• News

    A Good Two Days, 10 Hours For A Sad Little Boy

    It’s been a profitable week for Little Tim Geithner and the Treasury boys. Hot on the heels of the news that it’s getting its money back from those deadbeats at Citigroup and Wells Fargo comes its successful sale of those zero-cost warrants it got from TCF Financial Corp., a Minnesota bank. The Treasury turned a […]

    / Dec 16, 2009 at 10:28 AM
  • News

    Citigroup And Government Not Seeing Eye To Eye On TARP Repayment

    Why (serious question) do they have to raise any capital at all? Isn’t the fact that they’re “the world’s most global bank in a world that becomes more global every day” good enough? Would a free coupon to Tickle a Vickle Town do the trick? The disagreements are related to last week’s announcement by the […]

    / Dec 7, 2009 at 5:13 PM
  • News

    How To Turn $7.5 Billion Into $966 Million

    This is extremely funny to me.The Emir of Dubai said a few days ago that we in the media “do not understand anything.” We would kindly ask him to have his neighbors (and reluctant benefactors) explain to us the wisdom of this: Because of an investment deal struck two years ago, early in the financial […]

    / Dec 3, 2009 at 11:42 AM
  • News

    Tell Us Exactly What You Think Of Citigroup

    Feeling bashful? Here, a recent hire– Willem Buiter, as Chief Economist– will start: “Citigroup – a conglomeration of worst-practice from across the financial spectrum.” Now you go. Don’t worry about offending Uncle Vik– he already knows you’re thinking it. Quotes of the Day: Buiter On Citi [Felix Salmon]

    / Nov 30, 2009 at 11:59 AM
  • News

    Citi: No Hiring ‘Binges’ Going Down On Our Watch

    Earlier today it was rumored that Citi had “kicked off week three of a research department hiring binge that has unemployed sell-side analysts partying like its 1999,” starting with the signing of a multi-year, multi-million dollar guaranteed package for a mid-cap software analyst. Some people thought this was outrageous, due to the fact that the […]

    / Nov 23, 2009 at 5:20 PM
  • News

    And, Yet, Vikram Is Still Down One Zen Garden (UPDATE)

    Someone is not happy at the House of Pandito. To: DealBreaker From: [redacted] Subject: Citi Overpaying for Research Analysts w/ TARP Money Count Vikula, drunk on TARP funds, just kicked off week three of a research department hiring binge that has unemployed sell-side analysts partying like its 1999. One stunning example of their recent largesse: […]

    / Nov 23, 2009 at 2:53 PM
  • News

    Swine Flu At Citi

    It’s not an outbreak. Yet. (Kidding, you know the banks had their people vaccinated before the plebes.) On another note, it’s sort of unclear how this happened, as Citi took pains earlier this year to teach its employees how to wash their hands in an effort to avoid “accidentally” wiping everyone out and closing up […]

    / Nov 17, 2009 at 3:26 PM
  • News

    Maybe Citi Doesn’t Suck So Much

    It’s been a pretty rough couple of years for Citigroup. But a couple of the world’s biggest hedge fund managers seem to think Vikram and Co. have something going. Paulson & Co. bought up a $1.2 billion stake in Citi during the third quarter, while Renaissance Technologies took a more modest $90 million slice. RenTech […]

    / Nov 16, 2009 at 12:17 PM
  • News

    Guy Who Helped Build Citi: My Bad

    John Reed, who played kind of a big role in cobbling together the world’s largest diversified whorehouse, has something to get off his chest: “I’m sorry,” Reed, 70, said in an interview yesterday. “These are people I love and care about. You could imagine emotionally it’s not easy to see what’s happened.” John S. Reed, […]

    / Nov 6, 2009 at 2:33 PM
  • News

    Citi Alternative Investments Gets Much Needed… New Name

    H.L. Mencken famously said, “no one ever went broke underestimating the intelligence of the American public.” But Citigroup’s hedge fund and private equity business seems intent on proving the great skeptic wrong. An awful lot has gone wrong at C in recent years, so maybe the woes of Citi Alternative Investments have passed by your […]

    / Nov 6, 2009 at 8:57 AM
  • News

    The Man Who Sunk Citigroup Launches Hubris Fund

    Having just written a book on the subject (When Mooks Fail, currently #15 on the best-seller list), Charlie G. continues his intrepid reporting on the utter shamelessness of Wall Street. Now, Tom Maheras, the former Citigroup president, is hardly the only person who proves that, no matter how much you lost on subprime bets, […]

    / Nov 5, 2009 at 1:32 PM
  • News

    Citi: We Literally Have No Idea What Mike Mayo Is Talking About

    So Mike Mayo said earlier that Citi “may have to write down about $10 billion in deferred tax assets in the fourth-quarter” and Steve Liesman reports that the House of Vikula had this to say in response: “We have no idea how analysts came to this conclusion.” Here were some earlier drafts of the statement […]

    / Oct 30, 2009 at 3:06 PM
  • News

    You Tell Us What He’s Trying To Say

    Count Vikula: “We are the world’s most global bank in a world that becomes more global every day.” Track 2: “I feel good about our strategic clarity and aspirations.”

    / Oct 15, 2009 at 11:09 AM
  • News

    From The People Who Brought You ‘Citi Never Sleeps’

    All, We are inviting you to celebrate this fall season with us by holding an International Fall Potluck Lunch on Wednesday, October 21st from 12:00 to 2:00pm. Our many successes highlighted in the recent Connection newsletter are a source of joint celebration, and we thought it was time we got together again. Please bring & […]

    / Oct 9, 2009 at 9:35 AM
  • News

    Citi’s Solution To The Andrew Hall Problem

    Citi has taken a lot of shit for (potentially) paying commodities trader Andrew “C” Hall a hundred million dollar bonus and you know what? They’re sick of it. Unfortunately there doesn’t seem to be much Vikram and Co can do to stop the relentless rounds of “you suck,” short of selling the whole damn thing. […]

    / Oct 7, 2009 at 11:01 AM
  • News

    Prince Alwaleed bin Talal Is Ready For The Government To Pack Up And Leave

    He appreciates everything everyone’s done at Citi, but it’s time to move on. Just pack up your shit, and mosey on out of the place. Hit the bricks. Be gone. This has nothing to do with someone itching to reclaim his title as the single largest shareholder of the bank, BTW, or Geithner acting like […]

    / Oct 5, 2009 at 11:03 AM
  • News

    Charlie Gasparino: Citi Is Just Like My Neighbor From Childhood Who Used Beat His Wife

    In his latest column for The Daily Beast, Charlie Gasparino discusses the fact that while “some investors and Sheila Bair” had hoped the government would put Citi out of its misery, the plan is to keep the bank “half-dead and half-alive because in its current, near-vegetative state,” where it can’t do much harm, and focus […]

    / Jul 9, 2009 at 1:28 PM
  • News

    Citi’s Liar Loan Division To Take 2 Week Break

    Citi’s correspondent lending division, which produced $58.5 billion in mortgages last year and probably had a hand in the $28 billion in losses last year, recently sent out a letter to clients notifying them that the unit is shutting down their well oiled machine for two weeks to look into some mortgage applications that didn’t […]

    / Jun 24, 2009 at 9:37 AM

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