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October 3, 2013

SEC hits Citigroup with another round of fines over illegal disclosures

  • $2M in fines were paid by Citigroup last year, afer it was found that the company illegally provided certain clients with unpublished company research on Facebook’s initial public offering back in May 2012.
  • $30M in fines have now been levied against Citigroup, after the SEC has once again found the company guilty of illegally providing unpublished research to select clients, this time giving some investors ample time to clear Apple shares ahead of a predicted shortage in iPhone 5S and 5C devices. source
19:21 // 1 year ago
May 24, 2013

If you were wondering why the new House bill on bank bailouts seemed like it was written by Citigroup, it’s because it was literally written by Citigroup.

"Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill."


If you were wondering why the new House bill on bank bailouts seemed like it was written by Citigroup, it’s because it was literally written by Citigroup.

"Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill."

(via afternoonsnoozebutton)

14:51 // 1 year ago
April 17, 2012

Citigroup shareholders seem to have had enough

  • $15 million bonus for bank exec rejected by shareholders source

» Citigroup CEO Vikram S. Pandit’s upcoming compensation package, along with the compensation packages of other executives, was voted down by a majority of shareholders during an investors meeting in Dallas. While the vote was nonbinding, meaning the bank doesn’t actually have to act according to the shareholders’ wishes, the bank says it will not ignore its investors. “Citi’s board of directors takes the shareholder vote seriously,” said spokesman Jon Diat, adding, ” [We’ll] consult with representative shareholders to understand their concerns.”

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17:01 // 2 years ago
March 13, 2012

Financial stress test: Mostly good news, but one bank had a major fail

  • good news On the occasion of a major stress test of the financial market, 15 of the 19 banks tested showed that they would hold up during a severe recession, while still paying off dividends and buying back stock.
  • bad news One of the banks that failed — Citigroup — screwed up so badly that they failed to meet a set of minimum standards for the stress tests. The company plans to resubmit for another test. source
20:14 // 2 years ago
November 28, 2011

Bloomberg: Banks scored sneaky profits on emergency loans

  • $13 billion earned by banks via roundabout loans source

» How they worked: These banks took advantage of a set of emergency loans from the Federal Reserve distributed between August 2007 and April 2010. Bloomberg Markets magazine did the math on the numbers and figured out that, by looking at the companies’ net interest margin, you could see how the companies took advantage of the below-market rates they got on the loans to earn a profit. The companies that scored the biggest paydays? Citigroup, which earned $1.8 billion, and Bank of America, which earned $1.5 billion.

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11:28 // 2 years ago
October 19, 2011

Citigroup settles civil fraud complaint over derivatives scheme

  • $285 million payout by Citigroup over fraud complaint source

» A tidy little sum: It’s being reported that Citigroup has agreed to the above settlement, which would bring to an end a civil fraud complaint filed by some of their investors. The story is, as it happens, quite similar to what Goldman Sachs was found to have done (Goldman shelled out $550 million in that case). Citigroup helped structure investment portfolios for their clients without telling them that the bank itself was selecting the assets while betting against their success. In simple terms, a conflict of interest, and one that netted the company nearly $1 billion dollars. That figure, also, says something about the problem of mega-corporations buying out of legal trouble; namely, the amount it costs to satisfy a plaintiff is nearly never enough to such a company to truly dissuade the behavior.

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16:07 // 3 years ago
September 6, 2011
20:44 // 3 years ago
June 9, 2011

Citigroup: Yeah, a bunch of bank card numbers got hacked

  • 200k number of customers Citi says were affected by a breach of their system
  • 1% share of Citigroup’s overall North American customer base affected by the hack
  • one number of months it took the company to tell consumers about the incident source

» So what was affected? The company says that the hack involved names, bank card numbers and contact information such as e-mail addresses. Not affected were cardholders’ social security numbers, card expiration dates or CVV numbers. All this is of course is awesome to wait a month to tell everyone!

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10:58 // 3 years ago
February 25, 2011
The current environment of heightened regulatory scrutiny has the potential to subject the corporation to inquiries or investigations that could significantly adversely affect its reputation.
A statement from Bank of America • Noting in a filing with the Securities and Exchange Commission that the company could be subject to huge penalties over their abusive mortgage practices. They’re not alone; Wells Fargo and Citigroup ware in the same boat, and it’s all thanks to the shady way that the trio dealt with their foreclosures. The reports from the companies suggest that all three will take a financial hit for said shadiness. Bank of America says that the state and federal inquiries “could result in material fines, penalties, equitable remedies (including requiring default servicing or other process changes), or other enforcement actions, and result in significant legal costs.” In other words, they’re screwed for screwing over homeowners. Oops. source (viafollow)
23:26 // 3 years ago
February 1, 2011

Citigroup owns EMI: Will they start selling CDs at bank branches?

  • 2007 In one of the most un-rock-‘n’-roll moves a major label has ever done, private equity firm Terra Firma, led by financier Guy Hands, buys EMI for $6.7 billion, $4.3 billion of which was loaned to Terra Firma by Citigroup in a deal which looks really stupid in retrospect.
  • 2011 A few years after the financial crisis made that deal look like a really stupid idea, the musical home of Radiohead, Blur and The Beatles was just taken over by Citigroup. Which means that the company that runs your ATM also sells the Beastie Boys’ catalogue. source
22:59 // 3 years ago