Citigroup

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Banks Halt Foreclosures Ahead of Obama Plan

Citigroup, Bank of America, JP Morgan Chase suspend proceedings until next month

(Newser) - Major US banks agreed today to halt foreclosure proceedings against homeowners until the White House foreclosure prevention plan is in place, the Washington Post reports. Citigroup, JPMorgan Chase, and Bank of America will suspend foreclosures until early March, when the foreclosure plan is expected to be operational. President Obama is...

Advertising With TARP Funds Is Tricky Business

The public increasingly is taking a hard look at how TARP funds are spent

(Newser) - Companies that received TARP funds are being forced to deal with some unexpected fallout: the ire of taxpayers who see sponsorships and ad campaigns as frivolous wastes of rescue dollars, reports Advertising Age. But execs at those companies say that to pay back those borrowed monies, they must develop new...

Citi's Mets Deal Makes Sense in the Long Run
Citi's Mets Deal Makes Sense in the Long Run
OPINION
Feb 4, 2009 2:31 PM CST

Citi's Mets Deal Makes Sense in the Long Run

$400M, over decades, will generate lots of publicity, help pay back bailout funds

(Newser) - Citi’s $400 million naming-rights deal with the New York Mets may seem “tone-deaf and stupid” after the bank took $45 billion in bailout funds, Daniel Gross writes in Newsweek—but it’s a good idea. “Companies—even companies getting bailed out by the feds—need to attract...

Citigroup Sues Pawnshop Over Similar Name, Logo

Struggling bank seeks all profits made by Brooklyn's All Citi Pawn

(Newser) - Citigroup is suing a Brooklyn pawnshop for copyright infringement, the New York Post reports. The logo for All Citi Pawn sports the distinctive “i” and a similar red mark over the “t.” Citigroup’s suit demands the pawnshop fork over all profits made since it adopted the...

Citi May Bail on $400M Marketing Deal With Mets

The call to spend taxpayer money more wisely may overshadow agreement

(Newser) - Citigroup, trying to duck controversy over its use of taxpayer bailout dollars, is considering  reneging on a $400 million marketing deal with the New York Mets, the Wall Street Journal reports. The 20-year partnership—which includes naming the Mets new stadium Citi Field—may be scratched because Citi accepted $45...

Stocks Follow Europe Down
 Stocks Follow Europe Down 
MARKET Open
Feb 2, 2009 8:49 AM CST

Stocks Follow Europe Down

Dow dives 110 on heels of big declines overseas

(Newser) - US stocks fell at today’s open, tracking big declines overseas, the Wall Street Journal reports. The Dow was off 110 points, while the S&P and Nasdaq fell 1.2% and 0.9% respectively. Among the big losers were Bank of America, down 7%, and Citigroup, down 6.5%,...

Dow Up 201 on Fed News
 Dow Up 201 on Fed News 
MARKETS
Jan 28, 2009 3:10 PM CST

Dow Up 201 on Fed News

Obama plan for 'bad bank' inspires confidence

(Newser) - The Fed’s announcement today that it will keep target rates near zero sustained a rally led by financials, the Wall Street Journal reports. Financials continued to rise off the Obama administration’s plan to create a “bad bank” to buy toxic assets, with the Financial Select Sector Fund,...

Stocks Soar on Bank Hopes
 Stocks Soar on Bank Hopes 
MARKET Open
Jan 28, 2009 8:52 AM CST

Stocks Soar on Bank Hopes

(Newser) - Stocks skyrocketed at today's open, spurred by reports that the Obama administration would likely form a “bad bank” to buy up illiquid assets. The Dow jumped 110 points, and the S&P and Nasdaq gained 1.9% and 1.8% respectively. Banking stocks led the way, with Citigroup leaping...

Pfizer Deal's $22.5B in Loans Hasn't Unlocked Credit

$22.5B loan in deal to acquire Wyeth comes at 7-9% interest, and lenders can walk

(Newser) - Think Pfizer’s $68 billion deal to buy Wyeth, financed in part with $22.5 billion in loans, means credit markets have thawed? Think again, the Wall Street Journal reports. Pfizer’s lenders—including JPMorgan, Bank of America, Goldman, and Citigroup—are charging high interest (7%-9%, with loans due in...

Team Obama Nixes Citi's Private Jet Buy

Treasury tells bailed-out bank to ditch $50M plane

(Newser) - Hours after the New York Post trumpeted Citigroup's plan to go through with the purchase of $50 million, French-made private jet yesterday, Citigroup got a call from Treasury telling the bank to think again. The Obama administration has made a lot of noise about enforcing accountability on bailout funds, Politico...

Citigroup Drops $50M on Fancy Corporate Jet

... After taking $45B in federal bailout funds, fumes indignant Post

(Newser) - Citigroup may be going down in flames, but at least the seats will be nice. Citigroup is buying a brand-new $50 million corporate jet, the New York Post reports, headlining the sale, “JUST PLANE DESPICABLE,” on account of the $45 billion the company has received from Uncle Sam....

Big Banks' Lending Drops Despite Bailout Cash
Big Banks' Lending Drops
Despite Bailout Cash
ANALYSIS
Jan 26, 2009 10:23 AM CST

Big Banks' Lending Drops Despite Bailout Cash

Banks say funds can't go straight to loans, and recession cuts down on would-be borrowers

(Newser) - Lending is down at some of the biggest beneficiaries of the $148 billion the Treasury hoped would get US banks lending again, the Wall Street Journal reports. Of 13 banks to receive major government backing, 10 saw a decline in their outstanding loan balances between the third and fourth quarters...

Nationalizing Banks Looks More and More Likely
Nationalizing Banks Looks More and More Likely
Analysis
Jan 26, 2009 9:35 AM CST

Nationalizing Banks Looks More and More Likely

Case for Nationalization grows

(Newser) - Team Obama is coming closer and closer to using the N-word they've been studiously avoiding: nationalize. Already the government is the top shareholder at both Bank of America and Citigroup, and with both banks in freefall, many think buying the rest is the only option. “I would guess that...

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

(Newser) - The swanky Davos economic summit was once a top destination for financial and economic power players, but many are skipping the glitz this year for fear of sending the wrong message in a tanking economic climate, Reuters reports. Treasury secretary-designate Timothy Geithner is sitting out the resort event, as are...

Pfizer Snaps Up Wyeth for $68B
 Pfizer Snaps Up Wyeth for $68B 
Jan 26, 2009 6:11 AM CST

Pfizer Snaps Up Wyeth for $68B

Merger would be largest pharma deal since GlaxoWellcome-SmithKline 2000 merger

(Newser) - The world’s largest drugmaker, Pfizer, is poised to become even more gargantuan after it agreed early this morning to buy rival Wyeth for $68 billion, reports the Wall Street Journal. In the first major merger to hit Wall Street in months, Pfizer will borrow $22.5 billion from four...

Dow Ends Blah Week Down 45
 Dow Ends Blah Week Down 45 
MARKETS
Jan 23, 2009 3:42 PM CST

Dow Ends Blah Week Down 45

Financials see gains for the day

(Newser) - Stocks were mixed today as bargain buying in the financial sector bolstered some amid a torrent of poor earnings and outlooks from GE, Xerox, Harley Davidson, and AMD, MarketWatch reports. The Dow fell 45.24 points to close at 8,077.56. The Nasdaq gained 11.80, closing at 1,...

Ex-Time Warner Chief Will Lead Citigroup

Richard Parsons, an Obama adviser, will be chair of ailing bank

(Newser) - Former Time Warner CEO Richard Parsons—an economic adviser on Barack Obama's transition team—will become the new chairman of Citigroup next month. The ailing bank has suffered five straight quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis....

Financials Kick Dow Up 279
 Financials Kick Dow Up 279 
MARKETS
Jan 21, 2009 3:22 PM CST

Financials Kick Dow Up 279

Stocks rebound after dismal Inauguration Day

(Newser) - A rebound in the financial sector today and qualified confidence in President Obama’s stimulus plan drove stocks to recover some of yesterday’s large losses, MarketWatch reports. The Dow gained 279.01 to close at 8,228.10. The Nasdaq added 66.21, closing at 1,507.07, and...

Dow Tumbles 332, Below 8,000
 Dow Tumbles 332, Below 8,000 
MARKETS
Jan 20, 2009 3:21 PM CST

Dow Tumbles 332, Below 8,000

Obama inauguration can't break Street's gloom

(Newser) - A spirit of optimism swept through America today as Barack Obama was sworn in—except on Wall Street, where financial trouble at home and in the UK sent the Dow below 8,000 for the first time since November, the Journal reports. The Dow fell 332.13 to close at...

Dow Gains 68 Despite Banks
 Dow Gains 68 Despite Banks 
MARKETS
Jan 16, 2009 3:29 PM CST

Dow Gains 68 Despite Banks

Options expirations cause market volatility

(Newser) - US stocks clawed back to gains today amid turmoil in the financial sector and volatile price swings stemming from the expiration of January options contracts, MarketWatch reports. Although 100 points off its open at midday, the Dow finished with a gain of 68.73, to 8,281.22. The Nasdaq...

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