Word: governmentally
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The details of the government's role in keeping the lights on at what was once the nation's largest bank will again be on display on Thursday. For the first time, Citi's CEO will testify before the Congressional Oversight Panel (COP), set up by Congress to monitor the...
In December, Citi and the feds struck a deal to get the bank out from under the government's most stringent pay rules. Citi paid back $20 billion of the money the government lent the bank, and the Treasury Department agreed to declassify Citi as one of the firms deemed...
But at a time when every one of its main rivals has repaid its obligations to Uncle Sam, Citi still has its hands deep in the government-aid cookie jar. Uncle Sam owns more of Citigroup than any other bank. Currently, the government holds 7.7 billion shares of Citi's...
"The idea that Citigroup has paid back its [Troubled Asset Relief Program] money is a charade orchestrated by the government to allow an insolvent bank to pay big bonuses," says Christopher Whalen, who follows Citi and other banks at Institutional Risk Analytics. "It's a scandal."
Under the Emergency Economic Stabilization Act (EESA), which was passed by Congress in October 2008 and which set up the $700 billion bank-bailout fund, the Treasury Department has the ability to officially deem which firms are receiving exceptional assistance from the government. At issue is executive pay. EESA requires...