derivatives

Vice president of Citigroup charged with $19 million fraud

June 28, 2011 - 10:18am | Fraud | News

The FBI arrested a former Citi executive over charges with stealing $19 million from the bank in a swindle described by the bureau as the 'ultimate inside job'.

Former vice president of Citigroup’s treasury finance department Gary Foster was arrested in New York after returning from a flight out of Bangkok.

Citigroup | derivatives | FBI | fraud | Vice President

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Citi launches third party clearing in Turkey

February 16, 2010 - 3:28pm | Banks and internet banks | News

To comply with the Turkish regulation initiated by the Turkish Derivatives Exchange (TurkDEX) and its clearing house Takasbank Citi’s Global Transaction Services business for Europe, the Middle East and Africa (Emea) has introduced third party clearing for exchange traded derivatives in Turkey.

At the moment Citi provides third party clearing for exchange traded derivatives in Germany, Switzerland, Greece and the Czech Republic.

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Another tax evasion case: Citi may be fined $600,000

October 12, 2009 - 2:16am | Law aspects | News

According to some speculations the Financial Industry Regulatory Authority is expected to fine Citigroup Inc $600,000 for derivatives transactions that helped foreign clients avoid taxes on dividends.

The source with the knowledge of the matter reported that the fine is expected to be announced on Monday. The move comes as nations around the world are starting to prosecute tax evasion so as to close widening budget gaps fueled by economic slump.

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A person who started the crisis was revealed

February 10, 2009 - 3:40pm | News | Other themes

Time magazine found the ‘null patient’ who made the first step in the long chain of events led to the current economy collapse. The medicine uses the term ‘null patient’ that defines a person who was a starting point for the pestilence while he or she can be absolutely fine with no symptoms of the illness suffered, his or her only role is to spread the infection.

default | derivatives | economy downturn | financial crisis | mortgage credit

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