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Editorial Results (free)

1. Citigroup to Pay $100M to Settle Rate Manipulation Charges -

NEW YORK (AP) – Citigroup agreed Friday to pay $100 million to settle charges that its bankers manipulated an important interest rate used to price everything from credit cards to mortgages.

2. Citigroup Puts Restrictions on Gun Sales -

NEW YORK (AP) – Citigroup is putting new restrictions on firearm sales by its business customers, making it the first bank to announce changes to its policies in the wake of the school shooting in Florida.

3. Citing Lack of Funds, Memphis Health Care Org Closes, New Group Steps In -

Knoxville-based Cherokee Health Systems has stepped in to continue operating the clinics of Memphis’ Resurrection Health, which closed its doors on Dec. 31 in part because of funding running out.

The Memphis-based health care organization had already agreed to merge with Cherokee in 2016. The closure, and Cherokee taking over operations, was a result partly of Congress in December approving a three-month continuing resolution that included less than half of the previous financial support that was available. According to a letter Resurrection distributed to supporters, an attempt at securing more federal funds for clinical care through other partnerships also fell through.

4. Citigroup Settles Claims Over Possible Money Laundering -

NEW YORK (AP) – Citigroup has agreed to pay nearly $100 million to federal authorities to settle claims that a lack of internal controls and negligence in the bank's Mexican subsidiary may have allowed customers to commit money laundering.

5. Great Expectations: Small Businesses Upbeat About 2017 -

NEW YORK (AP) – Donald Trump's election as president has made many small business owners more upbeat about 2017.

Dean Bingham says he's cautiously optimistic because business picked up at his auto repair shop after the election – people who had put off fixing their cars have decided it's time to get them serviced.

6. Citigroup's Profit Falls 11 Percent, But Beats Forecasts -

NEW YORK (AP) – Citigroup said Friday that its profit fell nearly 11 percent in its third quarter, but the results easily beat Wall Street expectations and its shares rose.

The New York bank reported net income of $3.8 billion, or $1.24 per share, in the three months ending Sept. 30, compared with $4.3 billion, or $1.35 per share, in the same quarter the year before.

7. Former City Attorney Founds Hagler Law Group -

Monice Hagler, a longtime Memphis lawyer who served as city attorney during the administrations of Mayors Dick Hackett and Willie Herenton, has founded a new law practice.

The Hagler Law Group PLLC is focused on real estate-related economic development as well as small- and minority-business development.

8. Former City Attorney Founds Hagler Law Group -

Monice Hagler, a longtime Memphis lawyer who served as city attorney during the administrations of Mayors Dick Hackett and Willie Herenton, has founded a new law practice.

The Hagler Law Group PLLC is focused on real estate-related economic development as well as small- and minority-business development.

9. Citigroup to Pay $7 Billion in Subprime Mortgages Probe -

WASHINGTON (AP) – Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said "shattered lives" and contributed to the worst financial crisis in decades.

10. Citizens Group Raising Money to Build Veterans Home -

MEMPHIS (AP) – A citizens group is seeking help in raising money to build a home for veterans who need long-term care and rehabilitation services.

West Tennessee Veterans Home Inc. is seeking to build a $60 million dollar, 144-bed State Veterans Home in Fayette, Shelby or Tipton counties.

11. Citigroup Agrees to Pay $968 Million to Fannie Mae -

NEW YORK (AP) – Citigroup has agreed to pay $968 million to Fannie Mae to resolve potential future repurchase claims on residential mortgage loans originated between 2000 and 2012.

A sizable group of the loans were originated during the U.S. housing boom. Mortgage giants Fannie Mae and Freddie Mac bought mortgage loans from banks like Citigroup in the run-up to the financial crisis. Fannie and Freddie teetered as the loans went bad, and they were effectively nationalized in 2008. The government has spent billions to keep Fannie and Freddie afloat.

12. Citigroup to Cut 11,000 Jobs -

NEW YORK (AP) – Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.

The cuts amount to about 4 percent of Citi's workforce. The bulk of them, about 6,200 jobs, will come from Citi's consumer banking unit, which handles everyday functions like branches and checking accounts.

13. After Pandit, a Smaller Citigroup Could Get Smaller Yet -

NEW YORK (AP) – The incredible shrinking bank may have to shrink more.

In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank.

14. Mortgage Comeback? Citigroup Isn't So Sure -

NEW YORK (AP) – Citigroup isn't as enthusiastic as its peers about a comeback in the housing market.

On Friday, executives at Wells Fargo and JPMorgan Chase declared that the long-struggling market had turned a corner. On Monday, Citigroup's top number-cruncher said he wasn't so sure.

15. Citigroup Settles Over Excessive Charges for $1.2M -

WASHINGTON (AP) – Citigroup is paying $1.25 million to settle with industry regulators over allegations that it charged customers too much on corporate bond transactions.

The Financial Industry Regulatory Authority, the securities industry's self-policing regulator, say it has fined a Citigroup subsidiary $600,000 and ordered it to repay $648,000 to customers for excessive charges.

16. Citigroup Pays $158M to Settle Mortgage Fraud -

NEW YORK (AP) – Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit duped the U.S. government into insuring risky mortgage loans for over six years.

The government said Wednesday that Citi Mortgage certified 30,000 mortgages for insurance provided by the Federal Housing Agency and submitted many certifications that were "knowingly or recklessly false."

17. GTx Shares Up Sharply After Citigroup Report -

Shares of GTx Inc. rose about 50 percent Monday, Jan. 30, after Citigroup predicted the Memphis-based pharmaceutical company was likely about a year away from reporting positive results from its Phase III clinical trials for Ostarine, a drug designed to prevent and treat muscle wasting in cancer patients.

18. GTx Shares Rise 50 Pct. After Positive Citigroup Report -

Shares of GTx Inc. rose about 50 percent Monday, Jan. 30, after Citigroup predicted the Memphis-based pharmaceutical company was likely about a year away from reporting positive results from its Phase III clinical trials for Ostarine, a drug designed to prevent and treat muscle wasting in cancer patients.

19. NYC Judge Rejects $285M SEC-Citigroup Agreement -

NEW YORK (AP) – A federal judge on Monday struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, saying he couldn't tell whether the deal was fair and criticizing regulators for shielding the public from the details of what the firm did wrong.

20. Citigroup May Cut 3,000 or More Jobs to Cut Costs -

NEW YORK (AP) – Citigroup Inc. is the latest bank seeking to trim costs with a smaller work force.

21. US Defends $285M Settlement With Citigroup -

WASHINGTON (AP) – The government is telling a federal judge that $285 million is a fair penalty for Citigroup Inc. to pay to settle charges that it misled buyers of a complex mortgage investment ahead of the housing bust.

22. Citigroup Paying $285M to Settle SEC Fraud Charges -

WASHINGTON (AP) – Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investment just as the housing market was starting to collapse.

23. Citigroup Earnings Rise 74 Percent, to $3.8 Bln -

NEW YORK (AP) – Citigroup's strategy of slimming down and focusing on a few core businesses is paying off.

The New York bank reported third quarter earnings rose 74 percent in the third quarter, to $3.8 billion, due to lower losses from loans and an accounting gain. Its international consumer lending business grew in Asia and Latin America. The bank also decided to keep its credit card partnership with retailers as that business improved.

24. Wharton Touts City’s Progress to MAAR Group -

The day after the October 2009 special city elections, local Panatoni Development Co. LLC partner Al Andrews showed up at Memphis Mayor A C Wharton Jr.’s door notifying him of a site location specialist conference in Atlanta that displayed a map with big red circles around certain areas of the country as places to avoid. Memphis was one of those.

25. Treasury Announces Sale of Citigroup Shares -

WASHINGTON (AP) — The government said Wednesday it is starting to sell $2.2 billion in trust preferred shares that it holds in Citigroup, another move to recoup the costs incurred in the $700 billion financial bailout.

26. Trustmark-Cadence Merger Shows Different Outcomes -

The merger of Trustmark National Bank and Cadence Bank offers a reminder of the arguably scattershot approach with which the federal government implemented the Troubled Asset Relief Program.

27. Citigroup Shedding Student Loan Business -

NEW YORK (AP) — Citigroup says it is selling its student loan business and about $32 billion in related assets to Discover Financial Services and the student lender Sallie Mae.

The big banking company has been looking for a buyer for its 80 percent stake in the Student Loan Corp. for some time as it refocuses it operations. Citi was one of the hardest hit banks by the recession and credit crisis.

28. Citigroup Paying $75M to Settle Civil Charges -

WASHINGTON (AP) – Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.

29. Pay Czar Chose Not to Go After $1.6B in Bank Pay -

WASHINGTON (AP) — The Obama administration's pay czar said Friday that he did not try to recoup $1.6 billion in lavish compensation to top executives at bailed-out banks because he thought shaming the banks was punishment enough.

30. Treasury Announces Plans for First Citigroup Sale -

WASHINGTON (AP) — The Treasury Department said Monday that it plans to sell up to 1.5 billion shares of Citigroup stock, its latest move to unwind the support it provided big banks during the financial crisis.

31. CIT Names Ex-Merrill CEO Thain as Chairman, CEO -

NEW YORK (AP) - John Thain is getting a second chance.

CIT Group Inc. tapped the former Merrill Lynch CEO to become its chairman and chief executive.

32. Citigroup Loses $7.8B in Q4 -

NEW YORK (AP) - Citigroup Inc. became the latest bank to take a cautious view of consumers' credit problems, reporting a $7.77 billion fourth-quarter loss due to failed loans and the costs of repaying $20 billion in government bailout money.

33. Report: FBI Probes Hacker Attack on Citigroup -

WASHINGTON (AP) - The FBI is investigating a hacker attack on Citigroup Inc. that led to the theft of tens of millions of dollars, The Wall Street Journal reported Tuesday.

34. Citigroup to Repay $20 Billion in Bailout Money -

NEW YORK (AP) - Citigroup reported Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company.

35. CIT Shares Jump in First Trading after Bankruptcy -

NEW YORK (AP) - CIT Group Inc. shares jumped Thursday in the lender's first day of trading after emerging from bankruptcy protection.

36. As Banks Gain, US Treasury Rethinks Bailout -

WASHINGTON (AP) – Big U.S. banks are roaring back.

At crisis’ edge last year, they are repaying billions of dollars dumped into their vaults to rescue them. Dividend checks are accumulating at the U.S. Treasury Department. Taxpayers will not recoup the full sum of the government’s unprecedented infusion to the financial sector, but the returns are ahead of schedule.

37. CIT Group's Biggest Hurdle: Keeping Customers -

NEW YORK (AP) - A Chapter 11 filing usually means the end of the road for financial companies since they rely so heavily on customer trust. CIT Group Inc. is hoping that its case will be different.

38. Icahn Offers to Buy Outstanding CIT Group Debt -

NEW YORK (AP) - Billionaire investor Carl Icahn offered Tuesday to buy certain classes of debt from CIT Group Inc. bondholders as he tries to thwart a restructuring plan by the commercial lender.

39. CIT Group Says CEO Peek Plans to Resign -

NEW YORK (AP) - CIT Group Inc., struggling as it continues efforts to restructure its debt, said Tuesday chairman and CEO Jeffrey M. Peek will resign at the end of the year.

40. Bondholders Committee, Board OK CIT Restructuring -

NEW YORK (AP) - Struggling CIT Group Inc. has launched a debt restructuring effort it hopes will trim at least $5.7 billion from its balance sheet, but also is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection.

41. CIT Group Records $1.68 Billion Q2 Loss -

NEW YORK (AP) - Commercial lender CIT Group Inc. said Monday in a regulatory filing it lost $1.68 billion in the second quarter, and again warned it might have to file for bankruptcy protection if it fails to restructure its business.

42. CIT Group Wraps Debt Purchase, Dodges Bankruptcy -

NEW YORK (AP) - Commercial lender CIT Group Inc. said Monday its offer to repurchase outstanding debt at a discount – a crucial step to help stave off bankruptcy – was successful.

43. Citigroup Approves $6B in New Lending Initiatives -

NEW YORK (AP) - Citigroup Inc. said Tuesday it approved $6 billion in new lending initiatives during the second quarter as part of its programs supported by government bailout funds.

The New York-based bank said it has now approved $50.8 billion in lending programs tied to receiving money as part of the Troubled Asset Relief Program, or TARP. The program was launched last fall by the U.S. Treasury Department to help stabilize the lending markets at the peak of the credit crisis.

44. Citigroup Sells Stake in Japanese Asset Manager -

NEW YORK (AP) - Citigroup Inc. said Thursday it is selling its entire majority stake in a Japanese asset management company to The Sumitomo Trust and Banking Co Ltd. for about $795 million.

The bank is selling its 64 percent stake in Nikko Asset Management for 75.6 billion yen as part of its ongoing plan to reduce its holdings in Japan, and amid an overhaul of its worldwide operations.

45. Citigroup Names Former Banking Regulator to Board -

NEW YORK (AP) - Citigroup Inc. named three new outside directors Friday as the bank seeks to shift its focus back to traditional banking after it suffered a bruising hit from risky mortgage-backed securities.

46. CIT Group Sweetens Debt Buyback Offer -

NEW YORK (AP) - Small-business lender CIT Group Inc. said Friday it has sweetened some terms of a buyback offer for $1 billion of debt and repeated that it may have to seek bankruptcy protection if enough noteholders don't agree to it.

47. CIT Says Bankruptcy Filing Still a Possibility -

NEW YORK (AP) - CIT Group Inc. said in a regulatory filing Tuesday that it might have to file for bankruptcy protection if not enough bondholders participate in a recently launched debt exchange.

48. CIT Group Board OKs Rescue Loan -

The board of CIT Group Inc., one of the largest U.S. lenders to small and midsize businesses, approved a deal with major bondholders to keep the company out of bankruptcy, said two people briefed on the talks.

49. Citigroup Profit Soars on Smith Barney Sale -

NEW YORK (AP) - Citigroup Inc. surprised Wall Street Friday, reporting a $3 billion second-quarter profit instead of the big loss analysts expected.

50. CIT Shares Jump as Lender Seeks Rescue Financing -

NEW YORK (AP) - CIT Group Inc.'s shares doubled Friday as the commercial lender held talks with several large banks about securing emergency financing in hopes of avoiding a bankruptcy filing.

51. JPMorgan Profit Surges on Investment Banking Gains -

CHARLOTTE, N.C. (AP) - The banking industry has another winner.

JPMorgan Chase & Co. reported a 36 percent jump in second quarter profits Thursday, easily surpassing analysts' forecasts as huge gains in its investment banking business outweighed higher losses from bad loans.

52. CIT Won't Get Bailout, Raising Bankruptcy Prospect -

WASHINGTON (AP) - CIT Group Inc. shares tumbled more than 70 percent Thursday as its inability to get emergency government funding raised expectations that the commercial lender will file for bankruptcy protection.

53. Aid Meetings Continue for Faltering Lender CIT -

WASHINGTON (AP) - With banks repaying bailout money, credit markets beginning to flow and Goldman Sachs posting stunning profits, the financial sector would appear to be stabilizing. But CIT Group Inc., one of the nation's largest lenders to small- and mid-sized businesses, teeters on the brink of collapse.

54. CIT Shares Rally as Firm Seeks Federal Aid -

NEW YORK (AP) - Shares of CIT Group Inc. rebounded Tuesday amid optimism that the top lender to small and mid-sized U.S. businesses may get a lifeline from the federal government.

The company's shares rose 33 cents, or 24.4 percent, to $1.68 in Tuesday morning trading after falling to a 52-week low of $1.08 during Monday's trading session.

55. CIT Group in Talks with Regulators, Shares Tumble -

CHARLOTTE, North Carolina (AP) - Shares of diversified lender CIT Group Inc. plunged Monday even as Treasury Secretary Timothy Geithner indicated there could be help for the ailing company.

56. Citigroup Shuffles Executives, Former CFO Leaving -

NEW YORK (AP) - Citigroup Inc. shuffled its top management again Thursday, naming its third chief financial officer of the year and bringing in a new head of its Citibank division as it returns its focus to traditional banking.

57. Citigroup Launches Public Exchange Offers -

Citigroup Inc. on Wednesday launched a series of public exchange offers that will effectively give the government a 34 percent stake in the troubled bank.

58. Report: FDIC Pushes For Shake-Up at Citigroup -

The Federal Deposit Insurance Corp. is reportedly pressing for a management shake-up at embattled bank Citigroup Inc., putting CEO Vikram Pandit in the hot seat.

59. Citigroup Tops Forecasts, But Caution Lingers -

NEW YORK (AP) - For big banks like Citigroup, the first quarter of 2009 may turn out to be the best of the year.

Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co. all impressed investors over the past week with earnings reports that were better than Wall Street analysts anticipated.

60. Citigroup CFO to Become Citi Holdings Chairman -

Citigroup Inc. announced Friday that it tapped Chief Financial Officer Gary Crittenden to become chairman of the unit in charge of its riskier assets and tougher-to-manage ventures, the latest move in a massive management reshuffling at the struggling bank.

61. Citigroup May Execute Reverse Stock Split -

Citigroup Inc. reported Thursday it plans to increase the number of its common shares outstanding and may execute a reverse stock split as part of its effort to convert preferred shares to common shares.

62. Citigroup Nominates New Independent Directors - Citigroup has nominated four new independent directors – including two former bank chief executives and two other financial experts – to stand for election at its annual meeting in April.

The announcement Monday comes as part of a continuing shuffling of the troubled bank’s board. Its shares climbed more than 30 percent.

Investors have long criticized Citigroup’s board for allowing the bank to make so many investments in the risky housing market – actions that have led to the bank reporting five straight quarterly losses.

Richard Parsons, who took over as chairman last month, has said he planned to look for people with proven business judgment and experience in the financial sector to replace retiring directors overseeing the company.

The board currently has 15 directors, three of whom previously announced they will not stand for re-election and two of whom will be of retirement age by the time of the shareholder meeting.

The candidates are Jerry A. Grundhofer, Michael E. O’Neill, Anthony M. Santomero and William S. Thompson Jr.

Grundhofer, 64, is chairman emeritus and former chairman and CEO of U.S. Bancorp; O’Neill, 62, is former chairman and CEO of Bank of Hawaii; Santomero, 62, most recently served as a senior adviser at McKinsey & Co. and is the former president of the Federal Reserve Bank of Philadelphia; and Thompson, 63, is the former CEO of bond investment manager Pimco.

With the election of the four candidates, Citigroup would have 14 board members. The bank says the board also will consider future additions.

Parsons, the former head of Time Warner Inc., is one of the few Citigroup directors with experience in banking and leading a large company. Before joining Time Warner in 1995, Parsons served as chairman and CEO of Dime Bancorp Inc., one of the largest U.S. thrift institutions. Parsons also was an economic adviser on President Barack Obama’s transition team.

The three directors who have already announced they will depart from the board are Roberto Hernandez Ramirez, the chairman of Citi’s Mexican banking operations; Robert Rubin, a former U.S. Treasury secretary who was a longtime Citigroup board member; and Win Bischoff, most recently chairman at Citigroup. Ramirez said he will not stay on the board beyond his current term, while both Rubin and Bischoff have announced their retirement from the bank.

After suffering a loss of $8.29 billion in the fourth quarter, Citigroup announced it would reorganize into two units, Citicorp and Citi Holdings. The first will focus on traditional banking, while the second will hold the company’s riskier assets and tougher-to-manage ventures. In addition to receiving billions in government support, plus federal guarantees to cover losses on risky investments, the New York-based bank has agreed with the Treasury Department on a deal giving the government up to a 36 percent stake.


63. Citigroup to Lower Some Mortgage Payments -

NEW YORK (AP) - Citigroup Inc. said Tuesday that it will lower mortgage payments for some homeowners to an average of $500 a month for three months as part of a new program to help the unemployed.

64. Citigroup Reaches Deal With Government -

The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 percent equity stake in the struggling bank, greatly increasing the risks to taxpayers as voter unhappiness about the broader bailout program rises.

65. Citigroup Reaches Aid Deal with Government -

WASHINGTON (AP) - The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 percent equity stake in the struggling bank, greatly increasing the risks to taxpayers as voter unhappiness about the broader bailout program rises.

66. Citigroup's Top 3 Executives Decline Bonuses -

NEW YORK (AP) - Citigroup's top three executives have passed up bonuses, as the banking giant works to return to profitability after five straight quarters of losses.

Chief Executive Vikram Pandit, Chairman Win Bischoff and Chief Financial Officer Gary Crittenden have declined incentive and retention awards that were offered to members of the bank's executive committee, Citigroup said in a filing Wednesday with the Securities and Exchange Commission.

67. Death Knell for Citigroup's 'Supermarket' Model -

NEW YORK (AP) - The original financial supermarket is dead.

Citigroup signaled the end of a decade-long experiment to create one-stop shopping for financial services – everything from consumer loans to investment banking – with Tuesday's announcement that it was putting its Smith Barney brokerage into a joint venture with Morgan Stanley.

68. Citigroup, Morgan Stanley Merge Brokerages -

NEW YORK (AP) - Citigroup Inc. and Morgan Stanley agreed Tuesday to combine their brokerages in a deal that shows how much Citigroup wants to slim down and build up cash.

69. Gov’t Plans Massive Citigroup Rescue -

WASHINGTON (AP) – Rushing to rescue Citigroup, the U.S. government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken bank and to plow a fresh $20 billion into the company.

70. Bush Says Citigroup Deal Needed to Protect System -

WASHINGTON (AP) - President Bush argued Monday that the government's dramatic rescue of Citigroup was necessary to "safeguard the financial system" and help the economy recover, and he said there could be more such moves if other institutions need help.

71. Citigroup Acquiring Remaining SIV Assets -

NEW YORK (AP) - Citigroup Inc. said Wednesday it is acquiring the remaining $17.4 billion in assets held by structured investment vehicles it already supports, as the bank moves to unwind the troubled funds.

72. Citigroup to Shed Another 53,000 Jobs -

NEW YORK (AP) - Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.

73. CIT Group Applies to Become Bank Holding Company -

NEW YORK (AP) – CIT Group is applying to the Federal Reserve to become a bank holding company.

CIT, a commercial finance company, is also applying to receive funds as part of the government's $700 billion bank rescue program, contingent upon being granted bank holding company status by the Fed.

74. Wachovia, Wells Fargo Sued by Citigroup for $60B -

Citigroup has filed a complaint in New York Supreme Court against Wachovia, Wells Fargo and the directors of both companies seeking more than $60 billion in damages for interfering with the bank’s planned takeover of Wachovia’s banking operations.

75. Citigroup to Acquire Wachovia Banking Operations -

In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.

Citigroup will absorb up to $42 billion of losses from Wachovia’s $312 billion loan portfolio, with the FDIC covering any remaining losses, the government agency reported Monday. Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC.

76. Citigroup Returning Billions to Investors -

WASHINGTON (AP) - Citigroup Inc. will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.

77. CIT Group Exits Home Lending Businesses -

NEW YORK (AP) - CIT Group Inc. will sell its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt, in a move to exit the troubled mortgage arena and focus on its commercial finance operations, CIT reported Tuesday.

78. Report: Citigroup to Slash Investment-Banking Jobs -

NEW YORK (AP) – Citigroup is preparing to fire thousands from its worldwide investment-banking division, The Wall Street Journal has reported.

The Journal, citing people familiar with the matter, said the layoffs are part of a plan to cut about 10 percent of the staff of the 65,000-member investment-banking group.

79. Concerned Citizens GroupPursues County Amendment -      "Some of our politicians want to take away your right to vote on some key government offices - your sheriff, tax assessor, trustee, register of deeds and Shelby County clerk," blares the Web site of a local group of acti

80. Citigroup Suffers 57 Percent Profit Drop in Third Quarter -

NEW YORK (AP) - Citigroup Inc. said Monday its third-quarter profit dropped 57 percent after the biggest U.S. bank took a hit of more than $3 billion in mortgage-backed security losses, leveraged debt write-downs, and fixed-income trading losses.

81. IP CFO Marianne Parrs To Retire at Year-End -      Memphis-based International Paper announced Thursday that Marianne Parrs, its executive vice president and chief financial officer, intends to retire at the end of 2007. Parrs, 62, joined IP in 1974.

82. Stock Repurchase IncreasesFor Hastings Entertainment -      Amarillo, Texas-based retailer Hastings Entertainment Inc. announced Monday an amendment to an agreement with Fleet Retail Group LLC and CIT Group/Business Credit Inc. relating to credit facility and the purchase of stoc

83. Archived Article -

1441 E. Brooks Road
Memphis, TN 38116
Cost: $1.5 million

Borrower: BSK Group Inc.

Lender: CIT Lending Services Corp.

84. Airport Inn Sellsfor $2.7 Million - BSK Group Inc. has purchased Airport Inn at 1441 E. Brooks Road from NUR LP for $2.7 million. Built in 1968, the 283-room hotel has lease agreements with Blockers Restaurant & Lounge and Khalipha African Hair Braiding. BSK financed the purchase throu