The New York TimesCitigroup Regrets Bond Trades in EuropeBy HEATHER TIMMONSSeptember 15, 2004Citigroup told employees on Tuesday that it regretted executing a $13.5 billion bond trade that has raised the ire of rival traders in Europe and led to an investigation by regulators in Britain.In an memorandum to all 40,000 employees of Citigroup's global corporate and investment bank, the chief executive for global capital markets, Thomas G. Maheras, said the trade was an "innovative transaction, that sought to access the liquidity in the European bond markets," but that it "did not meet our standards."As a result, "we regret having executed this transaction," he said.The bond sale, executed Aug. 2, caused widespread concern in Europe's markets. Citigroup sold 11 billion euros ($13.5 billion) of European government debt within minutes, mainly through electronic trades, then bought some of it back at lower prices less than an hour later, rival traders say.Though the trades were not illegal, they angered other bond houses, which said the bank violated an unspoken agreement not to flood the market to drive down prices.Citigroup "failed to fully consider its impact on our clients, other market participants and our regulators," Mr. Maheras said in the memo...
I think it is time to pull my savings from there. I always felt a little bad going into the belly of the beast, but it was the only simple international choice I could figure out when I started living abroad. And all the reasons that I thought they would be better have not proved correct in practice.
I just haven't figured a safe place to put cash though. Not that I have that much. Just enough that if a bank goes bust, I'd rather be in line outside than online...kinda no where...or not be in that jam at all. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
i hear ya, i have vivid memories of my parents having their italian bank accounts frozen during the 60's. ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
they come with fuzz tone ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
placed high in a tree they can work as antennas for VPN, or pick up radio waves from neptune- ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
Yes, these do exist, and there are American brokers that offer them.. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
