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Hassan Nemazee CEO of Nemazee Captial Arrested: CitiGroup Fraud
The Department of Justice has charged Hassan Nemazee, the CEO of Nemazee Capital Corp., for attempting to defraud CitiGroup of $74 million. Hassan Nemazee was stopped by federal agents on Sunday before boarding a plane to Rome. The $74 million loan was secured with forged...Norway Towns Sue Citi Over Losses
Seven Norwegian municipalities are suing Citigroup Inc after losing millions of US dollars on investments. The towns are seeking $200 million in damages together with Norwegian firm Terra Securites. Terra bought the structured notes from Citigroup in May and June 2007, and...Dan Sontag Leaves Merrill Lynch after 30 Years
Dan Sontag will leave Merrill Lynch and Bank of America Corp, after 30 years with the company. This announcement comes one day after the bank hired Sallie Krawcheck, a former Citigroup Inc wealth management executive, but Sontag will stay on for a short time to work with...
Citigroup Joins AIG in Paying Bailout Bonuses to Top Executives
Citigroup joined AIG in the "you have to be kidding me" hall of fame when it announced that it would be paying big bonuses to top executives for the 2008 fiscal year. Despite rules restricting bonus payments in bailout funded financial institutions Citigroup has said it... Citigroup Seeks Reverse Stock Split
Us banking corporation Citigroup, having sucked up $45 billion in bailout money, is considering a reverse stock split, which would give the US government a 36% stake in the financial giant. A reverse stock split is a...Will Allowing Banks to Fail Reduce Foreclosure Homes?
Allow banks to fail. That is what Republican Senators Richard Shelby of Alabama and John McCain of Arizona suggested even if it means shareholders will also suffer as a consequence. " Allowing some big troubled banks to close and funneling the relief funds to the housing...Citigroup Homeowner Unemployment Assist to Help Mortgage Holders
Citigroup has gone back to the US Treasury asking for more taxpayer funded bailout money so it is about time the company gave something back to the people. Citigroup announced today that some mortgage holders... Citigroup Preferred Stock Conversion Key to New US Treasury Deal
The Treasury Department has reached a tentative deal with Citigroup that may help the struggling financial company stay in business. The US Treasury has agreed to substantially increase its ownership in... US Taxpayers May Soon Own 40% of Citigroup, No Nationalization
While panic still ravages the market under fears that Washington will nationalize the US banking system the government announced today that it could buy up to 40% of Citigroup's common shares to keep the bank in business. With a 40% interest in Citigroup US... No, Please .... Don't Call It a Bonus! It's a 'Retention Award'!
While CEOs of eight banks sat before Congress on February 11, 2009, one of the CEOs there from Morgan Stanley, attempting to justify their questionable actions after having received Troubled Asset Relief Program...
created by Karen Hatter | 38 wks ago | updated 38 wks ago
671 views | 78 recommendations | 13 comments
671 views | 78 recommendations | 13 comments
What happens when the ad industry becomes nationalized?
Ad Age is asking some interesting questions about the impact of the various bail outs currently supporting major portions of the US economy. "BATAVIA, Ohio (AdAge.com) -- In the marketing and media industries, it's... Obama on "Shameful" Bailouts, Bonuses and Brand New Jets
President Obama had stern words for Wall Street in the wake of recently released financial sector fourth quarter budget figures showing that executives from various financial companies accepted $18.4 billion in... Citigroup upgrading mile-high club
What can I say?"Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed. Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion...Congress Gears Up Two Foreclosure Prevention Bills
Congress has been readying two foreclosure prevention bills to be presented to Barack Obama during his first working days as president in January. " One of the bills would allocate at least $40 billion from the second half of the $370 billion Troubled Asset Relief Program...Citigroup Reports Big Loss and a Breakup Plan
" By MATTHEW SALTMARSH and ERIC DASH Published: January 16, 2009 Citigroup capped a devastating 2008 by announcing Friday that it would split into two entities and that it had posted an $8.29 billion loss for the fourth quarter. Citigroup confirmed that it would...
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