Friday, Sep 24, 2010
The house of Cards is turning nasty
Fortune: Norway's central bank sues Citi
Norges Bank Investment Management says it lost $735 million buying Citi stock between 2007 and 2009, in part because it relied on inaccurate disclosures regarding the bank's subprime exposure. Citi was slow to tell investors in fall 2007 the true extent of its massive, destabilizing holdings of faltering subprime-related securities.
Posted by mark @ 08:06 PM (366 views) Add Comment
2 Comments
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1. Thecountofnowhere said...
I had the same problem with William Hill...the bookmakers...I've talking to my lawyers in the morning :-)
2. Ubear said...
Ouch, for both sides!
The Norges Bank obviously didn't look up the definition of the word investment i.e. you pay money in the _hope_ of getting a return; Caveat Emptor!