Word: citigroup
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...Citigroup survive without a government safety net? Some analysts aren't sure...
...Monday, Citigroup said it had worked out a deal to repay $20 billion in government bailout money and terminate a loss-sharing agreement the bank had with the government for Citi's riskiest assets. Citi CEO Vickram Pandit said the moves were signs that his company was returning to financial health. The deal would also remove much of the government's pay restrictions on the bank. "These actions move us closer to ending a very difficult period for our company," wrote Pandit in an internal memo to Citi employees. (See 25 people to blame for the financial crisis...
...among the busiest over the Black Friday weekend. Companies such as Aeropostale, American Eagle Outfitters and Old Navy were big winners, wrote Credit Suisse analyst Lejuez in a research note. Traffic to Victoria's Secret and Bath & Body Works was also strong, said Kimberly Greenberger, a managing director at Citigroup Global Markets...
...Citigroup...
...fail” operate under an implicit subsidy from the government, since they would likely be rescued in a future financial emergency. This allows these banks to borrow more cheaply than their competitors and gain even greater market share. Today, four conglomerate banks (JPMorgan, Citigroup, Wells Fargo, and Bank of America) hold 39 percent of all domestic deposits. Placing this many eggs in four baskets will harm the entire economy should one mega-bank falter in a future downturn...