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Citigroup Puts the Fun Back in Taking Huge Losses

Happy Pandit

A few months ago, the Bank for International Settlements, which acts as a bank for the world’s central banks, warned in its annual report that 'the financial sector needs to recognize losses' and 'adjust balance sheets to accurately reflect the value of assets'. We are starting to get a taste of what that means, and it’s not all bad.

Peregrine Founder Won't Have to Name Names in Plea Deal

Prison Window

Even though many suspect Peregrine Financial Group founder Russell Wasendorf Sr. had help pulling off a $200 million fraud, prosecutors are willing to let him plead guilty to reduced charges without saying who, if anyone, helped him.



Citi Building Canary Wharf

Citigroup closes FX program

Citigroup, the world’s largest currency dealer, closed a program that provided leverage to some foreign-exchange clients without putting them through an extensive credit check.