>> Login Sostenitori :              | 
header-1

RSS 2.0
menu-1
TUTTI |0-9 |A |B |C |D |E |F |G |H |I |J |K |L |M |N |O |P |Q |R |S |T |U |V |W |X |Y |Z

Archivio Articoli Copia di Worldwide

Citigroup Sued by Norway’s Central Bank
Stampa
  Text size

Banca centrale di Norvegia denuncia per truffa Citigroup

Norway’s central bank has sued Citigroup over $835 million in losses on Citi shares and bonds.

Citi is accused of making “repeated material untrue statements and non-disclosure of material information to investors” from Jan. 19, 2007, through Jan. 15, 2009, that caused Norges Bank, the central bank, to buy the securities at inflated prices.

The complaint, filed on Sept. 17 in United States District Court in Manhattan, contends:

When the market slowly learned the truth of Citi’s financial condition, Citi came close to insolvency, and Plaintiff lost a substantial amount of its investment.

Citi’s near-demise had its genesis in the Company’s increasing willingness to take on risks for the sake of profit, without regard for – and without disclosing – the magnitude of the downside exposure it faced if those risks materialized.

The complaint names 20 current and former Citigroup executives and directors, including the current chief executive, Vikram Pandit, and his predecessor, Charles Prince. Norges Bank says it is suing to recover its losses: $735 million on Citigroup common shares and “in excess of $100 million” on bonds and preferred shares.

“We believe the suit has no merit and will defend ourselves vigorously,” a Citigroup spokeswoman said in a statement.

Norges Bank is not just responsible for setting monetary policy in Norway. It also oversees the international investments of the Norwegian Government Pension Fund-Global, one of the largest sovereign wealth funds in the world. Enriched by Norway’s gains from oil and natural gas production, the fund has $443 billion in assets.

Early in the financial crisis, four small Norwegian towns near the Arctic Circle made headlines after they lost $64 million on collateralized debt obligations created by Citigroup and sold by a Norwegian brokerage firm.

Norges Bank's Complaint Against Citigroup




Fonte >  NYT


Home  >  Worldwide                                                                               Back to top

 

Libreria Ritorno al Reale

EFFEDIEFFESHOP.com
La libreria on-line di EFFEDIEFFE: una selezione di oltre 1300 testi, molti introvabili, in linea con lo spirito editoriale che ci contraddistingue.

Servizi online EFFEDIEFFE.com

Archivio EFFEDIEFFE : Cerca nell'archivio
EFFEDIEFFE tutti i nostri articoli dal
2004 in poi.

Lettere alla redazione : Scrivi a
EFFEDIEFFE.com

Iscriviti alla Newsletter : Resta
aggiornato con gli eventi e le novita'
editorali EFFEDIEFFE

Chi Siamo : Per conoscere la nostra missione, la fede e gli ideali che animano il nostro lavoro.



Redazione : Conoscete tutti i collaboratori EFFEDIEFFE.com

Contatta EFFEDIEFFE : Come
raggiungerci e come contattarci
per telefono e email.

RSS : Rimani aggiornato con i nostri Web feeds

effedieffe Il sito www.effedieffe.com.non è un "prodotto editoriale diffuso al pubblico con periodicità regolare e contraddistinto da una testata", come richiede la legge numero 62 del 7 marzo 2001. Gli aggiornamenti vengono effettuati senza alcuna scadenza fissa e/o periodicità