delong.typepad.com - 11/24/2008
—
Why oh why can't we have a better press corps? Eric Dash and Julie Creswell write that:
Citigroup had poor risk controls.
As a result, the bank owned $43 billion of mortgage-related assets that it incorrectly thought were safe.
They weren't.
And so as a result the market value of ...
online.wsj.com - 11/23/2008
—
online.wsj.com —
Inc. is nearing agreement with U.S. government officials
to create a structure that would house some of...
the financial giant's risky assets, according to people familiar with the situation. While the discussions remain fluid and might not result in an ...
(more)
Citigroup, U.S. in Talks to Create 'Bad Bank'
federalreserve.gov - 11/24/2008
—
federalreserve.gov —
Joint Statement by Treasury, Federal Reserve, and the
FDIC on Citigroup Washington , DC -- The U.S....
government is committed to supporting financial market stability, which is a prerequisite to restoring vigorous economic growth. In support of this ...
(more)
FRB: Press Release--Joint statement by Treasury, Federal ...
online.wsj.com - 11/24/2008
Comments
Blog Reactions
Citibank Like S&P assumed house prices can't go down
Angry Bear —
... Brad Delong argues that 43 billion is a small part of Citibanks problems. He is talking about market capitalization not book equity which matters given capital requirements. I mean also not a tiny part, and 43 billion here 43 billion there and soon your talking real money.
"How to Design a Bank Bailout that Works"
Economist's View —
... to provide the necessary trust is bank
nationalization - the government won't default on its obligations to provide
payment - and this allows taxpayers to fully participate in the upside in return
for assuming the risk inherent in guaranteeing debt payments:
The Brad DeLong question - and how to design a bailout that works, Bronte
Capital: Brad DeLong asks a question which seems obvious enough to me – but
seems to elude him.
Le Citi
Toujours Dormer...: Why oh why can't we have a better press corps? Eric Dash
and Julie ...
How to Design a Bailout That Works
The Big Picture —
http://brontecapital.blogspot.com/2008/11/brad-delong-question-and-how-to-design_24.html
Brad DeLong asks a question which seems obvious enough to me – but seems to elude him.
Le Citi Toujours Dormer…
Why oh why can’t we have a better press corps? Eric Dash and Julie Creswell write that:
• Citigroup had poor risk controls.
• As a result, the bank owned $43 billion of mortgage-related assets that it incorrectly thought were safe.
• They weren’t. ...
Related Content
Citigroup
krugman.blogs.nytimes.com 11/24/2008 — Mark Thoma has the rundown of informed reactions. A bailout was necessary - but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will ...
Credit Risk Rises on Citigroup Breakup Speculation
globaleconomicanalysis.blogspot.com 11/21/2008 — I have been saying for over a year that Citigroup would not survive in one piece. That option is looking increasingly likely as the Citigroup Board Weigh Options . Citigroup Inc.'s board meets today to discuss the bank's options after Chief Executive ...
Citi on Its Way to Breakup?
nakedcapitalism.com 1/12/2009 — The Wall Street Journal tonight says, " Citigroup Takes First Step Toward Breakup ." But what does that mean, exactly? Or had the Journal gone a bit far with the notion that the bank is doing some way, way overdue housecleaning? The eye-popping bit ...
Citigroup - Somebody Please Say "Game Over"
informationarbitrage.com 1/14/2009 — From the Wall Street Journal Online : Until recently, Citigroup Chief Executive Vikram Pandit had
repeatedly backed the company's "universal bank" model. But with
directors and executives now bracing for a fourth-quarter operating
loss of at least ...
Citigroup Bailout Raises Viability Questions For Entire Banking System
globaleconomicanalysis.blogspot.com 11/25/2008 — Still more details are emerging from the weekend bailout of Citigroup . And in what is no surprise in this corner, it appears Citigroup is not well capitalized and Faces Pressure to Slim Down . The government rescue of Citigroup Inc. reversed the ...
WSJ: Citigroup, U.S. Near Agreement on Bad Assets
calculatedrisk.blogspot.com 11/23/2008 — UPDATE2: CNBC reports: Government Now Said To Have Cold Feet From the WSJ: Citigroup, U.S. in Talks to Create 'Bad Bank' Citigroup Inc. is nearing agreement with U.S. government officials to create a structure that would house some of the financial ...
Rubin Plans to Step Down at Citigroup
dealbook.blogs.nytimes.com 1/9/2009 — Robert E. Rubin, the former Treasury secretary who is an influential director and senior adviser at Citigroup, will step down after coming under fire for his role in the bank's current troubles, The New York Times's Eric Dash reports.
Since joining ...
Plan Begins to Emerge to Rescue Citigroup
nytimes.com 11/23/2008 — Federal regulators were considering a new rescue for Citigroup on Sunday, a step that could mark a third leg of the government’s broader efforts to bolster the nation’s financial industry. >
Bailout Monday is Back —
The Big Money 11/24/2008
Following round-the-clock weekend negotiations, the federal government late on Sunday agreed to bail out yet another bank, this time giving the troubled Citigroup a $20 billion lifeline in the form of a direct investment and guaranteeing $306 ...
Citigroup's Books Are Fiction —
The Big Money 11/24/2008
Over and over, as its stock price plunged last week, Citigroup Inc. repeated the same tired line. Citigroup has “very strong capital,” the bank kept saying.
Its capital was so strong that the New York-based lender yesterday was ironing out yet ...
Follow WallStreetBlips on Twitter
