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James Turk: More bounce in the dollar but it changes little
Citigroup Puts Four Bond Dealers on Leave
Pending Investigation of Suspicious Trade
By The Associated Press
Saturday, February 5, 2005
http://biz.yahoo.com/ap/050205/britain_citigroup_1.html
LONDON -- Citigroup Inc. has said it placed four dealers
on paid leave pending an investigation of a suspicious
bond trade.
German prosecutors are looking into a large series of
bond trades on Aug. 2 which netted a big profit for
Citigroup.
"The traders involved ... are on leave of absence
pending the outcome of various regulatory
investigations," the bank said Friday.
Citigroup issued a statement Wednesday accusing
the unidentified traders of "inappropriate, unrealistic,
and, in certain instances, juvenile remarks about
the trading strategy before it was executed."
German prosecutors have said they received a
complaint from regulators against six Citigroup Inc.
employees and were considering a formal inquiry.
According to prosecutors, Citigroup Global Markets
sold some euro11.8 billion (US$15.4 billion) in
European government bonds on 13 different trading
platforms in 11 different markets, causing prices to
fall across the board. The bank then quickly bought
back roughly euro4 billion (US$5.2 billion) in bonds
at lower prices.
The bank allegedly made a profit of US$17.5 million
(euro13.4 million) on the trade, prosecutors said.
Germany's BaFin regulatory agency opened an
investigation in October into the transaction.
Citigroup CEO Charles Prince told The Wall Street
Journal in October that the trading by the company's
London desk wasn't illegal "as far as we can tell."
But he called the trade "a completely knuckleheaded
thing to do," the Journal reported.
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