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Citigroup Sells Phibro to Occidental Pete
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by Jordan Yerman | October 9, 2009 at 07:55 am
45 views | 2 Recommendations | 2 comments
Citigroup is selling Phibro to Occidental Petromelum (Occidental Petroleum) for an undisclosed sum. Citigroup is receiving copious US Government loans, as it is losing money overall, but Phibro llc, an oil and natural gas trading company headquartered in Conneticut, is actually turning a profit. Occidental Petroleum (OXY) is an oil exploration company, heavily invested in oil extraction in Latin America.
The reason for the sale appeared to be the annual compensation for Andrew Hall, the successful head of Phibro, of $100 million, which generated a firestorm of controversy for a bank getting extraordinary government support during the financial crisis.
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Most RecentMost Recommended Comments (2)
at 08:06 on October 9th, 2009
maybe they're losing so much money because they ARE the economy and their own speculative actions are causing tremors... and... they have encouraged many of their clients to go into debt... another link with Wyeth, btw...
at 09:30 on October 9th, 2009
.. And just unloading that element of Citi's portfolio does nothing to address the overall problem. Then again, the global recession seems not to have done anything to solve the "gimme" culture of big business, either.