Thread: Citigroup Spurns BofA Merger Overture

Citigroup Spurns BofA Merger Overture

NEW YORK -- Citigroup Inc got a call from a prominent investment banker suggesting a merger with Bank of America Corp as it was dealing with billions of dollars in mortgage-related losses and the departure of Chief Executive Charles Prince, the Wall Street Journal reported Wednesday in its online edition.
Citigroup's board dismissed the informal approach as "totally out of hand" and no discussions have taken place, the Journal said, citing a source familiar with the matter.

Bank of America, meanwhile, said it never authorized a formal proposal to Citigroup, according to the Journal.

A person familiar with the matter said Citigroup's board would be unlikely to view a merger with Bank of America favorably, as the past few months have shown the bank is difficult to manage, the Journal said, adding combining it with another giant would exacerbate the problem.

A source told the Journal that Citigroup got a feeler from Bank of America several months ago.

Representatives of both banks could not immediately be reached for comment.

Earlier this week, Citigroup sold up to 4.9 percent of itself for $7.5 billion to the Gulf Arab emirate of Abu Dhabi, giving it fresh capital as it wrestles with the subprime mortgage crisis.

http://moneynews.newsmax.com/money/arch ... .cfm?s=mnc

I know most of this is from the Subprime market and massive losses. But I wonder if our boycott had any part to play in this mess

If you want to read about citibank:

http://www.worldreports.org./news/97_ci ... ow_defies_

http://www.worldreports.org./news/98_wa ... _1.575_div

http://www.worldreports.org./news/99_ad ... tion_bypas

http://www.worldreports.org./news/101_b ... s_upstairs

Thanks you guys. I'm going to read this with interest.
I read a book not too long ago called, "Financial Terrorism," and it said that BofA, Citigroup and Chase Manhatten(those are the ones I remember) are CFR members.

I have been reading some of this, and it's a nightmare! Everything is falling apart.

I've been following these posts for one year .

Originally Posted by AirborneSapper7

Citigroup Spurns BofA Merger Overture

NEW YORK -- Citigroup Inc got a call from a prominent investment banker suggesting a merger with Bank of America Corp as it was dealing with billions of dollars in mortgage-related losses and the departure of Chief Executive Charles Prince, the Wall Street Journal reported Wednesday in its online edition.
Citigroup's board dismissed the informal approach as "totally out of hand" and no discussions have taken place, the Journal said, citing a source familiar with the matter.

Bank of America, meanwhile, said it never authorized a formal proposal to Citigroup, according to the Journal.

A person familiar with the matter said Citigroup's board would be unlikely to view a merger with Bank of America favorably, as the past few months have shown the bank is difficult to manage, the Journal said, adding combining it with another giant would exacerbate the problem.

A source told the Journal that Citigroup got a feeler from Bank of America several months ago.

Representatives of both banks could not immediately be reached for comment.

Earlier this week, Citigroup sold up to 4.9 percent of itself for $7.5 billion to the Gulf Arab emirate of Abu Dhabi, giving it fresh capital as it wrestles with the subprime mortgage crisis.

http://moneynews.newsmax.com/money/arch ... .cfm?s=mnc

I know most of this is from the Subprime market and massive losses. But I wonder if our boycott had any part to play in this mess

Our merger is almost as scairy as Dubai buying up our institutions and infrastructure .

IN GERMANY THEY CAME FIRST FOR THE ECONOMIST , AND I DIDN'T SPEAK UP BECAUSE I WASN'T A COMMUNIST, AND I DIDN'T SPEAK UP BECAUSE I WASN'T A JEW , THEN THEY CAME FOR THE TRADE UNIONIST , I DIDN'T SPEAK UP BECAUSE I WASN'T A TRADE UNIONIST , THEN THEY CAME FOR THE CATHOLIC , I DIDN'T SPEAK UP BECAUSE I WAS A PROTESTANT . THEN THEY CAME FOR ME AND BY THAT TIME THERE WAS NO ONE LEFT TO SPEAK UP . .... Rev. Niemoeller wrote this about the Hitler .

We better wake up .

Originally Posted by minnie

I've been following these posts for one year .

I been following them for 5 years . Every since I wanted to know why my son was in Iraq .

Now I worry about my son going back and my grandkids getting drafted too , this time they will draft women too .

Tha's why we need to elect somebody who understands that we don't have to be the police of the world.
We have to mind our own business and they are very ugly now.

I'm very sorry and grateful for your son, you can believe I realy care and worrie a lot for our kids. I also have 3 grand children 15,14 and 12 and I put myself in your shoes and it hearts me.
I agree we have to defend ourselves but I don't agree our braves beeing sacrifised for their greed. Sorry .

In short, the "house of world order" will have to be built from the bottom up rather than from the top down....an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old-fashioned frontal assault.

The non-communist nations are embarked on a long-term negotiation for the reform of the international monetary system, aimed at developing a new system of reserves and settlements to replace the dollar standard and at improving the balance-of-payments adjustment process. The accomplishment of these objectives will almost surely require a revitalization of the
International Monetary Fund, wich would have unprecedented powers to create new international reserves and to influence national decisions on exchange rates and on domestic fiscal policies.

--Richard N.Gardner-- (CFR and TC), 1974