Citigroup Swings To Fourth Quarter Profit (MarketWatch)
Citi said this morning that it earned a $1.31 billion, or 4 cents a share profit in its fourth quarter, compared to a loss of $7.58 billion, or 33 cents a share a year ago. Total revenues in the fourth quarter were $18.37 billion, compared to $5.41 billion a year ago. Analysts polled by FactSet Research had expected Citigroup to earn 8 cents a share in the fourth quarter.
Ex-Banker Gives Data on Taxes to WikiLeaks (NYT)
Rudolf M. Elmer, who ran the Caribbean operations of the Swiss bank Julius Baer for eight years until he was dismissed in 2002, refused to identify any of the individuals or companies, but he told reporters at a news conference that about 40 politicians and “pillars of society” were among them.
Goldman Limits Facebook Offering (WSJ)
The bank slammed the door on U.S. clients hoping to invest in a private offering of shares in Facebook Inc., because it said the intense media spotlight left the deal in danger of violating U.S. securities laws...The change could damage Goldman's ties to some of its most lucrative clients, left empty-handed just as they were deciding whether to invest in Facebook, clients say. Facebook executives were frustrated by the headache of restructuring the deal at the last minute, according to people familiar with the situation.
Goldman Fails to See Hype That Derailed Facebook Sale (Bloomberg)
“You would have thought that this was an issue from the start, they should have realized this up front,” said Peter Hahn, a lecturer in corporate finance at Cass Business School in London. “If I invited my 500 best friends to a party, would it be a secret? And the answer is no.”
Toward A 21st Century Regulatory System (WSJ)
Barack Obama: "...creating a 21st-century regulatory system is about more than which rules to add and which rules to subtract. As the executive order I am signing makes clear, we are seeking more affordable, less intrusive means to achieve the same ends—giving careful consideration to benefits and costs. This means writing rules with more input from experts, businesses and ordinary citizens. It means using disclosure as a tool to inform consumers of their choices, rather than restricting those choices. And it means making sure the government does more of its work online, just like companies are doing."
Schumer Will Push Currency Measure Aimed at China (Bloomberg)
The legislation, which will be officially introduced when the Senate returns from a break next week, would allow domestic manufacturers to seek duties on imports from any country that is found to have a currency that is “fundamentally misaligned.”
Urn Stolen By Ash-Hole (NYP)
A Connecticut man has been charged with stealing a funeral urn containing the ashes of his girlfriend's grandmother. Mark Kzakrzeski, 37, of Southbury, said he threw the ashes and urn -- taken during a fight Friday at the girlfriend's Oxford home -- in the woods, say Connecticut State Police.
Citigroup Gain Masks Flawed Mortgages Sold to Freddie Mac (Bloomberg)
Three years after bad home loans helped trigger the recession and six weeks after the government cashed in the last of its $45 billion Citigroup investment, the New York-based bank is still selling mortgages that violate quality standards, according to an internal Freddie Mac review obtained by Bloomberg.
Steve Jobs's health to overshadow quarterly Apple sales (Reuters)
Apple said on Monday Jobs was taking a medical leave of absence without specifying a return date or detailing his condition.
Santander Chief Is Said to Be Banned From Banking (Dealbook)
Alfredo Sáenz, chief executive of Santander, has been fined, sentenced to a suspended eight-month prison term and banned from banking by the Spanish supreme court, the daily newspaper El Mundo reported on Monday...Without citing sources, El Mundo said Mr. Sáenz, the most important executive at Santander after its chairman, Emilio Botín, had been sentenced for fraud and making false claims while he was president of Banesto in the 1990s.
Fed Officials Signal Growth Pickup Won't Alter Bond Purchases (Bloomberg)
Bernanke said last week that “we see the economy strengthening,” and added, “you’re not going to reduce unemployment at the pace that we’d like it to.” Fed Bank of St. Louis President James Bullard said in an interview that while the U.S. outlook has improved, he wants to see more evidence before altering the Fed’s plan to buy $600 billion in Treasuries through June.
The New Starbucks Trenta Cup Is Bigger Than Your Stomach (Gizmodo)
Starbucks will introduce a 916ml Trenta cup. That's more than the average capacity of the human stomach.