401(k) retirement plans are suing the company and others for sinking a large
part of their funds into the company’s stock and allegedly causing them to lose
more than $US1 billion (?500,000).
The complaint charges the company; Chuck Prince, former chief executive
officer; the plans’ administrative committee; and others with violating US
federal pension law by allowing the ‘imprudent investment’ in Citigroup stock
although they knew it was ‘unduly risky’ because of the company’s ‘serious
mismanagement and improper business practices’, CFO.com reports.
A Securities and Exchange Commission filing yesterday shows USA’s biggest
bank by assets, has funnelled $US7.6bn of emergency financing into the seven
structured investment vehicles (SIVs) it runs after they were unable to repay
maturing debts, drawing on $US10bn of so-called committed liquidity provided by
The bank may have to write down another $2.7 billion of sub-prime
mortgage-backed and related securities, according to US credit researcher
CreditSights Inc. Citigroup said three days ago that securities it held might
have lost $US11 billion of value.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements