World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
U.S. Government Needs Map for Lost Citi
Keywords:
Citigroup remains extraordinarily leveraged, with tangible leverage at 47 times tangible common equity. JP Morgan's is 26 times and Goldman's is 21 times. The government's two preferred shares capital injections of $45 billion does not reinforce the common stock, which fell 20% on the 14 January, 2009, and the discarding of the universal bank structure this week does not adequately address the root problem of problem mortgage related assets and excessive leverage. The government's agreeing to to take a large share of losses on $306 billion of problem assets helps, but with the leverage being so high significant problems remain. So what are the options. Reducing leverage to where J.P. Morgan Chase is would take $35 billion in common equity, something that would make the government the owner of Citibank, as Citibank's market capitalization on January 14, 2009 was $25 billion. The risk of doing this would be that other large bank stocks also fall steeply as the market prices in a similiar outcome. And there are political considerations as giving capital to banks is not popular with so little bank lending to show constituents. The capital needs of Bank of America as it completes the acquisition of Merrill further complicates the picture. But stopgap moves like additional loss sharing agreements will leave Citbank's problems still unresolved.
Government Bailout of Citigroup.
11/26/2008
The government bailout of Citigroup as it posts huge losses and its stock price sinks.
Grouped Articles
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
Wall Street Journal 07/15/2014
How Citi's Fortunes are Tied to Housing's
BusinessWeek 11/26/2008
H-P, Citi Debt Offerings Bring in Billions
Wall Street Journal 12/03/2008
Citigroup Takes First Step Toward Breakup
Wall Street Journal 01/10/2009
Citigroup Ready to Shrink Itself by a Third
Wall Street Journal 01/14/2009
Citigroup efforts to to reduce risky assets- 2011-2015
01/15/2009
Grouped Articles
Quiet Boss at Citigroup Setting Tone for Wall Street
New York Times 12/01/2013
Wall Street Journal 02/07/2014
Failing Stress Test is Another Stumble for Citigroup
New York Times 03/27/2014
Citigroup Sells Stake in Turkish Bank for $1.16 Billion
New York Times 03/05/2015
Test Results Bring Relief to Citigroup
Wall Street Journal 03/13/2015
Shrunken Citigroup Illustrates a Trend in Big U.S. Banks
New York Times 04/15/2016
Citigroup performance- 2011-2012
01/15/2009
Grouped Articles
Failing Stress Test is Another Stumble for Citigroup
New York Times 03/27/2014
Test Results Bring Relief to Citigroup
Wall Street Journal 03/13/2015
Citi Struggles to Return to Growth
Wall Street Journal 04/19/2011
Wall Street Journal 04/19/2011
Citigroup Instantly Becomes a $40 Stock
Wall Street Journal 05/10/2011
Profit Up 24%, Citigroup Seeks Global Growth
New York Times 07/16/2011
Citigroup strategies
01/15/2009
Grouped Articles
Citi's Profit Soars as Shift Pays Off
Wall Street Journal 04/16/2013
More Lights Switch On in the Citi
Wall Street Journal 04/16/2013
Citi CEO: Bank's Major Restructuring Is Over
Wall Street Journal 04/24/2013
Wall Street Journal 07/16/2013
Growth in Emerging Markets Lifts Citigroup's Profit by 42%
New York Times 07/15/2013
Citigroup Dialing Back Its 'Alternative' Holdings
Wall Street Journal 09/03/2013
Glass Steagall, the "Citigroup Authorization Act," and Sanford Weill
01/15/2009
Sanford Weill pushed hard for repeal of the Glass Steagall Act, so much so that the legislation to repeal it was called the Citigroup Authorization Act. Weill said in July 2012 that the times had changed and he regretted repeal of Glass Steagall. He called for a breakup of the biggest banks because the experience of the housing bubble and the financial crisis had proved that this posed too many risks.
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
New York Times 04/10/2009
Wall Street Journal 07/15/2014
Big-Bank Pioneer Now Seeks Breakup
Wall Street Journal 07/25/2012
Sandy Weill Regrets Breaking Glass
Wall Street Journal 07/26/2012
Weill Calls for Splitting Up Big Banks
New York Times 07/25/2012
A Citigroup restructuring plan, and bank restructuring plans that were never developed by Treasury Secretary Geithner for President Obama
01/02/2009
Ron Suskind documents the making of key economic decisions in the Obama White House from 700 hours of interviews in his new book released in Sept 2011: "Confidence Men: the Obama White House, Wall Street and the Education of a President." In the book he says Obama asked Geithner to develop a plan for restructuring Citigroup after the bailout of Citi. A month later he followed up in a meeting, and was told by Romer at a meeting Geithner did not atttend, that no plan had been developed. The President's response was "it better be." Geithner says he was asked to do so but "fortunately there was never a need to put them in place."
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Citigroup restructuring under CEO Michael Corbat
01/15/2009
Grouped Articles
Citi's Profit Soars as Shift Pays Off
Wall Street Journal 04/16/2013
More Lights Switch On in the Citi
Wall Street Journal 04/16/2013
Citi CEO: Bank's Major Restructuring Is Over
Wall Street Journal 04/24/2013
A Citi Wall Thicker Than J.P. Morgan's
Wall Street Journal 07/16/2013
Wall Street Journal 07/16/2013
Growth in Emerging Markets Lifts Citigroup's Profit by 42%
New York Times 07/15/2013
The Citigroup Rescue in November 2008.
11/13/2008
A Morgan Stanley type bear raid by short sellers on Citigroup shares with 50% of share value lost in a few days. Pandit of Citi desperately asks for reinstatement of the uptick rule to prevent short seller raids.
Grouped Articles
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
U.S. Settles Mortgage Inquiry for $7 Billion
New York Times 07/14/2014
Old Lane Managers Look for Exit From Citi
Wall Street Journal 12/24/2008
Citi Directors Mull Replacing Chairman
Wall Street Journal 11/13/2008
Worst May Be Yet to Come for Citigroup
New York Times 11/14/2008
New York Times 11/16/2008
Citigroup strategies under CEO Pandit
12/24/2008
Grouped Articles
Old Lane Managers Look for Exit From Citi
Wall Street Journal 12/24/2008
Wall Street Journal 07/16/2012
Citi Looks Toward Developing World
Wall Street Journal 07/17/2012
Citi Is Ramping Up Its Succession Planning
Wall Street Journal 08/03/2012
Wall Street Journal 09/26/2012
Citigroup's Earnings Plummeted in Third Quarter on Writedown
New York Times 10/15/2012
Vikram Pandit and Citibank
05/04/2006
Grouped Articles
Pandit Stakes Citi's Future on Emerging Markets
BusinessWeek 03/17/2011
Wall Street Journal 06/05/2009
Pandit Unveils a Citi of Dreams
Wall Street Journal 03/12/2010
Citi's Pandit Pay for 2009: $128,750 + $1
Wall Street Journal 02/27/2010
Pandit Is Running Out of Time to Clean Up Citigroup
New York Times 01/20/2010
Economist 10/15/2009
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us