Word: citigroup
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...longer has the luxury of waiting. In the past two weeks alone, General Motors announced it has only three months of cash left before it will run out of money, and the Federal Government was forced to rush to halt a shareholder run on the giant banking conglomerate Citigroup. Unemployment has risen to 6.5% and is expected to hit 8% by next year, if not higher. Some economists predict that gross domestic product will shrink at a 5% annual pace in the fourth quarter and perhaps 3% or 4% in the first three months of next year as a result...
...treasury secretary; former University President and former Treasury secretary Lawrence H. Summers will serve as NEC chief; and Congressional Budget Office director Peter R. Orszag will direct the Office of Manamgent and Budget. All three have close ties to former Treasury secretary Robert E. Rubin, an executive at Citigroup and a member of the University’s highest governing board, the Harvard Corporation. University spokesman John D. Longbrake declined to comment on the decision, as tenure cases are confidential. In selecting candidates for tenured positions at Harvard, department members form a committee to discuss the case and make...
...save Citi when other banks are going under? Citigroup, with $160 billion in revenue last year, more than 300,000 employees and tendrils in every corner of finance, both domestically and abroad, is the poster child for an institution that is allegedly "too big to fail." A much smaller financial institution, Lehman Brothers, was allowed to go down - and shock waves hit corners of the financial world, like money-market mutual funds, that no one had anticipated. The fear is not only of pain inflicted but also of unpredictability...
...with. The jittery stock market isn't about to calm down anytime soon, and those jitters apply doubly to financial institutions. Moreover, during the past two decades Citi has made some hundred acquisitions, leaving a sprawling company that can be incredibly difficult to understand. "The market lost confidence that Citigroup, which is such a vast organization, had it all under control," says NYU's Smith. "The question is, Does this intervention restore confidence to a market where we're dealing with psychology and not analytics?" In this environment, it probably pays for the government to keep its checkbook handy...
...Barack Obama voiced new concern over the economy on Monday when announcing picks for his White House economic team, saying a new economic-stimulus package was needed right away in addition to the ongoing efforts to pump more than $700 billion in federal rescue funds into ailing businesses like Citigroup. There was no indication how any of that round of spending will reach the growing numbers of the nation's neediest...