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Algos Please Ignore: Citi Slashes Previously Reported Net Income Due To "Legal Investigations" Over FX Rigging Probe
UPDATE:
- *CITIGROUP SAYS DOJ, CFTC, OTHERS PROBING CITI'S FOREX BUSINESS
- *CITIGROUP SAYS IT'S FULLY COOPERATING WITH PROBES, INQUIRIES
From 10-Q: Foreign Exchange Matters
Regulatory Actions: Government and regulatory agencies in the U.S., including the Antitrust Division and the Criminal Division of the Department of Justice and the Commodity Futures Trading Commission, as well as agencies in other jurisdictions, including the U.K. Financial Conduct Authority and the Swiss Competition Commission, are conducting investigations or making inquiries regarding Citigroup’s foreign exchange business.
Citigroup is fully cooperating with these and related investigations and inquiries.
Nothing to see here move along:
- *CITIGROUP ADJUSTS 3Q DOWN ON $600M INCREASE IN LEGAL ACCRUAL
- *CITIGROUP FINL IMPACT LOWERS CITI’S 3Q '14 NET TO $2.8B FROM $3.45B
- *CITIGROUP CITES REGULATORY INQUIRIES & INVESTIGATIONS
When did company earnings become like GDP: first release is highest, second is lower, third lowest? Aren't you glad you bailed this trustful people out?
Citi Statement:
Citi announced today that it is adjusting downward its third quarter 2014 financial results, from those reported on October 14, 2014, due to a $600 million increase in legal accruals.
The increase resulted from rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters.
The financial impact lowers Citi’s third quarter 2014 net income from $3.4 billion to $2.8 billion.
And this happened...
As a gentle reminder...
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DOWN GOES FRAZIER!
But they just got a stealth bailout via executive order! BuySecure. Read it.
Aren't you glad you bailed this trustful people out?
"these" people ZH. Anyhow, it is impossible to put trustful and Citi the same sentence.
ShittyGroup ??????
Great!
Now max out all your Citi credit cards cause they're about to go ..
FULL LEHMAN!!
Down 1% big whoop
Fine will be .000000001% of profit
Fuck these fuckers and the SEC
Money out of shareholders right into the lawyers hands.....
Just a little of your everyday drubbing.
No big deal..
Tomorrow we smash gold and silver like never before!
And the miners, especially the miners..
Ho Lee Fuk! it's back where I could have bought it on Tuesday, oh the horror!
I think there was a disturbance in the force. millions of 401k accounts suddenly cried out.
It moved from 53.10 to 52.10
I wouldn't call that a freak-out level event.
Thanks for the reminder that US Taxpayers bailed out a Saudi Prince....
so the stock dropped from $53 to $52?
We should have seen this coming -- of course criminal enterprises are going to consume legal resources at astronomically high levels.
Glad I bought puts on V today.
wake me up when they have to reverse split again, nighty night
Citi is in my bankster exacta for takedown next go round (yes, i do think one or two TBTFs will go down ... only politically way possible to bail the rest)
Bank of America my other candidate ... SIGTARP noted it found guilty of brazen fraud
When BofA goes down, the show is over.
Fuck Citi..
Used to be the best card in my wallet, with a 13.5% interest rate for YRS... late payment 2 times always forgiven... upon recieving my bill today i noticed I'm paying 29% now in interest.. 29%..
Bend over and take it like a man.
Trannies are up Huge this month.
i gots me a platanium EBT from obazzmo shozizzle
Right now citi is the only bank other than fidelity that will give you 2% cash back, no limits, no annual fee, no gimmicks on all purchases.
Fidelity's program only runs through amex so citi double cash is probably the best card out there right now.
Look-back option. would this have been a momentum accelerator on a down day? ( testing....testing.....)
They're a bank, they'll be spanked, then sent back out to play.
SIGTARP on BofA:
"In determining these penalty amounts, the Court highlighted the egregious
nature of the fraud, stating that “[the bank’s loan] process was from start to finish
the vehicle for a “brazen” fraud by the defendants, driven by a hunger for profits
and oblivious to the harms thereby visited, not just on the immediate victims but
also on the financial system as a whole.” The Court further explained that its
“careful review of the evidence ha[d] convinced the Court, as it did the jury, that
the evidence of the defendants’ fraudulent scheme and fraudulent intent was
ample”
Ahh, the good ol' faux shake down to score political points while back slapping behind closed doors...MOAR REGS PLEASE
Holy Cow...stock down 1%...the sky is falling, the sky is falling.
Maybe somebody in Government on both sides of the Atlantic doesn't like them for good reasons (like helping to almost bring down the global ponzi scheme) and they'll pick a fight with these guys next,because it's all about governments nailing anybody for tax money now.Governments are hard up and it's only because they need cash in order to fund their ongoing war efforts.They can't hit the little guy any longer,they'll kill the recovery.(if there really is one during this depression)
http://www.efxnews.com/story/26718/10y-pullback-bearish-eurusd-audnzd-br...
Amazing! Citi bank reports lowers their earnings outlook because of legal payments having to do with a fraud investigation on the firm with regard to their own currency manipulation activity.
Does anyone think they are the only one? The fraud is everywhere. The depths of this is something that I believe goes right into this WH and administration. Why else were there never any convictions from the last downturn and mortgage fraud?
The decay and deceit in this country has become so pervasive that I believe even the whole election process may be now broken as well. The left knows and does not live within any boundaries.
FRAUD is legal tender for TBTF, enjoy the ATH....Bitchez
I know, he is gone, but not in spirit
You want to be in this market for the long haul. Long term investments. Just buy more each time and hold onto it.
BTFD bitchez.
Shittibank, apparently and more appropriately criminal, thieving, shyster, shittibank.