Citigroup Admits Subprime Investments Were Losers

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Citigroup Admits Subprime Investments Were Losers

Bloomberg News and Reuters reports that Citigroup said that it had lost more money than it had made from financial instruments based on U.S. subprime mortgages.At the same time, the share prices of major U.S. securities firms fell on Wall Street amid fears about the effect of the mortgage crisis on earnings.

William Mills, chief executive of Citigroup’s markets and banking division in Europe, said the bank had suffered “reputational damage” from the fallout even though the bank had made “adequate disclosures” to customers who were trading in collateralized debt obligations and similar instruments.

To read the full article click here.

If you or someone you know lost money in a subprime mortgage or CDO investment, please contact the attorneys at The Frankowski Firm at 888-741-7503 to discuss your potential legal remedies.

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