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 [1]
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.
----------------------------------------------------
To subscribe to GATA's dispatches, send an e-mail to:
gata-subscribe@yahoogroups.com [2]
To unsubscribe, send an e-mail to:
gata-unsubscribe@yahoogroups.com [3]
----------------------------------------------------
RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com [5]
http://www.gold-eagle.com/ [7]
http://www.usagold.com/amk/usagoldmarketupdate.html [10]
http://www.GoldReview.com/ [12]
http://www.capitalupdates.com/ [13]
http://www.DailyReckoning.com [14]
http://www.goldenbar.com/ [15]
http://www.silver-investor.com [16]
http://www.thebulliondesk.com/ [17]
http://www.sharelynx.com/ [18]
http://www.mininglife.com/ [19]
http://www.financialsense.com [20]
http://www.goldensextant.com [21]
http://www.goldismoney.info/index.html [22]
http://www.howestreet.com [23]
http://www.depression2.tv [24]
http://www.moneyfiles.org/ [25]
http://www.howestreet.com [23]
http://www.minersmanual.com/minernews.html [26]
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [27]
http://www.goldcolony.com [28]
http://www.miningstocks.com [29]
http://www.mineralstox.com [30]
http://www.freemarketnews.com [31]
http://www.SilverSeek.com [33]
http://www.investmentrarities.com [34]
http://www.kereport.com [35]
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm [36]
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm [37]
(In English)
http://www.resourceinvestor.com [38]
http://www.prudentbear.com [40]
http://www.dollarcollapse.com [41]
http://www.kitcocasey.com [42]
http://000999.forumactif.com/ [43]
http://www.golddrivers.com/ [44]
Subscription sites:
http://www.lemetropolecafe.com/ [45]
http://www.goldinsider.com/ [46]
http://www.interventionalanalysis.com [48]
http://www.investmentindicators.com/ [49]
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm [50]
Ted Butler silver commentary archive:
http://www.investmentrarities.com/ [51]
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com [52]
Centennial Precious Metals
3033 East First Ave., Suite 807
Denver, Colorado 80206
1-800-869-5115
http://www.USAGOLD.com [53]
Michael Kosares, Proprietor
cpm@usagold.com [54]
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com [55]
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net [56]
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net [57]
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net [58]
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org [59]
info@gold.ie [60]
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com [61]
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com [62]
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com [63]
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com [64]
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com [65]
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.com [66]
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com [67]
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com [68]
314-965-9797
1-800-280-9797
http://www.mocoin.com [69]
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com [70]
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com [71]
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com [72]
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com [73]
Franklin Sanders
1-888-218-9226, 931-766-6066
----------------------------------------------------
HOW TO HELP GATA
If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.
By check:
Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA
By credit card (MasterCard, Visa, and
Discover) over the Internet:
http://www.gata.org/creditcard.html [74]
By GoldMoney:
http://www.GoldMoney.com [75]
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L
Donors of $1,000 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled GATA.
Donors of $200 or more will receive copies
of "The ABCs of Gold Investing" by Michael
Kosares, proprietor of Centennial Precious
Metals in Denver, Colorado, and "The Coming
Collapse of the Dollar" by James Turk and
John Rubino.
GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.