http://www.creditcrash.org News on credit markets,loans,mortgages,derivatives and interest rates Tue, 15 Jan 2008 07:58:09 -0500 en http://www.creditcrash.org/business/Citigroup_swings_to_loss_on_18-1_billion_charge_cuts_payout_41/ CEO Vikram Pandit said "Our financial results this quarter are clearly unacceptable. Our poor performance was driven primarily by two factors â€" significant write-downs and losses on our sub-prime direct exposures in fixed income markets, and a large increase in credit costs in our U.S. consumer loan portfolio."
Pandit revealed steps beign taken to improve capital base which includes Raising a total of $12.5 billion of capital through the sale of convertible preferred securities in a private offering - including a $6.88 billion investment from the Government of Singapore Investment Corporation Pte Ltd plus investment from Kuwait Investment Authority and the Weill family. ]]> Tue, 15 Jan 2008 07:58:09 -0500 alanwellspun business 3 http://www.creditcrash.org/business/Citigroup_swings_to_loss_on_18-1_billion_charge_cuts_payout_41/ http://www.creditcrash.org/business/US_Federal_Reserversquos_subprime_regulations_shield_Wall_Street_banks/ Fri, 21 Dec 2007 08:46:53 -0500 alanwellspun business 4 http://www.creditcrash.org/business/US_Federal_Reserversquos_subprime_regulations_shield_Wall_Street_banks/