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01 Dec 2011 14:36

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Biz: Massachusetts Attorney General Martha Coakley moves on foreclosures

  • 5 major banks sued by Massachusetts over unlawful home foreclosures source
  • » The deluge of home foreclosures that the U.S. has suffered since the financial crisis has been a crippling blow to the general economy, land value rates in high-foreclosure areas, and most of all the families who’ve found themselves unceremoniously cast out. A notable amount of these foreclosures appear to have been fraudulently engineered, rife with examples of flat-out false documentation, as well as “robo-signing,” a practice in which foreclosure documents are fast-tracked with (in some cases) fraudulent signatures and without the signee ever having read them. This was the impetus for Massachusetts Attorney General Martha Coakley filing suit against five major banks — BofA, JPMorgan Chase, Wells Fargo, Citi, and Ally Financial.
Posted by Chris Tognotti • 0 Comments • Permalink

09 Jun 2011 10:58

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Biz: 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!
Posted by Ernie Smith • 0 Comments • Permalink

07 Dec 2010 23:14

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Biz: Did we really profit off Citi, or are we still in the danger zone?

  • So assuming that the banking sector doesn’t suffer another crisis in the next two years, taxpayers might be okay after all. Indeed, even if there is some loss on these guarantees, the assets would have to be pretty rotten to eat up the government’s entire $12 billion profit on the equity sale.
  • The Atlantic associate editor Daniel Indiviglio • Offering some more context on the Citi bailout numbers. While the U.S. no longer owns any shares in Citi, we do have other stakes in the company – most notably, we’re still backing a lot of their debt right now due to a program called the “Temporary Liquidity Guarantee Program,” which isn’t as easy to acronym as TARP. But by the end of 2012 at the latest, we’ll be off the hook for that. Still, though, the fact that we might make any money off of TARP is impressive. “Citi was viewed by many as the big bank with the most serious problems,” Indiviglio notes, suggesting that the profit would prove that their bailout in 2008 was warranted by panic and general FUD, not “too big to fail”-type concerns.  source
Posted by Ernie Smith • 0 Comments • Permalink

07 Dec 2010 22:54

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Biz: The U.S. sold off its last Citi shares; how’d we do on that bailout?

  • 0 the number of Citi shares the U.S. owns as of today; good riddance
  • $45B the amount of money the U.S. infused in Citi during the great bailout crisis of 2008
  • $57B the proceeds the U.S. made on the bailout investment (golf clap; good show, chaps)
  • $12B the amount the U.S. has profited from Citi – wait, we made money on a bailout? source
Posted by Ernie Smith • 0 Comments • Permalink

18 Oct 2010 10:32

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Biz: Banking profits: Citigroup has another moneymaking quarter

  • $2.2 billion in profits for the banking giant source
Posted by Ernie Smith • 0 Comments • Permalink

19 Apr 2010 10:09

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Biz: Financial crisis-gobsmacked Citi actually has a solid quarter

  • $4.4
    billion     the size of Citi’s profit this quarter, their best period since 2007
  • $100
    billion     the amount the company has lost during the financial crisis
  • 7.7
    billion     the number of shares the government owns due to bailouts source
Posted by Ernie Smith • 0 Comments • Permalink

25 Feb 2010 21:46

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Biz: Citi learns that arbitrarily blocking Fabulis businesses a bad idea

  • action Fabulis, a gay-themed social media company along the lines of Yelp, found that Citi blocked their bank account due to “objectionable” content on their blog (which is sorta frisky at best). This is really bad.
  • reaction Twitter gets all over the story, causing lots of attention for the venture-backed startup. Citi responds, apologizing profusely and trying really freaking hard to make nice. This is better. source
Posted by Ernie Smith • 0 Comments • Permalink
 

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
Posted by Ernie Smith • 0 Comments • Permalink

18 Sep 2009 11:51

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Biz: Question to Citigroup CEO: Is an employee’s $100 million salary too much?

  • You can bet he answered yes. Vikram Pandit of Citigroup admits that they’re probably paying too much to Andrew Hall, that trader who lives in a castle thanks to his massive salary. Wouldn’t it have been funny if Pandit said, “No, we’re not paying too much to a single guy!”? Man, the bailed-out company would be hearing it for months. source
Posted by Ernie Smith • 0 Comments • Permalink

17 Aug 2009 10:52

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Biz: One of Citi’s big shots, Andrew Hall, got a big bonus anyway

  • $100 million the amount Citi paid Hall last year in bonuses, despite his company’s dire straits source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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