Cititgroup pumps 800 million into S. Korea unit.

[sarcasmo]

Source: Reuters

Some of us have been curious as to where the bailout money was going. Looks like a bunch of it is in S. Korea.
snip< Citigroup Inc (C.N) is injecting $800 million of new capital into its South Korean banking arm, Citibank Korea said on Monday, joining other banks in efforts to shore up their financial bases

snip< Sixty percent of the injection will be used to issue new shares while the remaining 40 percent will be for subordinated debt, both to be acquired by the New York-based banking giant, Citi said.



http://www.reuters.com/article/innovationNews/idUSTRE4BS2ZC20081229

Read more: http://www.reuters.com/article/innovationNews/idUSTRE4BS2ZC20081229

[Demeter]

1. How Very Odd--Thanks for the Post

[sarcasmo]

4. I have been trying to find where the money has gone, most of it's offshore.

[Thrill]

2. Unreal

Fuck That piece of shit Paulson.

[nc4bo]

3. $%&**!@! - Seriously screwn does not even begin to describe this bailout situation. nt

[sarcasmo]

5. If you want to be more upset this was posted back on December 1st.

I don't recall the total citigroup received in the bailout.

http://www.huffingtonpost.com/2008/12/01/citigroup-making-10b-cons_n_147313.html

[lonestarnot]

6. 25 bil wasn't it?

[sarcasmo]

8. A joy knowing most of it will be spent in other countries.

[nc4bo]

11. These shitty corps don't even bother try hiding anything. They know they can get away with

murder and no one will do a thing about it. Makes me want to stop paying taxes since I (and millions of other taxpayers) are nothing short of enablers.

It's disgusting.

[sarcasmo]

13. No oversight gives them free spending.

[nc4bo]

14. Whatever happened to that Oversight Committee? Remember that one? nt

[Shardik]

7. A less snipped first four paragraphs:

SEOUL (Reuters) - Citigroup Inc (C.N) is injecting $800 million of new capital into its South Korean banking arm, Citibank Korea said on Monday, joining other banks in efforts to shore up their financial bases.

Sixty percent of the injection will be used to issue new shares while the remaining 40 percent will be for subordinated debt, both to be acquired by the New York-based banking giant, Citi said.

"The first 60 percent has already been provided and converted into Korean won," said Lee Yong-shik, a spokesman for Citibank Korea. "The remaining 40 percent will be received over the next few days, before the end of the year."

Banks across the region have been rushing to raise new capital as the deepening economic slump is expected to snowball bad loans and cut into profits.

<SNIP>

http://www.reuters.com/article/innovationNews/idUSTRE4BS2ZC20081229

[lonestarnot]

9. Dirty motherfuckers!

[superconnected]

10. Quick someone bail them out .. I mean help them - give them billions ...

[OhioChick]

12. Wipro says buying Citigroup unit will boost IT infrastructure outsourcing in India

Wipro says buying Citigroup unit will boost IT infrastructure outsourcing in India

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x411735

[Fire1]

15. Oh, so, this why they're not lending.