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Citigroup Global Markets


Self Description

November 2004: "Citigroup Global Investment Management Citigroup Asset Management provides investment management and related services to a broad spectrum of clients around the world, from beginning investors to wealthy individuals to large institutions, both public and private. It boasts one of the most impressive research teams on Wall Street and some of the most well-known brands in money management - Smith Barney, Salomon Brothers, and Citibank. The Citigroup Private Bank offers boutique service to its clientele while, at the same time, being backed by the full power of Citigroup. With offices in 59 cities around the world, it is one of the world's most global private banks. Global Retirement Services provides for the retirement and pension needs of clients around the world."

http://www.citigroup.com/citigroup/about/

Third-Party Descriptions

June 2009: "The case began with letters sent in 2005 by the New York attorney general at the time, Eliot Spitzer, to several national banks, including Citigroup, JPMorgan Chase and Wells Fargo, inquiring about their lending practices to minority customers."

http://www.nytimes.com/2009/06/30/business/30bizcourt.html

June 2008: "The industry has changed significantly since the antitrust ruling. Bank of America and Citigroup, two of the largest three credit card issuers, signed a deal to offer their customers American Express-branded cards, and HSBC and General Electric’s financial service arms reached agreements with Discover."

http://www.nytimes.com/2008/06/26/business/26credit.html

November 2004: SSB, now known as Citigroup Global Markets, received more than $160 million in banking fees from WorldCom in the four years before the telecommunications giant collapsed, arbitrators said. The unit also reaped fees for financing deals and loans to Ebbers and for exclusively administering WorldCom's employee stock-option program.

http://www.washingtonpost.com/wp-dyn/articles/A23629-2004Nov3.html

Relationships

RoleNameTypeLast Updated
Owned by (partial or full, past or present) Citigroup Inc. (Citicorp) Organization Nov 17, 2004
Status/Name Change from Salomon Smith Barney Organization Nov 17, 2004

Articles and Resources

Date Fairness.com Resource Read it at:
Oct 05, 2009 Report on Bailouts Says Treasury Misled Public

QUOTE: The inspector general who oversees the government’s bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks.

 New York Times
Jun 29, 2009 Justices Rule That States Can Press Bank Cases

QUOTE: The Supreme Court paved the way on Monday for states to enforce fair-lending laws and other consumer protection measures against the nation’s biggest banks, striking down a rule that limited such powers to federal banking regulators....The letters referred to “troubling” disparities that suggested black and Hispanic borrowers had been charged disproportionately higher interest rates on mortgages compared with those for whites.

 New York Times
Jun 25, 2008 MasterCard Pays $1.8 Billion to American Express

QUOTE: The settlement comes about seven months after Visa paid more than $2.1 billion to American Express to put similar claims behind as it as raced ahead with plans for an initial public offering in March. MasterCard, which went public two years ago, had been under pressure to resolve the suit since uncertainty surrounding the litigation was one of the few clouds hanging over the rapidly rising stock.

 New York Times
Jun 21, 2008 Canadian Court Allows Phone Buyout to Proceed

QUOTE: The deal was structured under a Canadian system that requires both shareholder and court approval. The appeals court, however, refused to back the deal after finding that the company had not fairly considered the interests of current bondholders. By adding about $34 billion debt to Bell, the buyout would depress the value of the company’s current debentures. The decision surprised most corporate law specialists in Canada who generally assume that, as in the United States, directors must consider only the needs of shareholders when making decisions about takeovers.

 New York Times
Jun 08, 2008 Pay It Back if You Didn’t Earn It (Fair Game)

QUOTE: Although pay for nonperformance — or even failure — seems an obvious no-no, shareholders have had to push hard in recent years to have companies institute such provisions. The data on the growing acceptance of clawback provisions emerged in a study by the Corporate Library, an independent research concern specializing in executive pay and corporate governance.

 New York Times
Jan 23, 2008 Who's to Blame? Why capitalists are capitalism's most dangerous enemy.

QUOTE: No one can have watched the subprime mortgage debacle without noticing the absurd contrast between the magnitude of the failure and the lavish rewards heaped on those who presided over it...Everyday Americans will conclude (rightly) that this brand of capitalism is rigged in favor of the privileged few.

 Newsweek
Jul 03, 2007 Dan Gross on Bear Stearns's Hedge Fund Bailout: Hey, how come that hedge fund got a bailout and I didn't?

QUOTE: The details of the Bear Stearns rescue may fascinate only those who devour the Money & Investing section of the Wall Street Journal. But...it reinforces the notion that the big boys get pampered when their investments go bad...

 MSNBC
Jun 14, 2007 Trial Ordered in Italy for 4 Big Banks in Parmalat’s Failure

QUOTE: An Italian judge on Wednesday ordered Citigroup, Deutsche Bank, Morgan Stanley and UBS, as well as 13 employees of the four banks, to stand trial on charges of market manipulation in the events that led to the multibillion-dollar bankruptcy filing of the Italian dairy company Parmalat in 2003.

 New York Times
May 25, 2007 Investigation Is Said to Open on Dow Chemical

QUOTE: The Securities and Exchange Commission has begun an inquiry into whether two senior executives at Dow Chemical secretly tried to put the company into play as well as into the unusual trading in its stock that may have resulted...

 New York Times
May 22, 2007 Side Deals in a Gray Area

QUOTE: Big-boy letters...are widely used and represent a private contract between presumably sophisticated investors. Lawyers agree that big-boy letters do not technically shield either party from insider trading laws, but rather protect the two parties from suing each other.

 New York Times
Mar 13, 2007 Bank's credit cards for noncitizens raise ire: Bank of America's decision makes it easier for legal immigrants to build credit. But critics say it helps illegal migrants.

QUOTE: Immigration advocates call the new plastic an important boost for the nation's legal immigrants, who often have to rely on check-cashing services or pawnshops for credit. But critics say it makes it easier for illegals to stay. The controversy reflects the deep divisions over immigration that are playing out not just in halls of Congress but on Main Street in the everyday transactions of consumers.

 Christian Science Monitor
Mar 02, 2007 Citigroup to End Two Credit Practices: Action on Interest Rates Comes Between Senate Sessions Probing Industry

QUOTE: Citigroup said it was halting a practice known as "universal default," under which a cardholder's interest rate on a Citibank card increases if the holder is late on a payment for another, non-Citibank credit card. Several major credit card issuers have universal-default policies.

 Washington Post
Jun 03, 2006 Vonage in Predicament After Public Offering: Solicitation May Have Been Faulty

QUOTE: ...Vonage may have violated securities laws by offering its customers the shares on an Internet site that failed to provide a link to a prospectus, a legal document detailing to prospective investors all aspects of the stock offering, including any risks. Many customers who made a commitment to buy shares began to complain that they shouldn't have to honor that contract.

 Washington Post
May 26, 2006 Financial firms attack child porn

QUOTE: The nation's leading banks and credit card companies will soon team with law enforcement in a groundbreaking coalition to catch people who sell child pornography online...The companies will block transactions for online child porn or, if law enforcement opens an investigation, help track sellers and buyers.

 USA TODAY
Mar 16, 2006 A siege on the child-porn market: Titans of finance join forces to try to thwart online trafficking in illicit images.

QUOTE: For the first time, titans such as American Express, Bank of America, and Citigroup will join forces to try to thwart the use of credit cards and other financial tools to buy child pornography.

 Christian Science Monitor
Aug 15, 2005 'Squawk box' case leads to charges

QUOTE: Ex-brokers from Merrill Lynch, Citigroup and Lehman Bros. allegedly hatched a plan to let day traders eavesdrop on non-public information about big upcoming trades broadcast over the brokerages' internal speaker systems, or "squawk boxes."

 USA TODAY
Nov 04, 2004 Citigroup Liable In WorldCom Worker's Loss: Company Granted Favors to CEO While Overseeing Employee Stock Plan

QUOTE: Arbitrators have awarded $75,000 to a longtime WorldCom Inc. employee who argued that bankers contributed to her financial losses by profiting from their relationship with the struggling company and its chief executive...

 Washington Post
Jan 18, 2004 Tracking down an abandoned account

QUOTE: If there has been no activity in the account for a set period of time, usually between two and five years, your money is considered unclaimed or abandoned.

 Bankrate.com