Which Emoticon Will Cost Citi Nine Figures This Time?

It's gonna be the eggplant, isn't it?
By Xandi (Own work) [Public domain], via Wikimedia Commons

By Xandi (Own work) [Public domain], via Wikimedia Commons

Like Anthony Weiner for fans of chaos and heartbreak and/or the terminal decline of the United States, interest-rate swaps are the gift that keep on giving for Wall Street regulators.

Which is to say: Five months after Corbat & co. ponied up $425 million to the CFTC because one of their ISDAfix traders couldn’t help bragging about “pushing” the market and punctuating it with a smiley face, the authorities are going back over this tremendously fruitful ground in search of a few >: )

The bank said in a quarterly securities filing that the Commodity Futures Trading Commission is investigating “the trading and clearing of interest rate swaps by investment banks….”

Citigroup’s latest disclosure could signal the agency is looking into another aspect of how banks deal with swaps. Throughout the year, multiple pension funds have sued more than a dozen banks, including Citigroup, alleging they conspired to prevent other companies from developing exchange-like trading for interest-rate swaps….

Separately, the CFTC has fined some banks in recent months, including Deutsche Bank AG, J.P. Morgan Chase & Co. and Barclays PLC, over failures to reports swaps trades in a timely and accurate way.

Citigroup Says CFTC Investigating Banks’ Interest-Rate Swaps [WSJ]


By U.S. Government [Public domain], via Wikimedia Commons

CFTC Develops Novel DoJ Drafting Technique Of Cut-Rate Regulation

It’s cheap, it’s (somewhat) effective and it makes everyone happy (except for the people going to jail).

Getty Images

RBS Sets Aside Nine Figures For Looming Unfortunate Event

And this time, it’s not even one of its own making.


Citi Mexico Unit Has Final Bout Of Montezuma’s Revenge

Banamex USA’s final gift to Mike Corbat is a $97.4 million bill from Jeff Sessions.


Citi Still Citi, Even In Trumperica

In these uncertain times, it's comforting that we can rely on Citi to lag behind its peers.

By Robert Scoble (Lehman Brothers Headquarters on Bankruptcy Day) [CC BY 2.0], via Wikimedia Commons

Loud Trading Floor Kept Citi From Getting Lehman The Best Deal On Those Derivatives The Day It Died

Lehman is still trying to reach into Citi's pockets from beyond the grave. Spooooooky.