BUSINESS

Citi CEO Spins Foreign Bailout Money

03/28/2008 02:46 am ET | Updated May 25, 2011

Vikram Pandit's winding up his 100-day, globetrotting honeymoon as Citigroup's would-be savior by yesterday writing a love note to all employees to assure them their bank isn't running out of cash, and doesn't need any more bailouts.

Citi suffered a devastating stock rout Tuesday, with shares tumbling to a nine-year low, after a top Middle East money man - Sammer al-Ansari of Dubai International Capital - said Citi's subprime mortgage and CDO (collaterized debt obligations) losses could be so steep that even oil-rich Gulf investors couldn't bail out the bank as they'd done months earlier. Dubai's position on Citigroup shares, if any, wasn't known.

Keep Reading

Suggest a correction