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12 Oct 2009 20:32

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Biz: Citigroup didn’t keep its eyes on shady trading, gets punished

  • $600,000 fine for sucking source

09 May 2009 14:49

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Biz, U.S.: Obama wants a credit card regulatory bill on his desk ASAP

  • There is no time for delay. We need a durable and successful flow of credit in our economy, but we can’t tolerate profits that depend upon misleading working families. Those days are over.
  • President Barack Obama • In his weekly radio address. Obama wants a bill that limits some of the more predatory aspects of the credit industry. The Credit Card Holders’ Bill of Rights, currently waiting on a vote in the Senate after it passed the House, is such a bill, but the banking industry is fighting it. Obama wants a bill on his desk by Memorial Day. • source

17 Apr 2009 10:03

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Biz: Citi is back to making profits, but is it sustainable?

  • $1.6 billion Citi’s profits this quarter after over a year of losses and getting bailed out three times by the federal government
  • $2.5 billion amount Citi gained through a change in the accounting rules that allows them to mark declines in the market value of their debt as profit source