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Britain tries to cadge gold from Malaysia via weapons deal
Citigroup Seeks FSA Deal Over Bond 'Raid'
By Andrew Murray-Watson
The Sunday Telegraph, London
Sunday, May 8, 2005
http://www.telegraph.co.uk/money/main.jhtml;sessionid=DPYXRP5Y4H3KRQF
IQMGCM54AVCBQUJVC?
xml=/money/2005/05/08/cnciti08.xml&secureRefresh=true
Citigroup, the world's largest bank, is ready to cut a deal with the
Financial Services Authority over allegations that it deliberately
manipulated the European bond market last year.
It is believed the US bank may be prepared to admit that it suffered
a "failure of risk management" if the FSA drops its investigation
into whether Citigroup is guilty of more serious market abuse
allegations.
Last August Citigroup traders based in London sold 12.4 billion
(8.4 billion) of bonds in seconds, before buying back 4
billion worth shortly afterwards.
The scale of the transaction created market conditions that enabled
the traders to pocket 17.5 million in profit at the expense of
dozens of other institutions. The FSA is investigating the
transactions alongside a number of other European financial
watchdogs.
If it admitted to a charge of a failure of risk management,
Citigroup would be acknowledging that it did not have adequate
internal procedures in place to prevent unsound transactions being
made.
But the bank could admit the charge without there being any
implication that it wilfully disregarded market regulations.
Although the FSA could still impose an unlimited fine on Citigroup
in this scenario, the damage done to the giant US bank's reputation
would be greatly diminished.
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