate Boards Seldom Do Their Jobs Well
Why Corporate Boards
Seldom Do Their Jobs Well
ANALYSIS
May 28, 2009 2:42 AM CDT

Why Corporate Boards Seldom Do Their Jobs Well

Directors largely responsible for missteps, but keep their jobs

(Newser) - Recent shareholder meetings at Citigroup and the Bank of America devolved into morality plays—wronged shareholders berated executives, executives apologetically vowed to improve—with a rather curious epilogue: every member of the board of directors was reelected. The reason is that corporate boards are often filled with under-informed, over-paid yes-men...

Citigroup Chair, Model Have Love Child

Parsons struggled with breaking news to wife of 31 years

(Newser) - The credit crisis isn’t the only problem that's been on Citigroup chairman Richard Parsons’ mind in recent months—there’s also the love child he fathered with a Ralph Lauren model, the New York Daily News reports, and how to tell his wife of 31 years about it. The...

Under Pressure, Fed Cooked Some Stress Test Results

(Newser) - In the wake of reports that complaining banks cajoled the Federal Reserve into sweetening some stress test results, the Wall Street Journal looks at the hard numbers. Citigroup, for example, was originally supposed to raise $35 billion; the number eventually released was $5.5 billion. The total for Bank of...

Top Subprime Lenders Owned by Bailout Banks

Analysis of gov't data reveals sources of the economic meltdown

(Newser) - Some 21 of the top 25 subprime lenders that triggered the global economic collapse were either owned or financed by banks that ended up needing bailouts, an analysis by the Center for Public Integrity finds. Among the backers, who make huge profits on the subprime business, were Lehman Brothers, Merrill...

Wells Fargo, 9 Others Expected to Fail Stress Test

(Newser) - The Obama administration is expected to tell 10 of 19 banks receiving "stress tests" to raise more capital as a buffer against possible dark days ahead, the Wall Street Journal reports. Down from a recent estimate that 14 banks needed more money, the list may include Wells Fargo, Bank...

Citi May Need Extra $10B to Pass Stress Test

Fed delays release of results as banks haggle over initial findings

(Newser) - Citigroup may have to scrape together as much as $10 billion in fresh capital to pass the Fed's stress tests for big banks, insiders tell the Wall Street Journal. The release of the tests—which assess how a bank could weather various dire scenarios—has been pushed back from Monday...

Let Us Pay Out Bonuses, Citi Begs Geithner

Execs worry employees will bolt as bank chafes under pay restrictions

(Newser) - Citigroup is asking the Treasury for permission to pay special bonuses to many key employees it worries will leave the company—despite the fact that taxpayers will soon become the largest shareholder in the bank. Citi is chafing under Treasury restrictions on executive pay, particularly in its lucrative energy trading...

Financials Sink; Dow Off 8
 Financials Sink; Dow Off 8 
MARKETS
Apr 28, 2009 3:24 PM CDT

Financials Sink; Dow Off 8

Rising consumer confidence gives stocks a boost

(Newser) - The markets ended flat after mixed economic signals today, the Wall Street Journal reports. Stress-test troubles for Bank of America and Citigroup depressed financials, but news that consumer confidence rose in April—to 39.2, from 26.9 in March—gave stocks a boost.  The Dow fell 8.05...

Banks Give Stocks the Flu
 Banks Give Stocks the Flu 
MARKET Open
Apr 28, 2009 8:47 AM CDT

Banks Give Stocks the Flu

(Newser) - Swine flu fears, and negative reports about the banks left investors feeling ill this morning. The Dow fell 65 points, while Nasdaq fell 0.8% and the S&P 0.9%. Bank of America and Citigroup were headed south, down 7.5% and 6.2% respectively on reports that they’...

Fed Tells BofA, Citi to Raise Billions

(Newser) - Federal Reserve regulators are urging Bank of America and Citigroup to raise more capital, based on their preliminary stress test results, sources tell the Wall Street Journal. Sources familiar with Bank of America say the shortfall numbers in the billions. But both banks are protesting, with Bank of America expected...

At NY Fed, Geithner Got Cozy With Wall Street

Geithner's cozy history with the high finance club draws critics' ire

(Newser) - While some feel Treasury Secretary Timothy Geithner has been an aggressive steward of the public trust, some critics point to his days as New York Fed president as proof he’s too cozy with the very banks that crippled the financial system. The New York Times investigates his tenure there,...

Banks Get Stress Test Grades
 Banks Get Stress Test Grades 
Apr 24, 2009 8:40 AM CDT

Banks Get Stress Test Grades

Pandit out at Citi?

(Newser) - The nation's biggest banks will start to learn how they did on the dreaded stress test today, reports the New York Times. Though the public won’t learn the results until May 4, analysts are predicting that many of the 19 banks will have to raise large amounts of new...

Treasury Ups Offer to Chrysler Lenders

Treasury blinks in standoff that will determine auto maker's future

(Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler...

Banks, Treasury Play Chicken on Chrysler Deal

Alternate headline: Banks, Treasury Play Chicken on Chrysler Deal

(Newser) - A group of big banks balked at the Treasury’s proposal that they slash 85% of Chrysler’s debt, the government’s second such request. Instead, in what the Wall Street Journal calls a “significant act of brinkmanship” as an April 30 deadline looms, the banks, including bailout recipients...

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