Skip to main content

Black Listed News
Trending Articles:
Trending Articles:

Citi Pays $3.5 Billion To Keep Its Employees Out Of Jail For Yet Another Quarter

Published: December 9, 2014
Share | Print This


Source: Zero Hedge

Moments after Bank of America reported at today's Goldman financial conference that its Q4 trading revenues would be down both Q/Q and Y/Y, it was Citi's turn to warn that the current quarter will be the latest disaster in a long series of revenue disasters, with Q4 revenue said to drop 5% from a year ago, however, despite the drop, Citi would still see a "marginally profitable" quarter. Supposedly this means that a few hundred million shares of stock will have to be repurchased to give the optics that EPS is rising even as revenues continue to drop.

That was to be expected in a financially-engineered, centrally-planned world in which there is no institutional volume left, and all the rigged market levitation takes place on the back of negligible volumes by HFT algos, as well as stock buyback VWAP orders.

What, however, was a surprise, is that alongside the revenue warnings, Citi's CEO Corbat also announced yet another $2.7 billion in legal, related charges in 4Q, as well as another $800 million in repositioning expenses.

This simply means that for yet another quarter Citi will be charged with billions in recurring, non-one time "one-time, non-recurring" charges which will be dutifully added back to non-GAAP EPS by analysts at all the other banks (whose criminal employers are now engaged in the same racket with the US government).

But what it really means is that it cost Citi some $3.5 billion to keep its employees out of jail for yet another 3 months.

Confused? Then please re-read "$178 Billion In Government Kickbacks: Meet The World's Biggest Organized Crime Syndicate" where we explained a few very simple things:

Who, in simple numeric terms, is the world's biggest organized crime syndicate?

The answer, courtesy of a new report by the Boston Consulting Group,
which shows the transfer of some $178 billion in litigation costs into
the pockets of  government appartchiks in the past 6 years, is clear.

Banks.



Share This Article...



Image result for patreon

Emigrate While You Still Can!

Loading...


Image result for patreon


PLEASE DISABLE AD BLOCKER TO VIEW DISQUS COMMENTS

Ad Blocking software disables some of the functionality of our website, including our comments section for some browsers.





Login with patreon to gain access to perks!

SIGN UP TO GET BLACKLISTED NEWS DELIVERED RIGHT TO YOUR INBOX

Enter your email address:





More Blacklisted News...

Blacklisted Radio
Blacklisted Nation
On Patreon
On Gab
On Twitter
On Reddit
On Facebook
Blacklisted Radio:
Republic Broadcasting
Podcasts on Youtube
Podcasts on Demand
On Iheart Radio
On Spreaker
On Stitcher
On iTunes
On Tunein

Our IP Address:
198.245.55.242

Sponsors:
Garden office

good
longboard
brands


Advertise Here...






BlackListed News 2006-2019
Privacy Policy