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Citigroup scrambles to raise capital

29-Apr-09

FT.com
Citigroup has told US regulators it could fill the capital shortfall identified in the government’s “stress test” by selling large businesses, asking more investors to convert their preferred shares into common stock and reducing its balance sheet.
Executives are trying to persuade the government Citi does not need more capital beyond its recent plans to bolster [...]

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Link Lunch 28/apr/09 update

28-Apr-09

Plane Scare was White House Photo Op (Option Armageddon)
GM to Become “Government Motors” (Mish)
Citigroup and Bank of America - Need More Money (Rebel Traders)
Citigroup, Bank of America Decline on Capital Report (Bloomberg)
Fears of swine flu epidemic increase (FT.com)
Stress Tests? No Big Deal After All (NYT)
SEC Charges Pang With Fraud (WSJ)
The Best Offense Is a Good [...]

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Citigroup Trading secrets

20-Apr-09

Citi “made” $2.5 billion on a derivatives position designed to profit when the companies own credit default swaps spreads widen.
Or, in plain English, Citi profited because it made a bet that the cost of insuring itself against a default would go up. The credit default swap market is the place where you can bet on [...]

More on this topic (What's this?)
Citigroup Inc. (NYSE: C): Back To Its Old Ways? (Stock Wizard, 2/16/10)
Citigroup Posts Potemkin Profits (naked capitalism, 4/18/09)
Reader Reality Testing: A Citi Hiring Rumor (naked capitalism, 3/11/09)
Read more on Citigroup, Credit Default Swap (CDS) at Wikinvest
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Citi Creative Accounting

17-Apr-09

Citigroup is always trustworthy..
Citigroup posted a $2.5 billion gain because of an accounting change adopted in 2007. Under the rule, companies are allowed to record any declines in the market value of their own debt as an unrealized gain.
Accounting Changes
The rule reflects the possibility that a company could buy back its own debt at a [...]

More on this topic (What's this?)
Citigroup Inc. (NYSE: C): Back To Its Old Ways? (Stock Wizard, 2/16/10)
Citigroup Posts Potemkin Profits (naked capitalism, 4/18/09)
Citi and Federal Government in New Non-Rescue Rescue Talks (naked capitalism, 3/10/09)
Read more on Citigroup at Wikinvest
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