Tagged: Citigroup

Citigroup pays to settle subprime claims

Without admitting guilt, Citigroup will pay $75 million to settle federal civil claims that it failed to disclose vast holdings of subprime mortgage investments that crippled the bank during the financial crisis.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Federal Reserve Board […]

BofA, Citi hid debt like Lehman

Bank of America and Citigroup brushed off reports that they incorrectly hid from investors billions in debt — similar to what Lehman Brothers did — to obscure its true level of risk.  Company documents filed with regulators show the two Wall Street banks classified some short-term repurchase agreements (“repos”) as sales, which they should have […]

Citigroup CEO says things ‘different’

Citigroup CEO Vikram Pandit told a Congressional panel that the bank is “fundamentally different” since it took $45 billion in taxpayer bailout money last year.  But Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says Congress should be asking why taxpayers were’t given more effective oversight of Citigroup after […]

Citigroup repayment costs taxpayers

On the one hand Citigroup is repaying Uncle Sam that TARP bailout money, which is good for taxpayers.  On the other hand, they’re getting a multi-billion dollar tax break in the process.  Economics Professor Laurence Kotlikoff, a former senior economist in the White House Council of Economic Advisors, doesn’t like the tax breaks built into […]

Bailed-out Citi raising salaries

Coping with a government bailout/buy-in and a share price down 84 percent from last year, Citigroup reportedly intends to raise base salaries as much as 50 percent to offset smaller annual bonuses.  School of Management Professor Fred Foulkes, director of the Human Resources Policy Institute, can discuss how this might go over with the Obama […]

FDIC pushing shake-up at Citi

The FDIC is reportedly urging a major shift in Citigroup’s executive lineup, including moving CEO Pandit to get more commercial-banking experience at the top of the bailed-out former investment firm.  Citi’s other regulators (the Fed and OCC) may not agree.  School of Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial […]

GM, Citi off Dow Jones Industrials

General Motors and Citigroup both are being taken off the Dow Jones Industrials Average listings, to be replaced by Travelers Insurance and Cisco Systems.  School of Management finance Professor Scott Stewart, a former long-time Fidelity funds manager, can discuss what the shifts in the Dow Jones composition means to investors. Contact Scott Stewart, 617-353-2353, sstewart@bu.edu

Wall Street compensation battles

With public heat on bonuses at bailed-out Wall Street banks, Citigroup and Bank of American reportedly may be joining Morgan Stanley in raising base salaries to make up for annual bonus limitations.  School of Management Professor Fred Foulkes, director of the Human Resources Policy Institute, can comment on the trend. Contact Fred Foulkes, 617-353-4281, ffoulkes@bu.edu

Citigroup bailout needs oversight

School of Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial law and a former counsel to the Federal Reserve Board of Governors, says the government’s bailout of Citigroup needs more oversight than initially planned. “Once again, the Treasury has opened its coffers to bail out a private institution without requiring […]