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17 Aug 2009 10:44

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Biz, U.S.: Obama’s pay czar will take back executive pay if he has to

  • Whether I have jurisdiction to decide his compensation or not, we will take a look and decide over the next few weeks.
  • Obama pay czar Kenneth Feinberg • On what he’s considering doing to companies that have been slow to pay back money from the TARP program. Those companies include some of the government’s favorite targets: Citi, AIG, Bank of America, Chrysler Financial, Chrysler, General Motors and GMAC. Basically, two of the country’s biggest banks and the two auto companies that we bailed out. • source
Posted by Ernie Smith • 0 Comments • Permalink

17 Jul 2009 14:39

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Biz: Another bank with big profits: Citigroup can credit fortunate math

  • $4.3 billion size of Citi’s second-quarter profit – no profit was expected for the company at all
  • $6.7 billion size of the after-tax profit Citi made from selling off most of its Smith Barney division source
Posted by Ernie Smith • 0 Comments • Permalink

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
Posted by Ernie Smith • 0 Comments • Permalink

23 Feb 2009 10:44

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Biz, U.S.: You know Citi? Well, you could soon be one of its owners!

  • 40% of Citi’s stock could be owned by the government source
Posted by Ernie Smith • 0 Comments • Permalink

14 Jan 2009 09:31

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Biz: Citi wants to play “good bank, bad bank”

  • The good bank. After years of attempting to be a “financial supermarket,” Citi’s looking to move back to its old ways. On Jan. 22, the corporation plans to shed its current approach and slim up. They will focus primarily on corporate, investment and retail banking. The company recently agreed to merge its Smith Barney brokerage with Morgan Stanley.
  • The bad bank. Nearly one-third of Citi’s assets, or $600 billion, would be separated from the rest of the company, to eventually be sold off. By segregating the bad assets, the company could find itself on stronger ground in the long run, some analysts say. Citi was one of the recipients of some federal bailout money. They got $25 billion in October and another $20 billion in November.
Posted by Ernie Smith • 0 Comments • Permalink
 
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