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...that BofA will need billions more in federal assistance. Meanwhile, Citigroup is trying to stay one step ahead of the sharks, er, shorts, who have taken the stock down more than 20% in the past two days. Though Citi is moving aggressively to hive off assets and divisions - earlier this week it announced the merger of its Smith Barney brokerage unit with Morgan Stanley's Global Wealth Management division, a deal that will bring Citi more than $2 billion - investors are worried about worsening loan losses across the banking sector and also about Citi's ability to get decent prices...
Kagan’s imminent departure from the Law School coincides with an estimated 22 percent decline in the University’s endowment in a four-month period earlier this year. The Law School has not yet made public its budgetary outlook, and it is uncertain whether, as acting dean, Jackson will make an announcement regarding the impact of the shrinking endowment...
Sandy Weill created Citigroup (C) because he wanted to run the world's largest financial services company. He had lost this opportunity earlier in his career, but he did find a way eventually to get what he wanted...
...Earlier this week, Litt decided to delay bringing the Madoff indictment in front of a grand jury. Observers say he will use his additional time to investigate who else may have been involved in the crime. Those who know Litt say he will dig deep into the evidence to determine who else was complicit in the fraud...
...subprime crisis had been gathering for much of the year, and inside the Fed, Timothy F. Geithner, president of the New York Federal Reserve Bank and a vice chairman of the Federal Open Market Committee (which sets interest-rate policy), had quietly been raising red flags among his colleagues. Earlier that month, the European Central Bank had startled traders by pumping close to 100 billion euros into the short-term-credit markets - an unexpectedly massive intervention. It was as if the global financial system had had an angina attack, a brief, unexpectedly painful episode that signaled what a few senior...