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Tag: Citigroup


America’s Most Hated Banks

In a list of major banks reviled by Americans in order of volume of complaints, Bank of America takes first place, followed by Wells Fargo, JPMorgan Chase and Citibank.

Posted on Aug 1, 2014 READ MORE



Big Banks Hit With Monster $250 Billion Lawsuit in Housing Crisis

In June, investors led by the world’s largest asset manager and the world’s largest bond-fund manager sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for the equivalent of 1 million homeowners with $250,000 in damages suing at one time.

Posted on Jul 17, 2014 READ MORE



Radu Bercan / Shutterstock.com

Citigroup: The Original Gangsta

The prototypical too-big-to-fail bank will pay $7 billion in fines, a move that will avoid a humiliating trial dealing with its role in the financial meltdown.

Posted on Jul 14, 2014 READ MORE



White House/Pete Souza

Geithner Tacitly Acknowledges Special Relationship With Citigroup

In his new book, former New York Fed chair and Treasury Secretary Timothy Geithner suggests that his relationship with Citigroup executive Robert Rubin did affect his supervision of the bank, which taxpayers ultimately bailed out with $45 billion.

Posted on May 14, 2014 READ MORE



The Global Banking Game Is Rigged, and the FDIC Is Suing

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps. And the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it.

Posted on Apr 13, 2014 READ MORE



Gamma Man (CC BY 2.0)

Want a New Law? If You’re the Banking Industry, Just Write It Yourself

A banking regulatory bill moving through the House of Representatives this week was largely written by banking lobbyists, and steered under the guidance of politicians raking in campaign contributions from the people who would benefit from the legislation. Yes, this is the best democracy money can buy.

Posted on Oct 30, 2013 READ MORE



Image via Shutterstock

U.S. Banks Rake In Record $40.3 Billion in Quarter

Business is clearly good again for the financial institutions that were rescued by American taxpayers just a few short years ago. Thanks in part to increased revenue from customer fees, U.S. banks’ profits soared to a record high for the first quarter of 2013, the Federal Deposit Insurance Corp. reported Wednesday.

Posted on May 29, 2013 READ MORE



AP

Congress Still Puts Out for Wall Street

The big banks’ influence in Washington has only grown in direct proportion to the harm they have caused to the nation’s economy.

Posted on May 27, 2013 READ MORE



SeanPavonePhoto / Shutterstock.com

Why Democrats Can’t Be Trusted to Control Wall Street

Who needs Republicans when Wall Street has the Democrats? With the help of congressional Democrats, the Street is rolling back financial reforms enacted after its near meltdown.

Posted on May 26, 2013 READ MORE



peasap (CC BY 2.0)

More Than $100 Billion in Subsidies for Too Big to Fail Banks

A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—$102 billion since 2009.

Posted on May 10, 2013 READ MORE



White House/Pete Souza

The Inconvenient Truth About Jack Lew

I suppose that he can’t be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary.

Posted on Jan 11, 2013 READ MORE



AP/Mark Lennihan

A Sign That Obama Will Repeat Economic Mistakes

Reports in the business press tout a prime participant in the great banking hustle as a possible candidate to be the next Treasury secretary.

Posted on Dec 7, 2012 READ MORE



Having ‘Skin in the Game’

Nassim Nicholas Taleb’s new tour de force book “Antifragile: Things That Gain From Disorder” is a frame-of-reference altering work that a Wall Street Journal reviewer confessed he would have to read “again and again”

Posted on Dec 6, 2012 READ MORE



bruceeg1001 (CC BY-SA 2.0)

Citigroup to Cut 11,000 Jobs

The megabank announced the slashing of 4 percent of its workforce as a report telling of Hurricane Sandy’s negative impact on economic growth was published.

Posted on Dec 5, 2012 READ MORE



World Economic Forum (CC BY-SA 2.0)

Pandit Steps Down as Citigroup CEO

In a development that may please Truthdigger of the Week Sheila Bair, Vikram Pandit, the man who was in charge of megabank Citigroup during the financial crisis, left his job abruptly and with little explanation on Tuesday.

Posted on Oct 16, 2012 READ MORE


‘Left, Right & Center’: Romney in London

Robert Scheer, Chrystia Freeland and Matthew Continetti join “Left, Right & Center” host Matt Miller to discuss Mitt Romney’s London gaffe, former Citigroup CEO Sandy Weill’s break with the mega-banks, and a spoiler about the Olympic Games’ opening ceremonies.

Posted on Jul 28, 2012 READ MORE



david_shankbone (CC BY 2.0)

Pinch Me: What Did Sandy Weill Just Say?

Sanford Weill—the former Citigroup CEO who led the charge to repeal Glass–Steagall and bring about the era of “too-big-to-fail” banks—is stunning critics by calling for the breakup of behemoth financial institutions.

Posted on Jul 25, 2012 READ MORE



AP/Dima Gavrysh

For He’s a Jolly Good Scoundrel

The men most responsible for the collapse of the American dream are heaped with honors at the highest levels of society.

Posted on Apr 18, 2012 READ MORE



Jon Wade (CC-BY)

Citigroup and 3 Other Banks Can’t Take the Stress

Despite hefty bailouts and infinitesimal interest rates, Citi, Ally Financial, MetLife and SunTrust were not able to pass the latest round of stress tests designed and measured by the Federal Reserve.

Posted on Mar 13, 2012 READ MORE



AP / Charles Krupa

There’s Hope for Republicans Yet

GOP candidates are embracing populism, but as the presidential election is now shaping up, voters will not be given a choice to rebuke Wall Street by either major party.

Posted on Jan 12, 2012 READ MORE



AP / NBC News / William B. Plowman

Obama’s New Chief of Staff Hails From Wall Street

Jack Lew is a liberal who worked for Speaker Tip O’Neill and studied under beloved progressive Sen. Paul Wellstone, but he was also the chief operating officer of a Citigroup unit and doesn’t fault deregulation for the shoddy economy. (more)

Posted on Jan 9, 2012 READ MORE



cbsnews.com

Truthdiggers of the Week: Two Mortgage Meltdown Whistle-Blowers

It’s all too rare that a mainstream news network goes after just the sort of financial heavy hitters that tend to have ties to their own corporate sponsors, but thankfully, that’s what CBS News’ “60 Minutes” did last weekend with the help of two principled mortgage specialists.

Posted on Dec 9, 2011 READ MORE



AP / Lucy Nicholson

My Occupy L.A. Arrest

Patrick Meighan is a husband, a father, and a “Family Guy” sitcom writer who was among the 292 people arrested when the cops raided the Occupy Los Angeles encampment early on Nov. 30. As his powerful testimony makes clear, that was actually not “the LAPD’s finest hour.” (more)

Posted on Dec 8, 2011 READ MORE



epicharmus (CC-BY)

A Closer Glance at the Fed Audit, Please

It’s been available for almost six months now: the first independent audit of the Federal Reserve. In case you haven’t read it top-to-bottom, former Congressman Alan Grayson, who petitioned the study along with Rep. Ron Paul, wants to draw your attention to some of his favorite parts.

Posted on Dec 7, 2011 READ MORE


‘60 Minutes’ Shames Justice Dept. Over Wall Street

“60 Minutes” got tired of waiting for the Justice Department to prosecute the big banks that caused the financial crisis, so Steve Kroft and his producers went out and built their own cases.

Posted on Dec 4, 2011 READ MORE


‘Left, Right & Center’: Occupy This and That

In this week’s installment of “Left, Right & Center,” panelists Robert Scheer, Tony Blankley, Matt Miller and Chrystia Freeland take stock of the unemployment crisis in our country, which is a gigantic enough topic as it is. But wait—there’s much more.

Posted on Dec 2, 2011 READ MORE



Composite image: Handout / Mary Altaffer, AP

Truthdigger of the Week: Judge Jed Rakoff

There are those occasions when the choice for Truthdigger of the Week is so clear that our tribute practically writes itself. This is one of those times.

Posted on Dec 2, 2011 READ MORE



AP / Dan Steinberg

You Can Arrest an Idea

Count the liberal mayor of Los Angeles as one of those apologists for suppressing truth in the name of civic order.

Posted on Dec 1, 2011 READ MORE



Eflon (CC-BY)

We Deserve the Truth From Citigroup, Judge Rules

A federal judge will not accept the SEC’s settlement with Citigroup for defrauding its customers of more than $700 million in just one of the firm’s lousy investment opportunities. (more)

Posted on Nov 28, 2011 READ MORE



AP / Damian Dovarganes

California Refuses to Accept Obama’s Banking Sellout

There is no three-strikes law for crooked bankers, who usually get off with a fine and a promise not to do it again, and again and again.

Posted on Nov 10, 2011 READ MORE



AP / J. Scott Applewhite

Too Big to Jail

Can we all agree that a $1 billion swindle represents a lot of money? So why isn’t former Citigroup Chairman Robert Rubin breaking a sweat?

Posted on Nov 2, 2011 READ MORE



Flickr / Wonderlane (CC-BY)

Moody’s Downgrades Big Banks

Moody’s downgraded the credit ratings of three major U.S. banks Wednesday, and so far it appears that Bank of America was the hardest hit by the move.

Posted on Sep 21, 2011 READ MORE



Flickr / wallyg

Wall Street’s Not-So-Little Secret

In 2008, the 10 biggest U.S. banks and brokerage firms took $829 billion in emergency loans from the U.S. Treasury and the Federal Reserve. Until now, who got what had been a secret. ... (more)

Posted on Aug 28, 2011 READ MORE



Flickr / respres Some rights reserved

Banks Push to Appease Regulators With Low-Ball Damage Compensation

Investigators at the United States Trustee Program, which oversees U.S. bankruptcy cases, are collecting mountains of evidence that show that banks industrywide are hurrying huge numbers of borrowers out of their homes prematurely, based on false loan repayment claims. (more)

Posted on May 15, 2011 READ MORE



Wikimedia Commons / Office of Management and Budget

Orszag Sees Turbulent Times Ahead

So, the former head honcho of Obama’s Office of Management and Budget, Peter Orszag, is now sitting in a very plush position over at Citigroup, from where he gave his latest economic prognostications in Thursday’s Financial Times ...

Posted on Jan 21, 2011 READ MORE



AP / Pablo Martinez Monsivais

In Money-Changers We Trust

Two years into the Obama presidency and the economic data is still looking grim. Don’t be fooled by the gyrations of the stock market, where optimism is mostly a reflection of the ability of financial corporations—thanks to massive government largesse—to survive the mess they created.

Posted on Dec 29, 2010 READ MORE



AP / J. Scott Applewhite

Return of the Great Triangulator

The sight of Bill Clinton back at the White House podium defending tax cuts for the super-rich was more a sick joke than a serious amplification of economic policy.

Posted on Dec 15, 2010 READ MORE



AP / Louis Lanzano

The Man Who Shattered Our Economy

Rejoice, the housing market is back. Sandy Weill just picked up a humdinger of a wine vineyard estate in Sonoma, Calif., for a record $31 million, so the foreclosure crisis must be over.

Posted on Nov 17, 2010 READ MORE



AP / Charles Dharapak

Obama Hires a Hustler

Behind the wonderfully engaging smile of this president there is the increasingly disturbing suggestion of a cynical power-grabbing politician whose swift rise in power reflects less the earnestness of his message and far more the skills of a traditional political hack.

Posted on Oct 19, 2010 READ MORE


Rubin
AP / J. Scott Applewhite

The Rubin Con Goes On

The corruptions of journalism were on full display when CNN’s Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused.

Did you miss the live Q & A session? Listen to the podcast here.

Posted on Aug 10, 2010 READ MORE


Greenspan
AP / J. Scott Applewhite

Greenspan Defends the Fed to Meltdown Commission

Former Fed chief Alan Greenspan faced the proverbial firing squad, or in this case the congressionally appointed Financial Crisis Inquiry Commission, to answer questions Wednesday about his leadership choices at the Fed with regard to some key factors that triggered the financial implosion in 2008.

Posted on Apr 7, 2010 READ MORE


Krugman
Wikimedia Commons / Prolineserver

Krugman Says Obama Is ‘Clueless’ About Outrageous Bonuses

There are few things, we imagine, that could elicit a heartfelt OMG (make that O.M.G., rather) from certified economics whiz and evident adult Paul Krugman, but President Barack Obama’s latest take on the egregious and profane bonuses of Wall Street executives has clearly tripped that wire in Krugman’s mind.

Posted on Feb 10, 2010 READ MORE


Obama and banking leaders
AP / Susan Walsh

Obama to Banks: It’s Payback Time

On Monday at the White House, President Barack Obama reminded a group of big banking honchos (or “fat cats,” as he called them Sunday) about last year’s bailout and advised them to get busy helping the taxpayers who helped with their recovery. Well, good luck with that one.

Posted on Dec 14, 2009 READ MORE



about.com

TARP Turns Its Attention to Small Banks

The government-run TARP program is preparing to shift its focus from large banks—such as Citigroup, JPMorgan Chase and Bank of America—to smaller banks, noting that small businesses are still struggling to get access to credit.

Posted on Oct 23, 2009 READ MORE



infiniteunknown.com

When They Call, Geithner Answers

It’s unsurprising to say the least: A Freedom of Information Act request has discovered that Treasury Secretary Timothy Geithner is in daily two-way communication with a small group of Wall Street CEOs—at Citigroup, JPMorgan, Goldman Sachs—while lawmakers like Rep. Xavier Becerra are forced to leave messages for him.

Posted on Oct 8, 2009 READ MORE


money bags
0-60mag.com

A Graphic Look at the State of Our Economy

It’s been a year since the U.S. economy practically went to Hades in a handbasket, and since then the federal government sure has been busy trying to figure out where to allocate (read: throw) money to sort out the whole mess.

Posted on Sep 14, 2009 READ MORE


banking protest
AP / Mark Lennihan

Banking Bandits Get Their Reward

By now everybody must know that the top banking executives responsible for our economic meltdown have no shame. Otherwise they would not have dared give themselves such hefty bonuses as a deeply perverse reward for actions that caused millions of Americans to lose their jobs and homes.

Posted on Aug 4, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Bonuses, Blue Dogs and Beer

This week’s show covers flagrant shenanigans in the financial world—could it be that Tony Blankley makes a move toward the left? Meanwhile, lefty Robert Scheer is the surprising deficit hawk in the mix, and Arianna Huffington and Matt Miller clash over whether the absence of a strong public provision in Congress’ emerging health plan represents a betrayal of the American people. Also: beer!

Posted on Jul 31, 2009 READ MORE


ENTER_ALT_TEXT
Flickr / World Economic Forum

Is Larry Summers Taking Kickbacks From the Banks He’s Bailing Out?

Why did Goldman Sachs, Citigroup and Morgan Stanley steer millions to a company Larry Summers directed while he administered “stress tests” on them?

Posted on May 30, 2009 READ MORE


Geithner Obama Summers
AP photo / Evan Vucci

The Clinton Bubble

Has Timothy Geithner ever had lunch with a non-megamillionaire who has lost his job or home because of the banking meltdown? I ask that question after reading the list of the treasury secretary’s luncheon dates when he was head of the New York Federal Reserve, a list that the government was forced to provide in response to a lawsuit.

Posted on Apr 28, 2009 READ MORE


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