Berkeley CSUA MOTD:Entry 52086
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2018/10/21 [General] UID:1000 Activity:popular
10/21   

2008/11/24-12/1 [Finance/Investment] UID:52086 Activity:nil
11/22   http://news.yahoo.com/s/nm/20081124/bs_nm/us_citigroup_9
        Citigroup gets $306B bailout.
        \- http://tinyurl.com/6fr67u
        \_ link:preview.tinyurl.com/57u4lo
        \_ hey econ whizzzzes, Citigroup is worth about 15 billion now.
           Why doesn't the Government just buy Citigroup completely?
           \_ What would they do with it afterwards?
2018/10/21 [General] UID:1000 Activity:popular
10/21   

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news.yahoo.com/s/nm/20081124/bs_nm/us_citigroup_9
Click Here NEW YORK (Reuters) - The US government agreed to a $306 billion rescue plan for Citigroup Inc, agreeing to shoulder some losses from toxic debt in the latest attempt to bolster a financial services industry in turmoil. Citigroup's package may also prove a template for other banks that are expected to face growing losses as economies worldwide sink into recession. Credit losses once concentrated in mortgages are already bleeding into new, large areas such as credit cards and commercial real estate. The nation's second-largest bank by assets has the farthest international reach of any US bank, with operations in more than 100 countries. Many analysts have said Citigroup might be too big to be allowed to fail, and that any collapse could cause financial havoc around the globe. "The market wants some kind of certainty about their losses," said Blake Howells, director of equity research at Becker Capital Management in Portland, Oregon. The plan announced late Sunday calls for Citigroup to obtain $27 billion of capital by issuing preferred shares. The shares carry an initial 8 percent dividend, higher than the 5 percent it charges dozens of other lenders under its $700 billion financial industry rescue package. Citigroup itself got $25 billion in the earlier package. The Treasury Department could end up absorbing $5 billion, the Federal Deposit Insurance Corp $10 billion, and the Federal Reserve the rest. The bank will not have to make management changes, but agreed to tighter restrictions on executive pay, and to try to modify troubled mortgages in the $306 billion portfolio. It also cannot pay more than 1 cent per share in common stock dividends per quarter for three years without the Treasury Department's consent. "The US government is taking the actions necessary to strengthen the financial system and protect US taxpayers and the US economy," the Fed, the Treasury Department and the FDIC said in a joint statement. Asian stock markets trimmed earlier losses in Monday trading following the announcement. The plan was announced less than a week after Pandit announced plans to reduce Citigroup's workforce to 300,000 by early next year from 375,000 at the end of 2007. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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tinyurl.com/6fr67u -> www.theglobeandmail.com/servlet/story/RTGAM.20081121.WBstreetwise20081121112035/WBStory/WBstreetwise
Here's what shell-shocked financiers are laughing at on Wall Street Friday morning in a phony Bloomberg story: Somali Pirates in Discussions to Acquire Citigroup By Andreas Hippin November 20 (Bloomberg) -- The Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup. The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned most recently from hijacking numerous ships, including most recently a $200 million Saudi Arabian oil tanker. The negotiations have entered the final stage, Ali said. "You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood to offer the shareholders anything," said Ali. The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS's are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody's and S&P have already issued their top investment grade ratings for the PRBS's. Head pirate, Ubu Kalid Shandu, said: "We need a bank so that we have a place to keep all of our ransom money. Thankfully, the dislocations in the capital markets has allowed us to purchase Citigroup at an attractive valuation and to take advantage of TARP capital to grow the business even faster." We are coastguards and this will just allow us to guard our coasts better." Link to Comment 5 Accountant from Toronto from Canada writes: Sounds like a great investment.. it's only a matter of time before these PRBS's bubble and we all make a fortune... Link to Comment 6 Brian Engler from Richmond, BC, Canada writes: Aye matey's: Capitalism is alive and well. Now, how do we regulate this thing so that we can tax it and then sell it to our taxpayers as a good deal? Link to Comment 7 Wandering Willy from Kelowna, Canada writes: In recent news, Sandy Weill issued a statement aimed at the pirates that he would sooner cut off his leg then see Somali Pirates own the company he helped create. The pirates agreed, and after having Sandy fitted for his new peg leg have offered him the reins of the new company if he agrees to change his name to Sandy "Bottom" Weill and wear an eyepatch. Link to Comment 9 E Jones from Canada writes: Thank you Thank You I haven't laughed about this nighmare in... Please pass on more of these gems when they cross your desk. close Alert us about this comment Please let us know if this reader's comment breaks the editor's rules and is obscene, abusive, threatening, unlawful, harassing, defamatory, profane or racially offensive by selecting the appropriate option to describe the problem. Do not use this to complain about comments that don't break the rules, for example those comments that you disagree with or contain spelling errors or multiple postings. The Globe and Mail is committed to encouraging intelligent discourse among our readers and to creating a forum where diverse views and opinions on a wide range of topics can be aired. In our continuing efforts to facilitate a dynamic online conversation we have created two distinct types of forums. The first type of conversation is a semi-moderated or reactively moderated conversation. Comments submitted to a semi-moderated conversation pass through a filter that automatically detects inappropriate language or other issues. In a fully moderated conversation, every comment is reviewed by a Globe and Mail editor before it appears on the site. While we will attempt to publish as many comments as possible there will be occasions where the volume of comments makes it impossible to publish every appropriate submission. Only registered users of the site may contribute to an online conversation and in all cases the policy described in our Editor's note must be followed. On semi-moderated conversations we encourage our community of readers to assist with the moderation by alerting us any time a published comment violates our stated policy. Please do not alert us if you disagree with a comment, find a spelling error or are bothered by multiple postings. Once you submit a complaint about a comment, a message will be sent immediately to the editors of the site who will determine whether the remark belongs on the site. A tag is a keyword or descriptive term supplied by our editorial staff used to associate related articles with one another. Tags make it easier for you to find other stories that share the same theme or topic with the article you're currently reading.