Citi deal calls for investor participation. Sources say the U.S. is ready to take a major stake in Citigroup (C), and expect the deal to be announced this morning. In addition to substantially increasing its stake in the troubled institution, the government will also require Citigroup to overhaul its board of directors so that a majority of directors are independent. CEO Vikram Pandit is expected to keep his job. According to terms being finalized late last night, the Treasury will convert its
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Citigroup, Bank of America cut some of their losses before the U.S. Treasury takes them over. Forbes | Feb 20, 2009 The U.S. government is trying to ease investor worries about nationalizing the banking sector, allowing Citigroup and Bank of America, which just hit their lowest levels in decades, to cut some of their losses. The slide came despite protests from the banks that they are in reasonably good health. On Friday afternoon, White House press secretary Robert Gibbs said the Oba
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Our Pirates and Theirs by John Feffer Here’s the plot of Pirates of the Caribbean 4. The film opens with Johnny Depp as Jack Sparrow dropping anchor in New York harbor. He descends on Wall Street with his mates and, after a quick costume change at Brooks Brothers, storms the boardrooms of Merrill Lynch, Citigroup, and other major firms. They don’t need sabers to rake in the haul. Jack’s a clever pirate. He takes advantage of the tools at hand. Applying mortgage-backed securities and collater
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Feb. 5 (Bloomberg) — Citigroup Inc., paring assets after accepting a $346 billion U.S. government bailout package, agreed to sell servicing rights on 185,000 loans to Wilbur Ross ’s American Home Mortgage Servicing Inc. for $1.5 billion.
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Feb. 5 (Bloomberg) — Citigroup Inc., paring assets after accepting a $346 billion U.S. government bailout package, agreed to sell servicing rights on 185,000 loans to Wilbur Ross ’s American Home Mortgage Servicing Inc. for $1.5 billion.
The Mortgage Crisis Blog Mortgage Crisis
