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Hugo Salinas Price: Libertad, or how good money might drive out bad money
8:53p ET Tuesday, September 14, 2004
Dear Friend of GATA and Gold:
The headline on this Reuters story is not as
descriptive as it might be. A better headline
might say: "Citigroup Regrets Getting
Caught Rigging a Market Without Having a
Government Agency as a Partner."
But the story should be enough to give
second thoughts to anyone who is intellectually
honest and doesn't believe that big financial
institutions try to profit by defeating markets
at every opportunity.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Citigroup Regrets Sale
of Euro Bonds in August
From Reuters
Tuesday, September 14, 2004
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=6228374
LONDON -- U.S. financial services giant Citigroup
regrets its controversial sale of around 11 billion
euros ($13.5 billion) worth of euro-denominated
government debt on Aug. 2, according to an
internal memo seen by Reuters.
The memo, under the name of Tom Maheras, the
firm's head of global capital markets, said that
Citigroup did not fully consider the impact of this
bond trade on the market.
"Unfortunately, we failed to fully consider its impact
on our clients, other market participants, and our
regulators," the memo said.
A spokeswoman for Citigroup declined to comment.
The UK's market watchdog the Financial Services
Authority launched an investigation into the
transaction last month and other European regulators
have been looking into the trade.
The inquiry centres around Citigroup's sale of around
11 billion euros worth of euro-denominated government
debt in the space of minutes on Aug. 2.
Traders at rival banks said Citigroup sold the securities
quickly, causing them to fall in value, and bought many
back soon afterwards to make a profit, which they
estimated at anywhere from 10 million to 30 million
euros.
The memo said that Citigroup had not met its own
standards.
"We did not meet our standards in this instance and,
as a result, we regret having executed this transaction,"
it said.
Separately, the Japanese Securities Exchange
Surveillance Commission said on Tuesday that Citigroup
had violated rules on the placement of securities and
called for an administrative penalty on the bank.
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http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kuik.com/KH/KH.html
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Eagle Ranch discussion site:
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Ted Butler silver commentary archive:
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----------------------------------------------------
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15018 North Tatum Blvd.
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Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
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