Citigroup Sells Phibro

– Board of Directors Caves to Gov’t Pressure to Limit Pay, Require All Citigroup Execs To Wear Frilly Lace Thongs To Work –
Under government pressure Citigroup agreed to sell off one of it’s profitable business units so it could concentrate on losing massive sums of money in its banking activities.
The bank’s commodity trading arm, Phibro, was sold to Occidental Petroleum for what analysts termed “a pittance.”
For Citibank execs who don’t understand economic jargon, a “pittance” is generally considered “a small sum well below what something is worth.”
At issue was an agreement with Phibro’s chief trader Andrew Hall to …read more