Word: city
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Dates: during 2000-2009
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...last week, Citigroup seemed to have dodged a bullet. The bank, long thought to be in the worst shape among the nation's largest lenders, was said to need just $5.5 billion in capital in order to return to health. No small sum, to be sure. But amazingly, what Citi was required to raise was less than half the $13.7 billion that competitor Wells Fargo was told to come up with. And far less than the nearly $34 billion that regulators said Bank of America needed to bolster its capital by in the next six months...
...little deeper, though, and Citi's stress-test results look more like an F than the B+ the bank seemed to get. Among the 19 banks the government probed, Citi was found to have the lowest common capital ratio, which the government said was a key measure to protect against insolvency. What's more, Citi also got credit for a capital conversion it has yet to complete. Strip that out, and the amount of capital Citi needs balloons to nearly $63 billion, more than any of the other banks tested. (See pictures of the dangers of printing money...
...Indeed, Citi's shares initially rose on the news that it would have to raise less capital than some of its competitors. But since the full results of the stress test have come out, Citi's shares are down 8%, to a recent $3.50. That compares to a drop of just 2.5% in the same time for JPMorgan, which was deemed to be among the banks that are relatively healthy. "I think Citigroup is an interesting stock, but we don't own it," says Edward Maran, portfolio manager of the Thornburg Value Fund. "If the government gives the company...
...According to The Wall Street Journal, Citi is asking to lift "pay restrictions that could break apart its legendary energy-trading unit." If the government turns the request down, it is indeed likely that many of these people will leave for hedge funds, start their own businesses, of join banks based outside the U.S. The bank is not making an idle statement. If critical people leave, so does critical income. (See pictures of the Top 10 scared traders...
...Mets just moved from Shea Stadium, an old and rundown ballpark that was commonly described as a "dump," to sparkling new Citi Field. Do you miss Shea? I miss Shea. I've got no memories at Citi Field. All my memories are at Shea...