Saturday, March 1, 2014

Oops

"As far as bank heists go, the one Citigroup -0.12% disclosed Friday was big, about $400 million. Even though that might not move the needle much in terms of the bank's earnings, it raises questions for investors about its controls and ability to manage emerging-markets risks.
That's because the funds weren't carried away by a modern day Willie Sutton. They left the vault the way bank funds are supposed to, through loans.
These were made through a receivables-financing arrangement Citi's Mexican subsidiary had extended to Mexican oil-services company Oceanografia. Citigroup said invoices from state-owned Mexican oil giant PetrĂ³leos Mexicanos, or Pemex, which backed the loans, were falsified."
Just more lameness by Big Banks

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