Bailout bio for Citigroup
Citigroup Inc. received $25 billion of the first $125 billion from the $700 billion bailout bill. It is one of the top financial services companies in the world, with some 200 million customer accounts in more than 100 countries. Citigroup was formed through one of the largest mergers in history; combining the banking giant Citicorp with financial conglomerate Travelers Group in 1998. Citigroup subsequently spun off Traveler’s company in 2002, and earlier this year, Travelers paid Citigroup millions of dollars to buy the famous red umbrella logo back.
Many believe that Citigroup will use a $25 billion investment from the government to purchase other companies in this weak economy.
Citigroup first attempted to acquire Wachovia before Wells Fargo & Co (another giant in the financial service industry) made a better offer that did not rely on help from the government. The merger is expected to be completed by the end of 2008.
One of the problems hampering Citigroup’s acquisition strategy is its financial condition. Citigroup has reported major losses in the past four financial quarters. Last month, Citigroup said it lost $2.8 billion. This puts Citigroup’s losses over the past 12 months at $20.2 billion.
Financial Documents | Federal contracts | Related Articles
Lobbying reports | Political Contributions | Bank Bio Chart
Citigroup Third Quarter 2008 Quarterly Financial Data Supplement
9-30-08 Citigroup Third Quarter 2008 10-Q
6-30-08 Citigroup Second Quarter 2008 10-Q
3-31-08 Citigroup First Quarter 2008 10-Q
3-13-08 Citigroup proxy statement
Federal contracts
Related Articles
November 10, 2008. Citigroup in discussions to buy regional bank: report (Market Watch)
November 6, 2008. Goldman, Citigroup Said to Tell Cuomo They Can’t Detail Bonuses (Bloomberg News)
November 6, 2008. Citigroup Is Heading into the Single Digits (Seeking Alpha.com)
October 31, 2008 Citigroup loses $1.4 bln on securitizations (Reuters)
October 30, 2008. Wall Street Won’t Surrender on Bonuses, Veterans Say (Bloomberg)
October 29, 2008. Citigroup, Credit Suisse Link Loans to Swaps in Shift (Bloomberg)
October 27, 2008. Citigroup Won’t Make It (Marketplace)
October 26, 2008. Ex-US Treasury head Rubin: no return to Washington (Reuters)
October 22, 2008. Citigroup sees rising losses: analyst Whitney (Reuters)
October 21, 2008. Citigroup May Not Report Profit Until Late 2009 (Bloomberg)
October 17, 2008. Citi and Merrill warn of US contraction (Financial Times)
October 17, 2008. Profit crunched at Citigroup and Merrill (Guardian)
October 16, 2008. Citigroup Regroups (Forbes)
October 16, 2008. Citigroup and Merrill make combined $8bn loss (Telegraph)
October 16, 2008 Citigroup Posts $2.8 Billion Loss (Associated Press)
October 15, 2008 Citigroup Curbs Foreign-Student Loans at Harvard, MIT (Bloomberg)
October 14, 2008. Citigroup, Goldman Rally as U.S. Invests in Banks (Bloomberg News)
October 14, 2008. US capital injection plan a game changer - Citigroup (Reuters)
October 9, 2008. Citi Ends Negotiation with Wells Fargo on (Citibank Press Release)
October 5, 2008. Weekend Legal Frenzy Between Citigroup and Wells Fargo for Wachovia (New York Times)
October 5, 2008. Citigroup Says Court Orders Continued Wachovia Talks (Bloomberg)
September 30, 2008 Citigroup buys Wachovia for $2.16 billion (Philadelphia Inquirer)
September 29, 2008. Citigroup Buys Bank Operations of Wachovia New York Times
September 29, 2008. Citigroup Swallows Wachovia (Forbes)
September 29 , 2008. Citigroup Inc. to Acquire Banking Operations of Wachovia (FDIC Press Release)
September 15, 2008. Citigroup chief sends memo reassuring staff, clients (Market Watch)
September 5 2008. Citigroup: The Bad Boy of Finance (Washington Post)
April 19, 2008. Citigroup reveals $5.1 billion U.S. loss (Associated Press)
November 28, 2007. Crony Capitalists Fiddle While Main Street Burns (Counterpunch)
April 12, 2007. Citigroup to slash 17,000 jobs (Courier Mail)
Barnett Sivon & Natter | Capitol Hill Strategies | Citigroup Management Corp | Cypress Advocacy | Elmendorf Strategies | Ernst & Young |
Center for Responsive Politics (Last Accessed 11/10/08).
|
Federal Equity Investment |
$25 billion |
|
Total Revenue |
$152.2 billion (2007) |
|
Net Revenue |
$3.6 billion (2007) |
|
Number of Employees |
374,000 |
|
Corporate Headquarters |
New York, New York |
|
Business Sector |
Banking |
|
Officers and Directors |
Vikram Pandit |
|
Corporate Website |
Information obtained from Taxpayers for Common Sense.
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Tags: bailout, Citigroup, h.r. 1424, travelers group, wachovia, Wells Fargo
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November 24th, 2008 at 2:16 am
Back in the late 90’s I lost my job and had a 4,000.00 balance on a citi credit card which I defaulted on. It’s been long since paid, but for a year their lawyers made my life hell. So here are representatives go… I defaulted and got screwed, they defaulted and my tax dollars keep them in business.
Wake up people, these are our tax dollars!