Word: bankses
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The details of the government's role in keeping the lights on at what was once the nation's largest bank will again be on display on Thursday. For the first time, Citi's CEO will testify before the Congressional Oversight Panel (COP), set up by Congress to monitor the...
But at a time when every one of its main rivals has repaid its obligations to Uncle Sam, Citi still has its hands deep in the government-aid cookie jar. Uncle Sam owns more of Citigroup than any other bank. Currently, the government holds 7.7 billion shares of Citi's...
"The idea that Citigroup has paid back its [Troubled Asset Relief Program] money is a charade orchestrated by the government to allow an insolvent bank to pay big bonuses," says Christopher Whalen, who follows Citi and other banks at Institutional Risk Analytics. "It's a scandal."
Unlike the BofA deal, however, Citigroup's left intact a large investment in the bank on the part of the government. Citi repaid the government's $20 billion in Citi preferred shares, and it closed an insurance agreement that had the government backing as much as $300 billion in troubled...
That indecision has helped the Perry campaign relentlessly pin the Washington label on the Senator, dubbing her Kay "Bailout" Hutchison for supporting the bailout bill for the banks. The latest online video ad released by the Perry campaign casts Hutchison as the "Earmark Queen" to the music of Abba's...