Word: citigroup
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...Fang ’08, who will be working at Merrill next year. “Sure his departure has generated bad press and I’d prefer if that wasn’t the case but it’s the nature of the business and UBS, Citigroup, etc. were all hit hard.”David A. Lorch ’08, who will also be working at Merrill, adds that the firm “is very well prepared to go it alone and continue to be one of the most successful firms on Wall Street...
...banks and other financial-servicescompanies starved for cash by the subprime-credit crises, where they obtain bailout money is less important than the fact that it's available at all. Just ask investors in Citigroup or UBS. The big Swiss bank had to take a $10billion write-down--it had already taken a $4.4billion hit--on the value of its "super-senior" subprime portfolio, those formerly top-rated bonds. To restore its capital base, UBS sold $8.9billion in convertible notes to the Government of Singapore Investment Corp. (GIC) and an additional $1.8billion...
That's a conservative strategy, considering the bargains that may be available from investing in subprime-stressed financial institutions in the West. After all, Abu Dhabi's SWF will reap an 11% annual yield from its Citigroup stake, nearly double the dividend yield currently available to ordinary shareholders. Having been burned once by Blackstone, the Chinese are now twice shy. But other sovereign wealth funds out there are flush with cash--and fortune favors the bold.n
India likes to trumpet its corporate successes, and this week the emerging global power had plenty to shout about with the appointment of Indian-born Vikram Pandit to head troubled financial giant Citigroup. But even as it celebrated, India Inc. was also up in arms over perceived slights to its ability to run two of the world's most prestigious brands...
...racism, barely camouflaged in the language of branding," opined an angry editorial (entitled "Racism Can't Halt Indian Takeovers") in India's Economic Times. The days of "white supremacy are disappearing rapidly, and white brand value with it," the piece went on. "When Arab financiers are needed to rescue Citigroup, notions of white cachet seem ludicrous...