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Citibank pulling a deadbeat mortgage lender trick

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NOTTHOR
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Citibank pulling a deadbeat mortgage lender trick Mar 28, 2008 8:01:12 GMT -6

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Post by NOTTHOR on Mar 28, 2008 8:01:12 GMT -6

Good for them. They signed a commitment letter to lend some PE dudes a little bit of cash for a buyout of Clear Channel in November of '06. Now, they realize the deal is a piece of shit and they are refusing to make the loan and take the multibillion dollar write down associated with it. I can't find the commitment letter on EDGAR, but it sounds like it doesn't have a good market out for Citibank, which is but one reason I voted against all directors on the "Risk Management Committee" on my proxy last week.

The way Citi's got shat on by subprime deadbeats, I'm glad to see them standing up here and performing this efficient breach.

biz.yahoo.com/ap/080328/clear_channel_buyout.html

"Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now they're driving '54 Chevys, maybe the last great car to come out of Detroit." - R. Santelli, February, 2009.

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