Citigroup Puts the Fun Back in Taking Huge Losses - Bloomberg

Citigroup Puts the Fun Back in Taking Huge Losses - Bloomberg:

Citigroup should be prosecuted under Sarbenes-Oxley.


 Citigroup’s 49 percent interest in Morgan Stanley Smith Barney, which Morgan Stanley agreed to buy for about $6.6 billion, is another classic example. In its 2011 annual report, Citigroup said the investment had a “temporary impairment” as of Dec. 31, but that management didn’t plan to sell “prior to recovery of value” and didn’t believe the bank would be required to. Citigroup also said its potential loss “was not material.”