Bloomberg reported that in just six months, S&P’s AAA blessing for a slice of a $1.5 billion CDO, underwritten by UBS AG, cost Citigroup its $15 million investment.
VWR Funding intends to commence an offering of $200 million of senior secured term loans. VWR said Citigroup Global Markets will act as sole lead arranger and bookrunner for the proposed transaction.
Citigroup reported net income for the Q4/12 was $1.2 billion or $0.38 per share as results were negatively impacted by a credit valuation adjustment and a $1.0 billion repositioning charge. Analysts polled by Thomson Financial had expected EPS of $0.96.
ABF Journal illustrator Jerry Gonzalez shows how British regulators, bankers and politicians ignored the warning by Timothy Geithner, then president of the New York Fed, Citigroup and others in 2008 that the LIBOR was being manipulated.