Word: citigroup
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...would have been impossible to balance the Budget without them. At the point when those forecasts were set, GDP contraction for the fourth quarter of last year had not been revised to 6.2%. GM (GM) had not posted its huge loss. GE (GE) had not cut its dividend. And, Citigroup (C) had not been partially taken over by the government. Some analysts might say that those were unrelated activities made by large companies in unrelated industries. However, these firms were, until recently, the largest car company, bank, and industrial conglomerate in the world. How could the futures of each...
...companies which have been at the heart of the American business world fall apart in a matter of months. The effect of watching titans fail is as traumatic to the average person as the loss of his own job. Another job will come along, at some point. Citigroup will never come back...
...after absorbing a weekend of anxiety over AIG, the black hole of an insurance company that is swallowing another $30 billion of government assistance with no assurance that it won't need more. Monday morning, AIG reported a colossal loss of $61.66 billion for the fourth quarter of 2008. Citigroup also cast its own dark shadow with news last week that the government will convert preferred shares it owns for up to a 36% stake in the troubled financial services firm...
There were no safe havens: Energy shares declined 7% as the price of crude slipped. Financials were weak, natch, with Citigroup, the day's most active stock, losing 30 cents to close at $1.20. General Electric, which slashed its dividend last week, lost another 92 cents to close at 7.50. Even safer stocks, like drug maker Pfizer, took a beating, losing 5.3% to close...
...details for the program, and both JPMorgan and a number of Harvard financial aid officers declined to comment Friday afternoon. International students have historically had difficulty finding suitable loan options, as they are ineligible for federal aid. A previous arrangement with Citibank, the consumer and corporate banking arm of Citigroup, allowed international students to take out loans without a cosigner, a requirement for most student loans. The announcement did not specify whether the newly negotiated partnership with JPMorgan will contain the same provision. Citibank terminated its arrangement with Harvard in early October, citing the effects of the frozen credit markets...