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MrWhy.com » Videos » Citigroup Gains 1.7%; Bank Argues It Should Retain $1 Billio |
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Citigroup Gains 1.7%; Bank Argues It Should Retain $1 Billio
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Citigroup Gains 1.7%; Bank Argues It Should Retain $1 Billio
Shares of Citigroup (C) are higher while The Wall Street Journal reports that the bank is arguing in a New York bankruptcy court that it is entitled to retain a $1 billion deposit it received from the collapsed Lehman Brothers investment bank. Citigroup said it is entitled to keep the money because when Lehman collapsed, it had "urgently requested" that Citi keep settling foreign exchange trades to "avoid catastrophic losses" to Lehman and its customers, the report said. Citi shares are up 1.74%, or $0.70, to $40.92.
Video Length: 0
Date Found: May 27, 2011
Date Produced: May 27, 2011
View Count: 0
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