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Old 02-13-2007, 08:51 AM   #1
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Default Citigroup to be known as Citi, sells umbrella

Reuters - Citigroup Inc. , the largest U.S. bank, said on Tuesday it would rebrand itself as "Citi" and sell its trademark red umbrella to St. Paul Travelers Cos.

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Old 11-27-2007, 01:47 AM   #2
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Granny says, "A skunk by any other name still stinketh"...

Investors want Citi to come clean on finances
November 26 2007: Watchers fear that Citi has similar writedowns to HSBC, which is spending $35 billion to bail out troubled funds.
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Calls for more transparency at Citigroup grew louder Monday when HSBC said it would put two funds with mortgage exposure on its balance sheet and spend $35 billion to bail them out. Citigroup said it has no plans to mimic HSBC's move. So far, Citi has committed $10 billion in liquidity to the seven structured investment vehicles it manages on an "arm's length" basis, and has kept them off its balance sheet - meaning Citi has not been counting the SIVs' debt as its own.

That strategy may end up backfiring, though, some industry watchers say, because shareholders, fed up with remaining in the dark about how much risk the largest U.S. bank holds, are selling off. HSBC, Europe's biggest bank, saw its shares slide 1.87 percent in London Monday. Citigroup shares, meanwhile, dropped 3 percent and hit a five-year low, dampened additionally by worries about possible layoffs.

"Citi is in what I'll call a reputation race," said Ed Ketz, associate professor of accounting at the Smeal College of Business at Pennsylvania State University and co-author of a new book called "Fair Value Measurements." "It is competing with HSBC and others in terms of who can be trusted." HSBC is betting that taking ownership of Cullinan Finance and Asscher Finance - SIVs that in total have $45 billion in assets - will restore investor confidence.

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