Citigroup: $134.8 billion in 'level 3' assets From MarketWatch: Citigroup reports $134.8 billion in 'level 3' assets Citigroup Inc. ... said its so-called level 3 assets as of Sept. 30 were $134.84 billion. Level 3 assets are holdings that are so illiquid, or trade so infrequently, that they have no reliable price, so their valuations are based on management's best guess. From the Citi 10-Q: Level 3--Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. (emphasis in report)
From MarketWatch: Citigroup reports $134.8 billion in 'level 3' assets
Citigroup Inc. ... said its so-called level 3 assets as of Sept. 30 were $134.84 billion. Level 3 assets are holdings that are so illiquid, or trade so infrequently, that they have no reliable price, so their valuations are based on management's best guess.
From the Citi 10-Q:
Level 3--Model derived valuations in which one or more significant inputs or significant value drivers are unobservable.
(emphasis in report)
Waning Support Led to Ouster of Citigroup Chief As recently as last month, Charles O. Prince III could count on the support of Prince Walid bin Talal of Saudi Arabia, the biggest shareholder of Citigroup, the financial behemoth that Mr. Prince had run for four years. (...) The demise of Mr. Prince is a story with obvious Shakespearean flourishes -- even the names of the major characters would seem implausible if they were not real (two princes and Mr. Weill, who was called the "King of Capital" in the title of one biography). The endgame of Mr. Prince's career at Citigroup probably began with flights to Saudi Arabia by Citigroup executives early last week. A week ago yesterday, Mr. Weill, Citigroup's former chairman and chief executive, took the Citigroup jet to Riyadh, Saudi Arabia, to meet with Prince Walid. He flew there, according to a banking industry official briefed on the situation, to persuade the Saudi prince that it was time for Citi's chief executive, Mr. Prince, to leave. Prince Walid called up Mr. Prince and told him about the conversation, this person said.
As recently as last month, Charles O. Prince III could count on the support of Prince Walid bin Talal of Saudi Arabia, the biggest shareholder of Citigroup, the financial behemoth that Mr. Prince had run for four years.
(...)
The demise of Mr. Prince is a story with obvious Shakespearean flourishes -- even the names of the major characters would seem implausible if they were not real (two princes and Mr. Weill, who was called the "King of Capital" in the title of one biography).
The endgame of Mr. Prince's career at Citigroup probably began with flights to Saudi Arabia by Citigroup executives early last week.
A week ago yesterday, Mr. Weill, Citigroup's former chairman and chief executive, took the Citigroup jet to Riyadh, Saudi Arabia, to meet with Prince Walid. He flew there, according to a banking industry official briefed on the situation, to persuade the Saudi prince that it was time for Citi's chief executive, Mr. Prince, to leave. Prince Walid called up Mr. Prince and told him about the conversation, this person said.
