• 02 Feb 2009 at 1:25 PM

Citi Raising Fresh Capital

By

Picture 661.pngBy slightly unorthodox means but no matter! Cityfile reports that the out of the box thinkers at Citi have filed suit against “All Citi Pawn Shop” in Brooklyn for jacking the bank’s name and logo, on the (awesome) grounds that the business is “tarnishing the extraordinary reputation of Citi.” Obviously, no one at Count Vikula’s palace actually believes this is happening. On the contrary, the bank is all too aware of the fact that they should be so lucky as to be associated, or mistaken for, a pawn shop, and that the latter is probably more profitable these days. Enter: genius to sue over things like trademark infringement and unfair competition, and demand that no only does All Citi drop the name, but turn over all profits since adopting the name, which, dollars to donuts, far surpass earnings for ’08.

Sign up for the Dealbreaker newsletter

Subscribe to our free daily email and get breaking news, financial headlines, commentary, and analysis from Dealbreaker.

— Advertisement —

Comments (44)

Older Comments
  1. 1
    Posted by guest | February 2, 2009 at 1:51 PM

    too

  2. 2
    Posted by guest | February 2, 2009 at 1:51 PM

    in before cash4gold

  3. 3
    Posted by guest | February 2, 2009 at 1:52 PM

    Protecting the brand that is essential to American life.

  4. 4
    Posted by guest | February 2, 2009 at 2:02 PM

    At least the pawnshop has actual collateral

  5. 5
    Posted by guest | February 2, 2009 at 2:07 PM

    Community, Honesty and Service
    If only Citi operated under these virtues…

  6. 6
    Posted by guest | February 2, 2009 at 2:08 PM

    allCitiPawn needs to apply for some TARP money.

  7. 7
    Posted by guest | February 2, 2009 at 2:12 PM

    Would be funny if someone opened a gay club called Goldman Sacks or Spank of America

  8. 8
    Posted by guest | February 2, 2009 at 2:14 PM

    @8
    Organ Manly

  9. 9
    Posted by guest | February 2, 2009 at 2:23 PM

    @9
    Shiti Spank

  10. 10
    Posted by guest | February 2, 2009 at 2:24 PM

    @10 Balls Street

  11. 11
    Posted by guest | February 2, 2009 at 2:25 PM

    I bought a watch there that tells time simultaneously in Monte Carlo, Beverly Hills, London, Paris, Rome and Gstaad.

  12. 12
    Posted by guest | February 2, 2009 at 2:26 PM

    Charlie “Chaps” Gags-parino

  13. 13
    Posted by blndebnker | February 2, 2009 at 2:28 PM

    @8 – Spank of America is the winner

  14. 14
    Posted by guest | February 2, 2009 at 2:29 PM

    Can I swap my C shares for a piece of this Biz? I have 900 shares now worth $2700. Im thinking pawn shop or half a Spitzer hooker?

  15. 15
    Posted by guest | February 2, 2009 at 2:30 PM

    All Shiti Pawn

  16. 16
    Posted by guest | February 2, 2009 at 2:30 PM

    @12
    How much for the gun?

  17. 17
    Posted by guest | February 2, 2009 at 2:33 PM

    My town’s so small, the town pawnbroker only has one ball showing.
    ~Shecky Buffett

  18. 18
    Posted by guest | February 2, 2009 at 2:36 PM

    Shecky is humorously referring to this:
    http://www.ezcashofpanamacity.com/3ball.html

  19. 19
    Posted by guest | February 2, 2009 at 2:39 PM

    ALERT – - CNBC saying hedge fund manager who is launching a mutual fund NEXT – - guesses?

  20. 20
    Posted by guest | February 2, 2009 at 2:41 PM

    @20
    His A$$ne$$

  21. 21
    Posted by guest | February 2, 2009 at 2:43 PM

    Porkin Stanley

  22. 22
    Posted by guest | February 2, 2009 at 2:44 PM

    @15. Go with the hooker, you’re only young once.

  23. 23
    Posted by guest | February 2, 2009 at 2:44 PM

    What an ‘effing JOKE- Cliff is shilling to ma and pa Jones of ‘Merica!!!
    hahahahahahaahahahaha

  24. 24
    Posted by guest | February 2, 2009 at 2:45 PM

    I would think that Citi’s legal department haws more important matters they could be dealing with – guess not!

  25. 25
    Posted by FUNdamental | February 2, 2009 at 2:46 PM

    @8 – washington mutual touching?

  26. 26
    Posted by guest | February 2, 2009 at 2:51 PM

    #20……..Remember what happened to Ron Insana…formerly of CNBC and a fund that went belly-up. That doesn’t surprise me…reading a telepromter doesn’t make a investment manager. Loser maybe.

  27. 27
    Posted by guest | February 2, 2009 at 2:58 PM

    Swallowin’ Brothers

  28. 28
    Posted by guest | February 2, 2009 at 3:01 PM

    organ chase

  29. 29
    Posted by guest | February 2, 2009 at 3:01 PM

    Isn’t this just a subdivision of Primerica?
    Ron Insana

  30. 30
    Posted by guest | February 2, 2009 at 3:12 PM

    This is just a mistake caused by a large company forgetting that it actually DID open a Pawn Division. I’m the CIO of Pawn Citi.
    In early 2008 Citi senior leadership was investigating ways of leveraging our core competencies in area related to our strategic partners. As many traditional lines-of-business were performing at less than sub-optimal levels it was realized that Pawn Shops consistently generate revenues as well as providing a place to sell our existing level-3 assets. You might say that Pawn Citi was viewed as a brick-and-mortar Level-III Asset store. Plus, as the economy tanked, Pawn Shops would be a good source of firearms in the event of a hostile takeover by the FDIC.

  31. 31
    Posted by TheBlackstoneGroupie | February 2, 2009 at 3:34 PM

    What is the difference between Citi and this pawnshop?? The pawnshop turned a profit last year! Unfortunately, it doesn’t accept toxic Level III assets as collateral.

  32. 32
    Posted by blndebnker | February 2, 2009 at 3:34 PM

    @22 – Ohhh might be tied for first on that one…

  33. 33
    Posted by guest | February 2, 2009 at 3:42 PM

    I hear pawn spreads are pretty wide.

  34. 34
    Posted by guest | February 2, 2009 at 4:30 PM

    too didn’t, didn’t too

  35. 35
    Posted by Garuda | February 2, 2009 at 4:43 PM

    @34 I am a swaps trader for a hedge fund. What is a spread?

  36. 36
    Posted by guest | February 2, 2009 at 4:53 PM

    shit,
    I better close down my Citi Pita stall in Grand Cench
    they must have tons of time on their hands at 399 Park
    TRB

  37. 37
    Posted by guest | February 2, 2009 at 7:06 PM

    Repo is pretty much the same as pawnbroking. A natural fit: buy ‘em. Oh right, the regulators would probably prevent it due to Citibank’s compliance lapses. Ha!

  38. 38
    Posted by guest | February 2, 2009 at 7:10 PM

    @27
    Even worse, Insana launched a fund of funds, getting in that racket is so easy. But he didn’t make it to the finish line.

  39. 39
    Posted by guest | February 2, 2009 at 7:14 PM

    too lawyer, didn’t read.

  40. 40
    Posted by guest | February 2, 2009 at 9:15 PM

    @ 38
    what regulators?
    that was cute

  41. 41
    Posted by guest | February 2, 2009 at 10:07 PM

    @12 – “In Philadelphia, it’s worth $50.”

  42. 42
    Posted by guest | February 2, 2009 at 10:15 PM

    I think I scooped CG on this but my sources are telling me that the Citibank board is meeting tonight to discuss an all cash bid from allcitiPawn for Citibank. There are some conflicts here since allcitiPawn is managing most of the collateral that has been pledged to the Fed under their various programs. The situation remains fluid.
    - Fixed Income

  43. 43
    Posted by Gordon Ghetto | February 2, 2009 at 11:27 PM

    @42- Was that what the United Bank of Philadelphia said when VP came around looking for someone to buy the company?

  44. 44
    Posted by guest | February 3, 2009 at 2:33 AM

    Stop by for an olde english to wash down your estrogen pills.
    http://flickr.com/photos/aa9uc/543108774/

Older Comments

Leave a comment

You can log in with your account or comment as a guest below.

   or