Topic: Citigroup Inc.
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Five ways big banks' Libor scandal affects you
London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
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Baseball fans: Take a quick tour of all 30 major league ballparks
Authors Josh Pahigian and Kevin O’Connell explore America's major league ballparks in "The Ultimate Baseball Road."
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European debt crisis: Seven basics you need to know
Will this crisis ever be over?! Eurozone nations seem to be fighting endless battles to address fears about government finances. The worry is that unsustainable national debt loads will result in default, a financial panic, or a costly repair effort. Here's what you need to know about the problem and possible ways forward.
All Content
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Investors peek over 'fiscal cliff' and find ... blue skies?
Professional investors see plenty of minefields, but many believe a congressional deal will avert the worst of the 'fiscal cliff.' Another plus: Beyond the 'fiscal cliff' is a slowly improving economy.
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Full steam ahead? How economy might look if 'cliff' deal is struck. (+video)
If Washington can strike a bargain on the 'fiscal cliff,' some tax hikes and spending cuts would slow the economy. But rising consumer confidence could keep the slow recovery chugging along.
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Stocks move higher as budget talks progress
Stocks rose Monday as signs of fiscal cliff progress in Washington made their way to Wall Street. Stock traders paused for a minute of silence at 9:15 a.m. EST to remember those killed in a gunman's rampage through a Connecticut elementary school.
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'Fiscal cliff' talks: Could they sink US job market?
The 'fiscal cliff' talks are about more than taxes. How they are resolved could have a significant impact on the US job market, experts say.
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Stocks rise on fiscal cliff hopes
Stocks closed mostly higher on Wall Street Wednesday as traders grew more hopeful that a budget deal will be reached in Washington. Rising stocks narrowly outnumbered falling ones on the New York Stock Exchange.
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Citigroup slashes 11,000 jobs to save $1.1 billion
Citigroup cuts are first big move for new CEO Michael Corbat, as he moves to reorganize the struggling banking giant. Most of the Citigroup cuts are expected to come in global consumer banking.
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Europe debt defaults are poised to rattle stocks
At least five eurozone nations will need to restructure their debts, says a new Citigroup report. Greece will probably leave the eurozone within a year.
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Dow loses 313 in post-election sell-off
Stocks plummeted during Wall Street's first day of trading after President Obama's reelection. Stocks also spiraled downward in the days after Obama's first victory.
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Major natural gas find by Saudis. A shift ahead?
Saudi Arabia has every incentive to develop its new natural gas discovery in the Red Sea. If it doesn't, it could become an oil importer in the decades ahead.
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Microsoft earnings: a miss. Its new era? Unclear.
Missing profit expectations, Microsoft looks to Oct. 26 launch of Windows 8. But skepticism is growing that Microsoft's 'new era' will propel slumping PC sales.
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Robert Reich
How Obama can defeat Romney: Break up the big banks.President Barack Obama should counter Mitt Romney’s extraordinary solicitude toward Wall Street with a proposal to cap the size of the nation’s biggest banks, Reich writes.
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High earnings, low inflation propel stocks upward
Low inflation and decent earnings reports sent stocks upward Tuesday. Stocks in nine out of 10 industry groups in the S&P 500 index rose.
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Suddenly, Vikram Pandit is out as Citigroup CEO
Citigroup offers no explanation for shakeup, which besides Pandit includes chief operating officer Havens. Citigroup's Europe chief Michael Corbat is replacing Pandit.
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Stocks higher after retail sales improve
A strong gain in retail spending sent stocks upward Monday. A positive earnings report from Citigroup was responsible for a broad rise in bank stocks.
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Stocks flatline, pulled by jobless claims, Europe
Stocks fell stagnant Thursday with little significant activity up or down. Stocks rose in the morning after a positive jobless claims report but fell in the afternoon.
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Saving Money
Major banks settle with homeowners. Are you entitled?If your home loan is serviced by one of the five major lenders – including Bank of America and Wells Fargo – you may be entitled to a share of one of the largest civil settlements in history.
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Robert Reich
Presidential debate: the questions they should (but won't) ask Obama, RomneyWhat would happen if Robert Reich moderated a presidential debate between Barack Obama and Mitt Romney? Reich offers his thoughts on what questions Romney and Obama should be asked in Wednesday's presidential debate.
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Kraft spinoff splits food giant in two
Kraft spinoff of its global snack operation will mean that brands including Oreo and Nabisco will be under a new label called Mondelez International Inc. The North American grocery division will carry the Kraft name after the Kraft spinoff and include Velveeta, Miracle Whip and Oscar Mayer.
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Clues about who's behind recent cyber attacks on US banks
A Middle Eastern hacktivist group appeared to claim responsibility for massive denial-of-service cyber attacks on websites of six US banks. Some experts now say that claim is a 'false flag' to divert attention from the real attackers.
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US bank websites blocked by hackers
US bank websites of at least half a dozen large institutions have experienced surges and disruption of traffic over the past week. Islamists claim responsibility for blocking US bank websites, but analysts are skeptical.
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Five ways big banks' Libor scandal affects you
London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
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Energy Voices
Romney energy plan: pro-drilling, anti-regulation, and mum on climate changeRomney energy plan wants to open federal lands to drill onshore and US waters to drill offshore, but gives short shrift to renewable energy and ignores fuel efficiency, carbon-dioxide emissions, and climate change. Part 1 of a three-part series on the Romney energy plan.
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The Monitor's View: Why bike sharing will make cities friendlier
New York and Chicago launch bike-sharing programs next spring, a big jump for creating a cycling culture in American cities. Life for urban dwellers will be better. Here's why.
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Stocks rise in anticipation of Fed meeting
Investors hope an upcoming Federal Reserve meeting will lead to a jump in stock prices. The average of 30 large company stocks has already gained 1.8 percent to start September, a month which is usually dismal for stocks.
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Federal Deposit Insurance Corporation: Bank profits up from 2011
Federal Deposit Insurance Corporation (FDIC) said Tuesday that the banking industry earned $34.5 billion in the second quarter, up from $28.5 billion in the second quarter of 2011. Banks were also less cautious about lending, though earnings growth remained 'sluggish' according to the Federal Deposit Insurance Corporation.
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