citigroup

Can you believe this shit?

As far as I know, this is the 21st “apparent suicide” by yet another financier/banker. This latest death is Shawn D. Miller who, in 2011, was promoted by Citigroup to an executive position as managing director of environmental and social risk management.

Here are a few more from 2014:

1 – William Broeksmit, 58-year-old former senior executive at Deutsche Bank AG, was found dead in his home after an apparent suicide in South Kensington in central London, on January 26th.

2- Karl Slym, 51 year old Tata Motors managing director Karl Slym, was found dead on the fourth floor of the Shangri-La hotel in Bangkok on January 27th.

3 – Gabriel Magee, a 39-year-old JP Morgan employee, died after falling from the roof of the JP Morgan European headquarters in London on January 27th.

4 – Mike Dueker, 50-year-old chief economist of a US investment bank was found dead close to the Tacoma Narrows Bridge in Washington State.

5 – Richard Talley, the 57 year old founder of American Title Services in Centennial, Colorado, was found dead earlier this month after apparently shooting himself with a nail gun.

6 -Tim Dickenson, a U.K.-based communications director at Swiss Re AG, also died last month, however the circumstances surrounding his death are still unknown.

7 – Ryan Henry Crane, a 37 year old executive at JP Morgan died in an alleged suicide just a few weeks ago.  No details have been released about his death aside from this small obituary announcement at the Stamford Daily Voice.

8 - Li Junjie, 33-year-old banker in Hong Kong jumped from the JP Morgan HQ in Hong Kong this week.

9 - James Stuart Jr, Former National Bank of Commerce CEO dies suddenly in Arizona with no explanation.

10 – Autumn Radtke, the 28 year old, American chief executive of Singapore-based virtual currency company First Meta, died mysteriously of an apparent suicide.

11 - Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, jumped in front of an LIRR train at 6 a.m. near the Syosset train station.

12 - Kenneth Bellando, 28, a JP Morgan investment banker was found dead on March 12th after reportedly jumping from the roof of his apartment.

13 – Joseph Giampapa, 56, a JP Morgan bankruptcy attorney was killed when his bike was struck by a minivan.  The killer allegedly confessed but no charges were filed.

14 — Juergen Frick, the CEO Bank Frick & Co. AG, was shot dead in the underground garage

15 — Jan Peter Schmittmann, the former CEO of Dutch bank ABN Amro as well as his wife and one of his daughters were all found dead at home.

16 — Benedict Philippens, 37-year-old Director at BNP Paribas Fortis was murdered alongside his wife and a 9 year old nephew in a premeditated and orchestrated drive-by shooting.

17 — Lydia of the Bred-Banque Populaire has committed suicide, Tuesday, April 22 in the morning at the headquarters of the bank. On her arrival at headquarters, quai de la Rapee, in the 12th arrondissement of Paris.

18 — Alita Knott, 47, and her husband Julian Knott, 45, were found dead inside their Log Road home early Sunday morning, law enforcement officials said. Julian was executive director of JP Morgan’s Global Network Operations Center in Whippany

19 — Nicholas Valtz, a managing director in cross-asset sales at Goldman Sachs Group Inc. (GS) in New York, was found dead 7/20/14 by family members who went searching for him after he didn’t return from a kiteboarding outing.

20 — Thierry Leyne, the French-Israeli entrepreneur who last year started an investment firm with former International Monetary Fund Managing Director Dominique Strauss-Kahn, has died. Leyne died yesterday in Tel Aviv, according to his assistant at the firm, who asked not to be identified. Le Figaro newspaper reported that he committed suicide.

Citigroup, Morgan Stanley, Merrill Lynch Received $6 Trillion Backdoor Bailout from Fed

Senator Elizabeth Warren put her finger on the pulse of the growing public outrage over how the Federal Reserve conducts much of its operations in secret and appears to frequently succumb to the desires of Wall Street to the detriment of the public interest. Warren addressed the secret loans that the Fed made to Wall Street during the financial crisis as follows:

“During the financial crisis, Congress bailed out the big banks with hundreds of billions of dollars in taxpayer money; and that’s a lot of money. But the biggest money for the biggest banks was never voted on by Congress. Instead, between 2007 and 2009, the Fed provided over $13 trillion in emergency lending to just a handful of large financial institutions. That’s nearly 20 times the amount authorized in the TARP bailout.

“Now, let’s be clear, those Fed loans were a bailout too. Nearly all the money went to too-big-to-fail institutions. For example, in one emergency lending program, the Fed put out $9 trillion and over two-thirds of the money went to just three institutions: Citigroup, Morgan Stanley and Merrill Lynch.

“Those loans were made available at rock bottom interest rates – in many cases under 1 percent. And the loans could be continuously rolled over so they were effectively available for an average of about two years.”>>

Citigroup literally wrote part of the spending bill that eases up on banks

As Mother Jones reports, at the very end of the negotiation process of the bill — which must pass in order to fund government operations in 2016 — members of Congress slipped in language that was written “almost entirely” by Citigroup lobbyists to allow big banks to engage in more risky trading with taxpayer-backed money.

As you can see, the language in the bill is almost exactly the same as a draft written by Citigroup’s lobbyists.

CITIGROUP is lucky that Muammar el-Qaddafi was killed when he was. The Libyan leader’s death diverted attention from a lethal article involving Citigroup that deserved more attention because it helps to explain why many average Americans have expressed support for the Occupy Wall Street movement. The news was that Citigroup had to pay a $285 million fine to settle a case in which, with one hand, Citibank sold a package of toxic mortgage-backed securities to unsuspecting customers — securities that it knew were likely to go bust — and, with the other hand, shorted the same securities — that is, bet millions of dollars that they would go bust.

It doesn’t get any more immoral than this. As the Securities and Exchange Commission civil complaint noted, in 2007, Citigroup exercised “significant influence” over choosing $500 million of the $1 billion worth of assets in the deal, and the global bank deliberately chose collateralized debt obligations, or C.D.O.’s, built from mortgage loans almost sure to fail. According to The Wall Street Journal, the S.E.C. complaint quoted one unnamed C.D.O. trader outside Citigroup as describing the portfolio as resembling something your dog leaves on your neighbor’s lawn. “The deal became largely worthless within months of its creation,” The Journal added. “As a result, about 15 hedge funds, investment managers and other firms that invested in the deal lost hundreds of millions of dollars, while Citigroup made $160 million in fees and trading profits.”

I think what we should probably do is go and split up investment banking from (consumer) banking. Have banks be deposit-takers; have banks make commercial loans and real estate loans; and have banks do something that’s not gonna risk the taxpayer dollars, that’s not gonna be too big to fail.
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Former Citigroup chairman and CEO SANFORD WEILL, appearing on CNBC to suggest that banks should separate their investment and consumer businesses altogether to help prevent a repeat of Wall Street’s financial collapse.

Everyone’s surprised, since Weill and his ilk gave us “too big to fail” in the first place.  And, as Jon Stewart pointed out on tonight’s Daily Show, it started with the repeal of the Glass-Steagall Act – which mandated separation of commercial and investment banks – in 1999… a repeal Weill pushed for.

Sigh.

The Significance of Citigroup's Shareholder Revolt

The shareholders of Wall Street giant Citigroup are out to prove that corporate democracy isn’t an oxymoron. They’ve said no to the exorbitant $15 million pay package of Citi’s CEO Vikram Pandit, as well as to the giant pay packages of Citi’s four other top executives.

The vote, at Citigroup’s annual meeting in Dallas Tuesday, isn’t binding on Citigroup. But it’s a warning shot across the bow of every corporate boardroom in America.

Shareholders aren’t happy about executive pay.

And why should they be? CEO pay at large publicly-held corporations is now typically 300 times the pay of the average American worker. It was 40 times average worker pay in the 1960s and has steadily crept upward since then as corporations have morphed into “winner-take-all” contraptions that reward their top executives with boundless beneficence and perks while slicing the jobs, wages, and benefits of almost everyone else.

Meanwhile, too many of these same corporations have failed to deliver for their shareholders. Citigroup, for example, has had the worst stock performance among all large banks for the last decade but ranked among the highest in executive pay. 

The real news here is new-found activism among institutional investors – especially the managers of pension funds and mutual funds. They’re the ones who fired the warning shot Tuesday.

Institutional investors are catching on to a truth they should have understood years ago: When executive pay goes through the roof, there’s less money left for everyone else who owns shares of the company.

For too long, most fund managers played the game passively and obediently. Some have been too cozy with top corporate management, forgetting their fiduciary duty to their own investors. How else do you explain the abject failure of fund managers to police Wall Street as it careened toward the abyss in 2008? Or to adequately oversee executives, such as the Enron criminals, who were looting their companies in the years before 2002?

The new Dodd-Frank law, much of which is being eviscerated by Wall Street’s lawyers and lobbyists, at least requires that public companies give shareholders a say on pay. As a practical matter, this gives institutional investors the chance to speak clearly and openly about the scandal of unbridled executive compensation. 

Two key questions for the future: Will institutional investors keep the pressure on? And will CEOs and boards of directors get the message? 

#245_10th_Avenue #Address #Multifamily #Building_Buddy @BLDGBUDDY #Architect #Della_Valle_Bernheimer #Built #2009 #40760_sf #20_Units #11_Stories #Developer #Grasso_Holdings #Owner #Aristone_Realty_Capital ; This #High_Line #condominium residence nearly suffered the fate of One Madison Park before its new owner swept in purchased the #construction_debt from #Citigroup and finished the building. Now you can own one of these for a cool 1700 PSF. (Taken with Instagram at 245 10th Avenue)

Big Bank Profile: Citigroup

Federal taxpayer bailout received:                           $341.1 billion

Lobbying fees in 9 months after bailout:                     $4.9 million

Campaign contributions in 2008 federal elections:         $5.6 million

Profits for 1998-2008:                                         $145.8 billion

Profits for the first half of 2009:                              $5.9 billion

Bank fees for first half of 2009:                               $326 million

Change in bank account fees (2003-08):                     +22.0%

Credit card income for first half of 2009:                    $5.2 billion

Percent of first half 2009 profit from fees & credit cards:  95%

Median Citibank teller wage:                                   $12.44/hour

2008 CEO Vikram Pandit pay:                      $10.8 million (414x teller wage)

2008 bonus pool:                                                $5.3 billion

First half 2009 bonus and compensation pool:               $12.8 billion

Bonuses (top 5 execs) last 10 years:                           $388.1 million

Effective tax rate in 2008:                          38.9% in 2008; -321.9% in 2007

Offshore subsidiaries in tax havens:                            427

Elizabeth Warren: 'I Am Not Running For President'

Elizabeth Warren: ‘I Am Not Running For President’

There are two ways you can take this announcement. You can be full of sadness and uncertainty, or with a great sense of relief. Some want her as President (with Bernie Sanders as a running mate), and some want her to stay in the Senate, where she can keep a watchful eye on the Tea Party Republican and her own shell-shocked caucus.  Whatever you want her to do, Elizabeth Warren has made it clear…

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A federal judge in New York on Monday threw out a settlement between the Securities and Exchange Commission and Citigroup over a 2007 mortgage derivatives deal, saying that the S.E.C.’s policy of settling cases by allowing a company to neither admit nor deny the agency’s allegations did not satisfy the law.

The judge, Jed S. Rakoff of United States District Court in Manhattan, ruled that the S.E.C.’s $285 million settlement, announced last month, is “neither fair, nor reasonable, nor adequate, nor in the public interest” because it does not provide the court with evidence on which to judge the settlement.

The ruling could throw the S.E.C.’s enforcement efforts into chaos, because a majority of the fraud cases and other actions that the agency brings against Wall Street firms are settled out of court, most often with a condition that the defendant does not admit that it violated the law while also promising not to deny it.

That condition gives a company or individual an advantage in subsequent civil litigation for damages, because cases in which no facts are established cannot be used in evidence in other cases, like shareholder lawsuits seeking recovery of losses or damages.

The S.E.C.’s policy — “hallowed by history, but not by reason,” Judge Rakoff wrote — creates substantial potential for abuse, the judge said, because “it asks the court to employ its power and assert its authority when it does not know the facts.”

The S.E.C. did not respond immediately to a request for comment on the judge’s decision, which was released Monday morning. A Citigroup spokesman said the company was studying the decision and had no immediate comment.

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The New York Times, “Judge Blocks Citigroup Settlement With S.E.C.”

“…the S.E.C.’s policy of settling cases by allowing a company to neither admit nor deny the agency’s allegations did not satisfy the law.”

Fucking A.