Word: backs
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Dates: during 2000-2009
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...Citi's deal to pay back the government was reportedly hashed out over a week's worth of marathon negotiations following Bank of America's repayment last week of $45 billion in government assistance. Citi did not want to be one of the few remaining big banks still using the government's crutch.(See the worst business deals...
...raising all the capital to pay back TARP won't improve Citi's balance sheet either. In fact, it will do the opposite. Bove estimates that TARP repayment will lower the company's Tier 1 capital ratio to just over 11%, from a recent 12.8%. What's more, with the elimination of the government guarantee of Citi's riskiest assets, which could expose the bank to as much as $250 billion in additional losses, the bank's Tier 1 ratio will sink further, to 10%, according to Hensler. (See 10 big recession surprises...
...shape than many thought. To exit TARP, Bank of America was required to raise $18.5 billion in new capital, or about 40% of the $45 billion in capital it repaid the government. Other banks have had to raise as much as half of the amount they want to pay back the government in new capital. Citigroup, though, is required to raise more than 100% of what it wants to pay back - $20.5 billion in new capital, half a billion dollars more than it will pay Uncle Sam. That suggests the government is still worried that Citi has significant losses...
...world was entering a financial crisis appears to be yet another management blunder for what was once the world's largest bank. It's also likely a black eye for Citi as it tries to convince the U.S. government that is wealthy and wise enough to pay back its government support. And unlike the mortgage mistakes, which can be blamed on past management, the rush to profits in Dubai happened under CEO Pandit...
...Pandit," says Michael Holland, a money manager and the former chairman of Salomon Brothers Asset Management, which was acquired by Citigroup. "Being big everywhere is the business model he has chosen. That means when there are losses anywhere you are going to get hit." Things were booming there back in 2008 when Citi sent Verme to the gulf state - from 2004 through 2008 Citi's revenues from the region grew at a 30% average annual rate. He had run the bank's Latin American operations before being promoted to co-head of investment banking. In 2006, trade publication the Banker...