Bankruptcy

Pop Quiz

By J. Michael McBride

OK, so what do the Kuwait Investment Authority, the New Jersey Division of Investment, Prince Alwaleed bin Talal of Saudi Arabia and Sanford Weill all have in common? In short order, they may all be major contributors to bail out Citigroup. As you have read, Citigroup announced its 10 billion loss and its 18 billion write off.

Quote:
Citigroup swung to a loss of nearly $10 billion in the fourth quarter as it took a write-down of $18.1 billion for bad bets related to the mortgage industry, the bank said on Tuesday.

On the hunt for cash, the nation's largest bank said Tuesday it also got a $12.5 billion investment from outside investors, including $6.88 billion from the Government of Singapore Investment Corp.

Other investors were Capital Research Global Investors, Capital World Investors, the Kuwait Investment Authority, the New Jersey Division of Investment, shareholder Prince Alwaleed bin Talal of Saudi Arabia and former chief executive Sanford Weill and his family foundation.

Citigroup also took a net charge of $3.31 billion for loan-loss reserves in its U.S. consumer."

Here is a link to the article from yahoo: http://biz.yahoo.com/ap/080115/earns_citigroup.html?.v=5

Michael

Full post as published by Texas Lawyer Blog on January 15, 2008 (boomark / email).