Disgusting; U.S. Pisses Away $306b on Citigroup Update: Vikram Pandit named CEO of Citigroup on December 11. Click here for details. Vikram Pandit is that rare Indian who has made it big within the stratospheric heights of the financial sector in New York. A Mumbai native, Vikram Pandit is CEO of Citigroup’s Institutional Clients Group comprising of Citi […]
Embattled financial services giant Citigroup is expected to take another mega write-down of $8 billion-$11 billion on top of the $5.9 billion write-down the bank took in early October, according to reports coming out of New York City. The huge write-down is necessary in view of the falling value of sub-prime mortgage securities held by […]
Pakistan President and military chief General Pervez Musharraf has imposed Emergency rule in the country and suspended the constitution. But eight of the 11 justices of Pakistan’s independent and feisty Supreme Court have already signed an order declaring the Emergency illegal. The Supreme Court was set to rule on the constitutionality of General Musharraf’s re-election […]
India’s Tata Motors Ltd is said to be in the leading position to acquire Ford’s struggling Jaguar and Land Rover units. The folks at the Wall Street Journal say that besides Tata, firm bids were received from Ripplewood Holdings LLC of New York and One Equity Partners (a unit of JP Morgan Chase). The WSJ […]
Citigroup CEO Charles Prince is toast and is expected to quit at an emergency board meeting scheduled for Sunday, according to the Wall Street Journal (subscription required). And the word on the street is that Citi will report another big write-off and more losses. In more bad news for Citi, the Securities and Exchange Commission, which […]
India’s richest man and Reliance Industries Chairman Mukesh Ambani has gifted his wife Neeta a luxury jet for her birthday. The birthday gift – a snazzy Airbus 319 valued at $60 million (Rs 242 crore) -Â is fitted with the works including entertainment cabins, a sky bar and fancy showers. Several commercial airlines including Spirit Airlines, […]