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Breakingviews: Montezuma's revenge hits Citi

Friday, February 28, 2014 - 03:27

Feb. 28 - Antony Currie and Rob Cox discuss the New York bank's revelation that it may have lost $400 mln on a $585 mln loan to an oil services firm working with Pemex.

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So this morning Citigroup surprised everybody bid saying it had a 585. Million dollar loan. That was basically fraudulent in Mexico. Four million of that -- get back right at Talladega trying get it back which makes things maybe that money still kicking around somewhere which would be handy from the have to restate. Results resolve this -- luster and we'll go to. Yet it's pretty embarrassing right so what actually happened they were basically lending to some post and -- -- and crafty at which personal services. Which basically gets all of its business it from a from an existing rental company. And earlier this month the government said okay this corruption going on it isn't a crushing cry inquiry going on most art project. We are planning a geographic area from. Any getting any government contracts for the next 21 months. As we figure out what's going as videos that set as results of the guys. We've -- functioning -- I mean -- these guys the seals going incidents now. -- -- someone or some people it saves the actual investment company from was basically making house invoices from panics that -- the American kind of taking buses and -- which that wins the panic -- groups -- Mexican bank. And they -- -- and -- that you just get what's called the council seat I buy it. Panic says it's money we know getting it as a 69 days can you help out Citigroup -- as he gets his -- it turns out the full into the -- -- Is basic -- right so basing your argument is that piece you're writing is that this is just another besmirch -- of the financial industry began. Just when you think it -- -- they're coming out of the cold. Bank they get hit with something in this case it may not be. Total incompetence that although there is upbeat and looking at Corbett Michael it's yeah -- comment this statement analysts say yeah. They'll be on to business -- perpetrated this despicable crime he's talking about internal internal. And any employee -- lit through lax supervision second -- to -- -- of violating a code of conduct. All will be held equally council makes you think there's some problem inside the bank yeah well I think that some believe is very content dancing and this is I think it is. And yet they ought to be very very nervous and they wanna make you know their annoyed about the big picture that is that this is one of the most basic businesses of banking. If we extension on hearing the receiver Steve for a few outsold the old days -- while you wait. You'll contract is to -- And guess what this is not. -- -- come home mortgages were also the simple part of banking to well apparently those critics that but I suppose the good news for -- -- is I mean we are seeing just the steady drip of of and for of stuff coming at a -- they're showing government cracking down -- -- getting its act together government making sure mean just -- pass laws. Com to give it more powers would against monopolies accidentally vice president to -- take some. Kernel of goodness out of this that image from makes carries its services as as the president saying the company is now that they want to get the company. Backups. Journals Weston's tossed them as us President Obama better price and -- of them seems to be the ones suffering from the bigoted Christmas Day. Is this pot industry which which -- means it will focus to -- who there was enterprises is right there are a lot more robust. Our thanks -- will be back with more breaking news next week.

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Breakingviews: Montezuma's revenge hits Citi

Friday, February 28, 2014 - 03:27

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