Word: citigroup
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...marketable securities. There's no fudging those values, which are adjusted daily. "They have some warts, with their exposure to bankruptcies in this climate," says value investor David Schafer, chairman of Schafer Cullen Capital Management. But he likes the group. Banks trading at less than two times book include Citigroup, Washington Mutual and FleetBoston...
...Peter G. Fitzgerald (R-Ill.) and Rep. Mark Foley (R-Fla.) want Rubin, now a director of Enron underwriter Citigroup, to testify about his role in the controversy. Others have questioned a rise in the statutory debt limit that Rubin pushed through Congress...
...cards, luxury goods and travel--creating a free-spending middle class to boost domestic demand. "Korean companies have streamlined and have very little debt," notes Steven Schoenfeld, head of international equities at Barclay's Global Investors. Some of the best values are in Taiwan. Aquico Wen, portfolio manager at Citigroup Asset Management, especially likes the nation's fast-growing electronics industry, which includes world-class outsourcers like Taiwan Semiconductor and United Microelectronics. Two good Asian funds are Eaton Vance Asia Small Company and Matthews Asia Growth and Income...
Creditors and bondholders are also taking a hit as WorldCom struggles with its $32 billion of debt. Dozens of mutual funds, banks and financial-services firms are exposed, including Bank of America, Citigroup, Deutsche Bank and GE. Citigroup holds an estimated $335 million of WorldCom bonds and could face lawsuits as a result of its cozy ties to the telecom. In May 2001 Citigroup co-underwrote, along with J.P. Morgan Chase, an $11.9 billion WorldCom bond issue. Buyers of those bonds may move to sue the banks, claiming they failed to properly inspect WorldCom's books...
...unlikely that anything so complex could be widespread. But with WorldCom, as House Financial Services Committee chairman Mike Oxley, an Ohio Republican, says, it looks like "good old-fashioned fraud." Oxley's committee subpoenaed Sidgmore, Sullivan, Ebbers and Jack Grubman, telecom analyst for the Salomon Smith Barney unit of Citigroup, to a July 8 hearing. Not to be outdone, House Energy and Commerce Committee chairman Billy Tauzin, a Louisiana Republican, announced his investigation and ordered that by July 11 WorldCom turn over all records relating to its internal audit and five years' worth of accounting-related documents...