Word: citibank
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Dates: during 2000-2009
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...making out like the airlines themselves. Why? "Because we sell the miles," says Bruce Chemel, president of American Airlines' frequent-flyer program. "Healthy Choice, Citibank, Hilton and Avis are all buying little pieces of the ticket." Partner companies pay about 2[cents] a mile, which can add up to more than an airline makes on a straight round-trip sale. "They're not giving anything away for free," says Petersen, who estimates a $2 billion windfall for the airlines in 1999. Still, Petersen says, no more than 15% or 16% of the seats on each flight are available to reward...
...believes the U.S. has reached this point, and anticipates that finance companies like Citibank and First USA will follow the recent move by American Express to issue smart cards to their clients, as well as readers for their PCs at reduced prices. Noting Motorola's decision last year to pull out of an already tight global smart-card market, Giry expresses confidence that new players will not be able to take on the three French companies that have more than 70% of the global-production market: Gemplus, Schlumberger and Bull...
...growing legal storm lashed Citibank in New York, where some $12 billion of Lloyd's North American reserves were on deposit. Paul Cohen, a supervising examiner for the New York State insurance department, declared in 1995 that the reserves were "seriously deficient" and "unlikely to cover all losses" at Lloyd's. Cohen accused Citibank of permitting Lloyd's to shift assets from the accounts of Names who owed nothing to pay the obligations of those Names who did--in violation of the Names' contracts with Lloyd's and trust agreements with Citibank. Citibank declined comment, citing pending litigation...
...OLYMPICS Replaced by the AOL-Time Warner-Citibank-Wal-Mart-People's Republic of China Inc. Goodwill Games...