Breaking:Citi-Group About To Release Enron Like Problem

FOX,CNBC | 7-22-02 | my favorite headache

[lelio]

be the nail in the coffin that could very well take the Dow down to 7000.
I hope so! Like Jerry Seinfeld said on his show the best way to take a band-aid off is one motion, right off! Get all the warts out there and start over. People will have faith in the market. Well until the next crook becomes a CEO.

[OldFriend]

It all comes down to the fact that the country was clintonized and now we are paying big time.

[monkeyshine]

This is the same Citi Group that Saudi Prince Alwaleed (who's $10M check was returned by Giuliani) invested billions. The prince owns about 6% of Citicorp.

[kcvl]

EDITORIAL • March 3, 2002

Enron and Robert Rubin

Precisely when did Howell Raines — the newly appointed, reputedly hard-charging executive editor of the New York Times — turn the newspaper's front page over to the PR department at Citigroup? Hard to say, but the love affair seems to be real. One recent story in the New York Times began with the observation that Mr. Rubin, a former treasury secretary in the Clinton administration, "has not abandoned his role as globe-traveling statesman." Get it? Statesman. Having established the diplomatic bona fides of Mr. Rubin, who now collects $800,000 per week as chairman of Citigroup's executive committee, the Times then ever-so-gingerly broached the understandably touchy subject of the tactics deployed by Mr. Rubin late last year in a telephone call to the highest-ranking Democrat in the Bush administration's Treasury Department.

On Nov. 8, Mr. Rubin called Peter Fisher, undersecretary for domestic finance, on behalf of the collapsing Enron Corp, which just happened to owe Citigroup an estimated $1 billion. According to a Treasury Department statement, which Mr. Rubin has confirmed, he beseeched Mr. Fisher to intercede for Enron's benefit with the credit-rating agencies, which were poised to downgrade Enron's debt to junk status. The debt downgrade would have forced the already-teetering Enron to make an immediate payment of hundreds of millions of dollars in debt, a development that would have then forced Enron to file for bankruptcy. To his everlasting credit, Mr. Fisher rejected Mr. Rubin's strong-arm tactics, and Enron's debt was appropriately downgraded. More...

[Dog]

Citigroup helped Enron hide its debt...

[michigander]

The Greatest Con: The Rubin Dollar

[savedbygrace]

The expression on Rubin's face in the pic in #44 looks like he's fillin' his drawers.

[kcvl]

Sunday, Jan. 13, 2001 12:30 p.m. EST

Dingell: I'll Grill Rubin on Enrongate Calls

Michigan congressman John Dingell, the ranking Democrat on the House Energy and Commerce Committee, said Sunday he intends to call former Clinton administration Treasury Secretary Robert Rubin to testify in upcoming hearings into the collapse of energy giant Enron.

Dingell was asked by "Fox News Sunday's" Brit Hume whether he intended to question the former Clinton official after reports of his involvement in the scandal surfaced on Friday.

"If you watched me when I ran investigations, and I ran a lot of them and they were very, very effective, we had everybody in and we saw to it that we got all the facts," Dingell said, before adding, "Absolutely, yes."

Late last year as the energy giant was sliding into the financial abyss, Rubin reportedly attempted to intercede with the Bush Treasury Department.

More...

[aristeides]

I'm American, not a Brit, so I don't have the necessary knowledge to answer your question. I'd be surprised if Blair could be tossed out with the huge majority Labour has in Parliament. If he were, I would expect him to be replaced by Gordon Brown, the (Labour, of course) Chancellor of the Exchequer.

[LarryLied]

So the Saudis are dumping money in to prop up Rubin's bank. Think the people of America are getting jerked around?

[Shermy]

You know any other stocks Prince Talal owns? Short them!

[Joe Hadenuf]

Oh, man....

[putupon]

DID YA HERE THAT REPUBLICANS ?

What, a Republican hearing about dirt that a 'RAT could be involved in? The same Republicans who haven't heard that the Clintons have pardoned terrorists and sleaze balls of every other type crime also? The same Republicans who haven't heard that the Clintons rented out the Lincoln Bedroom to Chicoms for 8 years? The same Republicans who haven't heard about McAuliff's and Dashcle's shady investments with Global Crossing? The same Republicans who haven't heard that the 'Toons sold missiles to the Chicoms? That wimp Trent Lott and 'Rat butt kissing buddies don't want hear about this any more than they want to hear about other 'RAT shennanigans.Justice is blind, but the GOP is deaf!

[mware]

I just forwarded on the WSJ article to Sean Hannity.

[Desdemona]

Do you really want air time on this ride?

Me, personally? No. But watching a few former residents of D.C. and current squatters in the Senate come off their seats and slam back into them on the way up to the next drop...that'll be fun. On this ride, those twisting in the wind have no shoulder restraints. Hopefully.

[kcvl]

Investing
Prince Alwaleed: The Anti-Buffett?
Davide Dukcevich, 03.11.02, 12:41 PM ET


Alwaleed today announced that he recently acquired more than $1 billion in stocks, including a $500 million stake in Citigroup (nyse: C - news - people ), adding to his 3.8% interest in the world's biggest bank. (See: Saudi Prince Buys $1B Citigroup, AOL, Priceline) The Prince's holdings in Citigroup constitute roughly half of his $20 billion net worth. "At about $43, Citi's share price was at too attractive a price," Alwaleed said in a release issued by his company, Kingdom Holdings.

[Oldeconomybuyer]

Investigators: Hidden Loans Boosted Enron [Citigroup and other banks]

[steveegg]

You think? Had this been, say, ExxonMobil, it would bve the only thing being talked about, and the Dow would be down 360 instead of 160.

[kcvl]

His investments, built up since 1979, are held through investment company Kingdom Holding Company, of which he is chairman.

They include 5% of banking giant Citigroup, 25% of Four Seasons Hotels and Resorts, 25% of Disneyland (Europe), 5% of Trans World Airlines, 16% of Planet Hollywood, 17% of Daewoo Corporation, 7% of Hyundai Motor Corporation, 1% of Motorola, 5% of Netscape, 6% of Saks Fifth Avenue, 10% of Canary Wharf, 5% of Apple Computers and many others, including a few hotel chains.

He also holds 30% of Mövenpick Hotels & Resorts, which has a controlling stake in the troubled SA hotel group Karos, the prince's first investment in SA.

[My Favorite Headache]

Whew!