Citigroup

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Dow Surges 379, Biggest Gain of Year
 Dow Surges 379, 
 Biggest Gain of Year 
MARKETS
Mar 10, 2009 3:25 PM CDT

Dow Surges 379, Biggest Gain of Year

Citigroup leads financials after announcing profitable January and February

(Newser) - Stocks rallied today as financials jumped on news of Citigroup’s profitable January and February, the Financial Times reports. Investors also were cheered by talk of reform from Ben Bernanke—who said the recession could end next year if all goes well—and Barney Frank. Citi, Bank of America, and...

Market Bounces 300+ on Bernanke, Citi News

Citi leads way as Bernanke comments give boost

(Newser) - The Dow surged more than 300 points this morning, as investors welcomed news from Citigroup CEO Vikram Pandit that his bank had shown a profit the first two months of this year, and optimistic comments from Fed chairman Ben Bernanke. The Dow had risen 312 points by noon, led by...

Stocks Head for Rebound
 Stocks Head for Rebound 
MARKET Open
Mar 10, 2009 8:52 AM CDT

Stocks Head for Rebound

(Newser) - Stocks jumped out of the gate this morning, after a tech-driven sell-off yesterday that brought indexes to new bear market lows. The Dow rose 140 points, with Alcoa up 8% and GE up more than 10%. The S&P and Nasdaq soared 2.3% and 2% respectively. Financials were among...

Citigroup Paid Employees $13M for Scrapped Resort Trip

Bahamas trip for top performers was nixed after spotlight put on bank's spending

(Newser) - Citigroup employees whose jaunts to the Bahamas were canceled amid scrutiny of the bailed-out bank's spending were paid $13 million in compensation for the scrapped getaway, insiders tell Bloomberg. Sales agents—all 1900 of them—who had been scheduled to stay at a swanky resort were paid $5,000 each,...

Suddenly, Blue Chips Are Penny Stocks

Nobody's too big to sell

(Newser) - America's once-mightiest stocks have been humbled. Blue chips such as Citigroup, GE, and GM are trading at laughable levels, with Citgroup shares even going under a dollar yesterday. Analysts offer two main reasons for the troubles of big companies: they relied on offering financing to customers, which killed them in...

Stocks Plummet; Dow Falls 281
 Stocks Plummet; Dow Falls 281 
MARKETS
Mar 5, 2009 3:24 PM CST

Stocks Plummet; Dow Falls 281

Dow blows by Tuesday low

(Newser) - Stocks fell today, with the Dow passing the bear-market low it set Tuesday, and two giants of US banking and manufacturing trading at less than $2, MarketWatch reports. Mounting problems at Citigroup and General Motors drove their shares to $1.02, and $1.95, respectively. The Dow dropped 281.40...

Stocks Inch Up After Plunge
 Stocks Inch Up After Plunge 
MARKET Open
Mar 3, 2009 8:48 AM CST

Stocks Inch Up After Plunge

(Newser) - Stocks limped higher at the open today, after a punishing Monday session that left the Dow below 7,000, its worst levels since April 1997. Today the Dow was up 80 points in early trading, the Wall Street Journal reports, while the S&P and Nasdaq added 1.6% and...

Citi Offers Jobless Lower Mortgage Payments

Recently unemployed can drop payments to average of $500

(Newser) - Citigroup is announcing a new program easing mortgage payments to an average of $500 a month for homeowners who have lost their jobs and fallen behind on their debts, reports the Wall Street Journal. Borrowers will be allowed to make the lower payments for 3 months and will pay no...

Stocks Plunge on GDP, Citi
 Stocks Plunge on GDP, Citi 
MARKET Open
Feb 27, 2009 8:44 AM CST

Stocks Plunge on GDP, Citi

(Newser) - Stocks took an early dive today, as investors digested a bleak GDP report and Citigroup’s new rescue package, the Wall Street Journal reports. The Dow tumbled about 125 points, while the S&P lost 2%. The Nasdaq dropped 1.1%. Citigroup shares plummeted 31% after it announced a deal...

US to Take 36% Stake in Citi
 US to Take 36% Stake in Citi 
UPDATED
Feb 27, 2009 6:57 AM CST

US to Take 36% Stake in Citi

Treasury will take up to 40% of bank in return for boardroom overhaul

(Newser) - Citigroup and the federal government have reached a deal to boost the US stake in the bank to up to 40%, the parties announced this morning. The deal gives shareholders more protection, but in return, agrees to a Treasury Department demand for an overhaul of the embattled bank's board of...

Citi Struggles Under Fed Oversight, About to Get More

Tottering bank may give 40% of shares to Washington

(Newser) - Citigroup is in talks with Washington about a restructured deal that would see the US convert its 7.8% stake of preferred shares into up to 40% of common stock. The deal would provide Citi with desperately needed capital, but would place the bank under further control of the federal...

Street Battles Back; Dow Up 236
 Street Battles Back; Dow Up 236 
MARKETS
Feb 24, 2009 3:17 PM CST

Street Battles Back; Dow Up 236

Financials lead rally

(Newser) - Stocks rallied today as traders snapped up bargains in the wake of yesterday’s sell-off, the Financial Times reports. Citigroup and Bank of America led the surge after Ben Bernanke said the government would not have to resort to nationalization to save the beleaguered banks. The Dow gained 236.16,...

Citi CEO Drops by White House, Sparking Chatter

Parsons' meeting ratchets up rumors of bank nationalization

(Newser) - Citigroup’s new chief, Richard Parsons, dropped by the White House last night, Politico reports, visiting Valerie Jarrett, an adviser and longtime confidante to President Obama. “He was here to meet with Valerie—something she often does with business leaders,” explained an official. Still, the visit fueled more...

Dow Off 251; Lowest Close Since '97
 Dow Off 251; 
 Lowest Close Since '97 
MARKETS
Feb 23, 2009 3:09 PM CST

Dow Off 251; Lowest Close Since '97

Financials do better on reports of that nationalization will be gentle

(Newser) - Stocks fell today as concerns about waning global demand sank shares of giants like IBM, Hewlett-Packard, General Electric, and Alcoa, the Wall Street Journal reports. Citigroup bucked the trend on reports that a government takeover wouldn’t wipe out shareholders, and rose 11%. The Dow fell 250.89 to 7,...

Stop Stalling and Nationalize Bailout Banks: Krugman

The sooner we take over zombie banks, the better, says Krugman

(Newser) - The case for temporarily nationalizing some of America's biggest banks is so persuasive that even Alan Greenspan, the baron of laissez-faire capitalism, thinks it's a good idea. Yet the Obama administration keeps proposing half-measures and workarounds. New York Times columnist Paul Krugman says the government should get it over with:...

Treasury Seeks Bankruptcy Financing for GM, Chrysler

Obama administration will not rule out Chapter 11 for ailing autos

(Newser) - Treasury advisers are working to line up $40 billion in financing for General Motors and Chrysler—5 times the size of any previous bankruptcy loan—just in case the two automakers need it, the Wall Street Journal reports. While efforts continue to restructure the companies by other means, the administration...

Taxpayers May Get 40% Stake in New Citi Deal

Bank proposes converting public bucks into common stock

(Newser) - Fearing further losses, Citigroup is negotiating with the government to convert part of the public's $45 billion investment in Citi from preferred to common stock, which could give the US up to 40% of the bank at no additional cost. Such a move would boost the bank's capital portfolio while...

Dow Ends Sorry Week Off 101
 Dow Ends Sorry Week Off 101 
MARKETS
Feb 20, 2009 3:21 PM CST

Dow Ends Sorry Week Off 101

Nationalization talk spurs financial sell-off

(Newser) - Stocks lost value again today as talk of nationalizing top US banks spurred investors to sell financials, MarketWatch reports. The Obama administration tried to tamp down the nationalization chatter, but without success. Meanwhile, General Electric and General Motors fell 6% and 16%, respectively. The Dow lost 100.28 to close...

Dodd Backs Nationalizing Banks; White House Doesn't

Banking chair weighs short-term moves

(Newser) - Chris Dodd says the US may have to nationalize the most troubled banks for “a short time” to save the financial system, Bloomberg reports. The chairman of the Senate Banking Committee joined Ben Bernanke and Alan Greenspan in calling for serious consideration of nationalizing flailing institutions such as Bank...

Dow Plunges Nearly 300
 Dow Plunges Nearly 300 
Feb 17, 2009 3:14 PM CST

Dow Plunges Nearly 300

Global markets set losing tone for NYSE

(Newser) - Stocks plunged today as President Obama signed the economic stimulus package into law, MarketWatch reports. With a negative tone set by losses in the overseas stock markets, financials led declines, with Bank of America, Citigroup, JP Morgan Chase, and American Express all down at least 9%. The Dow lost 297....

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