Word: citigroup
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...over." A few months back, Stevens had a lead on a customer service job with a large, venerable company. The pay wasn't great; the commute was long; gas prices were high - yet Stevens had just about concluded it was the best she could do. The company was called Citigroup; they're not hiring anymore. (Read: "Will Citigroup Survive...
...nation's biggest banks, the U.S. Treasury is providing capital infusions and now a detailed stress test. Also, Citigroup announced on Friday the outline of a deal with Treasury to convert the government's holding of Citi preferred stock into common shares. The U.S. Treasury could end up owning more than 36% of the ailing bank. But confidence in the financial community remains low. Describing a vicious cycle of risk aversion, former Fed chief and current Obama adviser Paul Volcker told Congress's joint economic committee on Thursday that "an insecure bank faced with what it sees as insecure borrowers...
...governments is that they believe the people in charge are either incompetent or dishonest. The average person must wonder whether anyone is in charge when the forecasts of bank failure rates are unbelievably low at the same time that the Administration is debating whether it may have to nationalize Citigroup (C) or Bank of America...
...scale of 1 to 10, with 10 being a bank in perfect condition, Citigroup may end up with a 2 on its stress test. The government will require it to take more taxpayer capital and the firm may then have ample reserves. Wells Fargo (WFC) could achieve a grade of 8 and then not need to take any financial support from the Treasury. Wells Fargo's shareholders then benefit because their shares are not diluted...
...standard FDIC procedures without risking another market breakdown like the one that followed the collapse of Lehman Brothers. The Obama Administration has already said it will buy shares in banks that need more help, and is negotiating a deal that would give it a big minority stake in Citigroup. But it has so far dismissed suggestions that it should take full control of Citi and other big banks. The argument for a takeover is that it makes executives answerable to taxpayers rather than shareholders. The argument against it is that execs solely answerable to taxpayers won't take the entrepreneurial...