Citigroup

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States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

(Newser) - State prosecutors are offering big banks an expensive Get Out of Lawsuits Free card. Prosecutors have offered a variety of banks caught up in the “robosigning” scandal immunity from some litigation in exchange for a total of $10 billion to $25 billion in penalties, the Financial Times reports. Some...

Citigroup Posts Profit for 6th Straight Quarter

Losses from bad loans declines

(Newser) - Citigroup turned a profit for the sixth straight quarter as losses from failed loans declined. Losses from bad loans fell 35% during the quarter to $5.4 billion, which allowed the bank to release $2 billion from its loan loss reserves and count it as income, the New York bank...

Ex-Citigroup VP Charged With Embezzling $19.2M

He allegedly stole more than $19M

(Newser) - Former Citigroup vice president Gary Foster has been charged with embezzling more than $19 million from the company. Foster, 35, was nabbed yesterday at JFK airport in New York, after arriving on a flight from Bangkok, Reuters reports. Prosecutors say that between May 2009 and December 2010, Foster funneled the...

Hackers Grabbed Data on 360K Citibank Customers

Citi originally said 1% of 21M customers were affected

(Newser) - Citibank has finally 'fessed up that hackers managed to grab account data on a whopping 360,083 US credit card customers. That's nearly double what the company initially revealed when it said 1% were affected, which equals about 210,000 customers based on its 2010 annual report, reports...

Hackers Had Little Trouble in Citigroup Breach

And things are probably only going to get worse

(Newser) - News that hackers busted through Citigroup's online defenses and stole information on 200,000 customers is bad enough. The New York Times makes it worse with two additional points: The hack itself was relatively easy, and we should expect a lot more similar attacks in the near future. “...

Big Citi Hack Reveals Ugly Truth About Banks

Firms not investing enough on protecting customers, analysts say

(Newser) - The massive data breach at Citigroup has alarmed customers, angered lawmakers, and sparked debate on whether big banks are spending enough money on protecting their customers' information, the New York Times finds. Credit card companies have devoted their resources to preventing fraud from occurring when data is stolen and not...

Citibank Reveals Massive Data Breach

Info on hundreds of thousands of customers breached

(Newser) - Hackers breached Citibank's systems early last month and may have made off with the personal data of hundreds of thousands of customers, the bank has revealed. The data breach—which Citi admitted after being questioned by the Financial Times —exposed customers' names, account numbers, and contact information. But...

Citi Boss Vikram Pandit Scores Huge Bonus

He'll make at least $23.2 million; had been earning $1

(Newser) - Vikram Pandit isn’t the lowest-paid guy on Wall Street anymore. Citigroup has rewarded its CEO, who has worked for a token $1 salary for the past two years, with a massive retention package. If the company hits its estimated performance, Pandit will make $23.2 million in stock and...

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

(Newser) - A set of confidential audits could lead to fraud prosecutions for five of America’s biggest mortgage lenders, officials briefed on the documents tell the Huffington Post . The scathing documents accuse Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial of defrauding taxpayers by making false claims about...

Banks to Pay SEC for Financial Crisis Fraud

They're near deal to settle allegations on mortgage-bond deals

(Newser) - A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first...

Feds Suspect Banks Colluded to Fix Interest Rate

Citigroup, Bank of America often reported similar numbers

(Newser) - The Justice Department and the SEC are investigating whether banks colluded to hold down a key interest rate before and during the financial crisis, sources tell the Wall Street Journal . The London interbank offered rate, or Libor, is calculated based on banks' self-reported borrowing costs. But from 2006 to 2008...

Banks Expected to Dole Out Dividends Again

Rising profits should lead to 'milestone' soon: Analysts

(Newser) - America’s top banks are expected to report yet another quarter of profits, putting them in prime position to start paying dividends again, analysts tell the New York Times . JPMorgan got things rolling today by reporting a 47% increase in profits, notes the Wall Street Journal . It will be followed...

There May Be No More Smokers in 30 Years
There May Be No More Smokers in 30 Years
analysis says
Jan 10, 2011 9:06 AM CST

There May Be No More Smokers in 30 Years

...at least in developed countries, according to Citigroup analysis

(Newser) - Smoking may be a thing of the past in just a few decades—at least in developed countries—a Citigroup analysis of the tobacco industry finds. Using smoking rates in Britain, it calculated that there may be no smokers left in 30 to 50 years. A decade ago, almost one...

Taxpayers Will Score $12B on Citigroup Bailout: Treasury

Government strikes deal to sell remaining 2.4B shares

(Newser) - Taxpayers will wind up making out like bandits on their $45 billion bailout of Citigroup. The Treasury Department has struck a deal to sell its remaining 2.4 billion shares of Citigroup for $4.35 a share, it announced yesterday, bringing the total money made off such sales to $57...

How to Get Out of Jury Duty: Know Michael Moore

Donna Gianell bounced from Citigroup trial

(Newser) - A juror found herself bounced from a Citigroup-EMI fraud trial after her connections to liberal filmmaker Michael Moore emerged. Citigroup lawyers played a clip from Moore’s Capitalism: A Love Story in court showing juror Donna Gianell’s name in the credits, then asked Judge Jed Rakoff to dismiss her....

Big Banks Still Think We're Chumps
 Big Banks 
 Still Think 
 We're Chumps 
OPINION
Sep 13, 2010 10:42 AM CDT

Big Banks Still Think We're Chumps

Citigroup hasn't learned its lesson from financial crisis

(Newser) - Have the big banks learned their lesson from the financial crisis? Not a chance, writes Charlie Gasparino in the Daily Beast . Citigroup’s recent attempt to bar a well-respected financial analyst from questioning its executives about accounting practices, plus new documents proving the bank’s top brass knew about its...

SEC: Citigroup Execs Lied
 SEC: Citigroup Execs Lied 
Sep 10, 2010 6:48 AM CDT

SEC: Citigroup Execs Lied

Former heads knew of losses, SEC claims

(Newser) - Citigroup 's top brass lied about their knowledge of the firm's subprime losses, the SEC alleges. Court fillings from the SEC suggest former chief executive Charles 'Chuck' Prince and former senior adviser Robert Rubin were well aware that the highest-rated segments of subprime mortgage-backed securities were the source of...

Too-Hot Banker Dumps Her S&M-Lovin' Lawyer

Lorenzana was freaked out by sex harassment case

(Newser) - Too-hot-for-Citi banker Debrahlee Lorenzana was apparently afraid she’s also too hot for her lawyer—so she ditched him. After learning of a 2008 sexual harassment suit against attorney Jack Tuckner, “she was horrified,” a source tells the New York Post . And with good reason: Court papers filed...

Too-Hot Banker Wasn't Always So Stacked

 Too-Hot Banker 
 Wasn't Always 
 So Stacked 
asset management
Jun 9, 2010 10:43 AM CDT

Too-Hot Banker Wasn't Always So Stacked

Debrahlee Lorenzana got two boob jobs, bragged about 'em

(Newser) - Debrahlee Lorenzana may be too hot for Citibank , but it turns out her, er, assets weren’t always quite so big. The bombshell banker was featured in a 2003 Discovery Health Channel series called Plastic Surgery New York Style, during which she talks quite gleefully about her two boob jobs....

Another Bank Has Problem With Too-Hot Banker

Debrahlee Lorenzana in hot water with JPMorgan Chase, too

(Newser) - Too-sexy-for-Citibank Debrahlee Lorenzana is now in hot water with a second bank…but not for looking too hot at work. Lorenzana claims current employer JPMorgan Chase isn’t happy she spoke out against her last employer—who she says fired her for being too attractive . “They're circling the wagons...

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