Word: citibankers
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...General Accounting Office, Congress's investigative arm, is not usually known for producing page-turning whodunits. But the agency's report on Friday recounting Citibank's money dealings with Raul Salinas, the Mexican presidential brother who's been rumored to have links with drug lords, comes close. "The report is stark, unvarnished, and best of all a good read filled with details," says TIME correspondent S.C. Gwynne. "It tells how investigators believe the bank showed Salinas how to hide $100 million...
...report, which blasts Citibank for failing to follow its own procedures against money laundering, is expected to become more than just an investigative must-read. "The upshot of the report," says Gwynne, "will now be Senate hearings next year and the revival of a Justice Department probe." For its part, Citibank says the GAO got some of its facts and interpretations wrong, but that in any event the bank will cooperate with investigators. Keep watching for the next chapter...
...depend on how much confidence Japanese investors have in these companies," says TIME senior economics reporter Bernard Baumohl. "That means a comprehensive review of their strategies -- less risk, better decisions and more transparency." Baumohl says that Japanese banks are already losing spooked customers to U.S. outfits such as Citibank. The brokerage houses face similar defections. Maybe they'll be scared straight...
Tired of digging through junk mail to get to your bills? Net surfers will soon be able to enjoy electronic bill presentment, which "sends" digital copies of bills to websites for easy payment. Users of Quicken or Money, and customers at banks like Wells Fargo or Citibank (which just invested in Microsoft's online-billing venture) can get billed by utilities and telephone companies without any paper cuts...
...Citibank is the second largest holder of guaranteed student loans in the U.S., serving over one million customers with approximately $8 billion in education loans...