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Home >> Stock Forums >> Citi loses $351 million on "alternative investments"

Citi loses $351 million on "alternative investments"

AlfredSokol said: "Citi just can't catch a break these days. It looks like their [url=http://www.finalternatives.com/node/4132]alternative investments[/url] took a turn for the worse with a huge loss. [quote] The losses at Citi Alternative Investments were a relative drop in the $5.1 billion bucket of red ink: the group recorded “negative revenue” of $358 million “on sharply lower proprietary revenues” and $212 million in mark-to-market losses on SIV assets. Particularly embarrassing for new CEO Vikram Pandit—whose firm has now taken some $39 billion in write offs—Old Lane Partners, the hedge fund he founded that was acquired by Citi last year, was forced to write off $202 million in intangible assets related to its multi-strategy fund. “Our financial results reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions,” Pandit said.[/quote] Imagine old Vikram Pandit being promoted to CEO when his hedge fund performed so poorly. I wish my life worked like that."

SnowPro said: "I remember when $351 million was alot of money:whacky011: sp"

AlfredSokol said: "[QUOTE=SnowPro;67936]I remember when $351 million was alot of money:whacky011: sp[/QUOTE] Man you and me both. I just like the idea that you can blow $200 million on your own hedge fund, and get a promotion! What a country."