-
Source:
http://www.nypost.com/seven/11252008/postopinion/editorials/bounce_these_bozo_bankers_140652.htm
Insider
Selling by Robert Rubin at CitiGroup
22-Jan-08 |
RUBIN ROBERT E
Officer |
9,010 |
Direct |
Disposition (Non Open Market) at $24.20 per share. |
$218,042 |
22-Jan-07 |
RUBIN ROBERT E
Officer |
77,500 |
Direct |
Sale at $55.05 - $55.05 per share. |
$4,266,0002
|
19-Jun-06 |
RUBIN ROBERT E
Officer |
196,624 |
Direct |
Disposition (Non Open Market) at $48.36 - $48.36 per
share. |
$9,509,0002 |
|
|
|
|
|
|
--------------------------------
Total 274,124
shares sold
Rubin was not the only insider selling large
numbers of
shares of
Citgroup in 2007, more than a year before the stock
fell under
$4 and had to be rescued by a second $20 billion
taxpayer
bailiout.
MASSIVE INSIDER SELLING AT CITIGROUP
19-Jan-07 |
RHODES WILLIAM R
Officer |
56,000 |
Direct |
Disposition (Non Open Market) at $0 per share. |
N/A
|
22-Jan-07 |
KADEN LEWIS B
Officer |
11,200 |
Direct |
Disposition (Non Open Market) at $54.55 per share. |
$610,960 |
22-Jan-07 |
BISCHOFF WINFRIED F W
SIR
Officer |
17,708 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$966,0002 |
22-Jan-07 |
VOLK STEPHEN R
Officer |
16,348 |
Direct |
Disposition (Non Open Market) at $54.55 per share. |
$891,783 |
Jan-07 |
MEDINA-MORA MANUEL
Officer |
10,523 |
Direct |
Disposition (Non Open Market) at $54.55 per share. |
$574,029 |
22-Jan-07 |
FREIBERG STEVEN J
Officer |
21,162 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$1,154,0002 |
22-Jan-07 |
BANGA AJAY
Officer |
18,374 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$1,002,0002 |
22-Jan-07 |
GERSPACH JOHN C
Officer |
4,535 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$247,0002 |
22-Jan-07 |
KRAWCHECK SALLIE
Officer |
50,339 |
Direct |
Disposition (Non Open Market) at $54.55 per share. |
$2,745,992 |
22-Jan-07 |
HELFER MICHAEL S
Officer |
19,590 |
Direct |
Disposition (Non Open Market) at $54.55 per share. |
$1,068,634 |
22-Jan-07 |
BUSHNELL DAVID C
Officer |
25,293 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$1,380,0002 |
22-Jan-07 |
PRINCE CHARLES
Officer |
81,088 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$4,423,0002 |
22-Jan-07 |
RUBIN ROBERT E
Officer |
77,500 |
Direct |
Sale at $55.05 per share. |
$4,266,375 |
22-Jan-07 |
DRUSKIN ROBERT
Officer |
43,640 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$2,381,0002 |
22-Jan-07 |
RHODES WILLIAM R
Officer |
24,712 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$1,348,0002 |
22-Jan-07 |
BISCHOFF WINFRIED F W
SIR
Officer |
17,708 |
Direct |
Disposition (Non Open Market) at $54.55 - $54.55 per
share. |
$966,0002 |
22-Jan-07 |
VOLK STEPHEN R
Officer |
16,348 |
Direct |
Disposition (Non Open Market) at $54.55 per share. |
$891,783 |
22-Jan-07 |
KADEN LEWIS B
Officer |
11,200 |
Direct |
Disposition (Non Open Market) at $54.55 per share. |
$610,960 |
17-Apr-07 |
PRINCE CHARLES
Officer |
13,419 |
Direct |
Disposition (Non Open Market) at $52.93 - $52.93 per
share. |
$710,0002 |
17-Apr-07 |
GERSPACH JOHN C
Officer |
19,128 |
Direct |
Disposition (Non Open Market) at $52.93 - $52.93 per
share. |
$1,012,000 |
18-Apr-07 |
DRUSKIN ROBERT
Officer |
10,000 |
Direct |
Sale at $53.07 - $53.07 per share. |
$531,0002 |
17-May-07 |
PRINCE CHARLES
Officer |
13,395 |
Direct |
Disposition (Non Open Market) at $54.91 - $54.91 per
share. |
$736,0002 |
16-May-07 |
RHODES WILLIAM R
Officer |
20,000 |
Direct |
Disposition (Non Open Market) at $0 per share. |
N/A |
25-May-07 |
BANGA AJAY
Officer |
26,079 |
Direct |
Disposition (Non Open Market) at $54.93 per share. |
$1,432,519 |
3-Jul-07 |
DRUSKIN ROBERT
Officer |
23,885 |
Direct |
Disposition (Non Open Market) at $52.84 - $52.84 per
share. |
$1,262,0002 |
20-Jul-07 |
FREIBERG STEVEN J
Officer |
11,591 |
Direct |
Disposition (Non Open Market) at $51.13 per share. |
$592,647 |
7 |
MAHERAS THOMAS G
Officer |
23,964 |
Direct |
Disposition (Non Open Market) at $52.84 - $52.84 per
share. |
$1,266,000 |
13-Jul-07 |
RHODES WILLIAM R
Officer |
47,928 |
Direct |
Disposition (Non Open Market) at $52.84 per share. |
$2,532, |
13-Jul-07 |
PRINCE CHARLES
Officer |
38,342 |
Direct |
Disposition (Non Open Market) at $52.84 - $52.84 per
share. |
$2,026,00 |
17-Jul-07 |
KLEIN MICHAEL STUART
Officer |
19,282 |
Direct |
Disposition (Non Open Market) at $52.19 per share. |
$1,006,327 |
23-Jul-07 |
BUSHNELL DAVID C
Officer |
11,809 |
Direct |
Disposition (Non Open Market) at $50.73 - $50.73 per
share. |
$599,0002 |
(Source - http://finance.yahoo.com/q/it?s=c )
TigerSoft Unique Measures of Internal
Strength
on its
2007-2008 Charts of Citygroup Were Shouting "SELL".
TigerSoft's unique tools made it very clear to anyone looking at a
Citigroup
chart in 2007 that insiders were dumping the stock. And when
insiders do this, big troubles follow. The clear message is always the same
when
our Accumulation Index, Closing Power, ITRS and Day Traders'
Tool
indicators look as bearish as they did from early 2007 to the present,
in
2008. The mesage is that bankruptcy looms as a real possibility.
If you are using TigerSoft, this is what you have to watch for to
find a
stock that could go to zero, either to avoid to sell short. We note in
blue the readings that are only available to TigerSoft.
The bearish signs
to
look for are:
1) TigerSoft's unique Accumulation
Index turns from positive (blue) to negative
(red) and
stays there for months at a time, often going below -.25.
2) TigerSoft's
unique Closing Power indicator
goes into a steady decline
for six
months and makes a new low ahead of price making a new low.
3) TigerSoft's
unique ITRS (Relative Strength) indicator goes below 0
and stays there
for six months.
4. TigerSoft's unique Day Traders' Tool goes into a steady decline
for six
months and makes a new low ahead of price making a new low.
See 165 Page Book
"Killer Short
Sale Techniques in Any Stock Market Environment"
When the TigerSoft indicators become this bearish, you will also see
classic head
and shoulders tops and a very weak On-Balance-Volume Line,
where its
rate of descent is much more rapid than the early price decline.
This is
because the stock is often being held up articially.
These are the signs of insider distribution and hasty insider dumping. Word
of
their selling has gotten out and a growing number of institutions are selling
their
huge positons. TigerSoft's key indicator, the Accumulation Index,
was
invented by me, William Schmidt in 1981. Over the years, attempts have
been
made to copy it and pass it off as someone else's by intellectual property
thieves. Mark this. Checking this. They deserve
notoriety, not celebrity status.
But
there they are pontificating on television. The Accumulation Index was
invented it to let me rank and compare a key and powerfully predictive element
of a stock's
behavior. This is a powerful tool. When the Accumulation Index
turns very
positive (blue), it let's us see when insiders are buying a stock in a
way that predicts
a big advance. And as you can see below, steady and deeply
red readings
from this indicator tell us the stock is being distributed by insiders
to less well informed investors.
Massive Insider Selling at Citigroup - 2007-2008
---------------
CitiGroup's Chart Turned Very Bearish Early in 2007 -----------
C - 2006-2007
TigerSoft's Closing Power
TigerSoft's Day Traders' Tool
====================================================================
---------------
CitiGroup Showed Massive insider
selling in 2007 -----------
Shareholders should be "mad as hell."
--------------- CitiGroup Showed Massive Insider Selling
in 2008 -----------
Note bearish down-trending Day Traders' Tool
Heavy Red Down-Day Volume is bearish.
The Famous
Insider behind The Bearish TigerSoft Charts
Robert Rubin, The Bubble and The Crash of 2007-2008
Robert Rubin - The Architect and Main Advocate
for Using More Leverage at Citigroup
Citigroup insiders and analysts say that its
former CEO until 2007 and Rubin played
pivotal by drafting and implementing a "strategy that involved taking greater trading
risks
to expand its business and reap higher profits." In fact, it was Rubin who
explained the
benefits of being more aggressive to the new CEO, Charles Prince, in 2002 and how
best to do so. ""Chuck was totally new to the job.
He didn't know a C.D.O. from a grocery
list, so he looked for someone for advice and support. That person was Rubin. And
Rubin
had always been an advocate of being more aggressive in the capital markets arena. He
would say, 'You have to take more risk if you want to earn more.' " (Source. )
Besides, Bush ("Bankruptcy - Mission
Accomplished")
and Paulson -
Pimp for His Wall Street Cronies,
Shown above Are The People Who Caused the 2007-2008 Collapse:
Democrat Rubin and Republicans Greenspan, COX (SEC) and Phil Graham
Clinton's Ex-Treasury Secretary, Robert Rubin, is now dancing
quickly away from
controversial Citigroup. But the fact remains that "(h)e
has collected more than $150
million in cash and stock over eight years to serve as the banks elder statesman,
meeting
with important clients and building relationships with government and business leaders
around the world, though his contract states that he is to have no daily operational
responsibilities." (Source.)
RUBIN KNEW THE RISKS AND TRAGEDY HE WAS CREATING.
The proof is that he himself sold out at the top.
Insider
Selling by Robert Rubin at CitiGroup
As much as anyone in Citigroup, Rubin advocated using more leverage to make
more loans to make more money. A year ago I noted that he must have known dire
trouble
was going to engulf CitiGroup as a result of its use of levevage and its lack of controls
on the quality of their loans. So, Rubin sold more than 600,000 shares when the
stock was
between 33 and 55 and he turned down the CEO job. He
denies this. He claimed that
"Few if anyone" anticipated the financial meltdown. Not remotely
true. See NYU Professor
Nouriel
Rubini's dire warnings to International Monetary Fund in late 2006 and ever since.
NY POST ARTICLE
NY POST ARTICLE and Robert Rubin
"Rubin, the Clinton administration treasury secretary who successfully
engineered the bank deregulation that made so much of the current mess possible, was
appointed to the Citi board in 1999.
Then, it seems, things began to happen.
That is, Rubin apparently undertook to test the limits of his new banking rules.
In a 4,076-word autopsy of Citigroup's "rush to risk," The New York Times on
Sunday labeled Rubin "an architect of the bank's strategy."
It describes him as having "pushed to bulk up the bank's high-growth fixed-income
trading," including risky debt instruments.
Risky is hardly the word for it - though in mid-2007, according to the newspaper, Citi
brass claimed that the likelihood of subprime mortgages actually defaulting "was so
tiny that they [were] excluded from their risk analysis."
And this was after Bear Stearns imploded, telegraphing the full scope of the
crisis.
Citi's CEO at the time, Charles Prince, never questioned the preposterously rosy
assessment.
Nor did then-board Chairman Winifred Bischoff, who was paid $6.1 million and got a
low-interest loan of $343,390 in 2007.
What were they thinking?
Did the prospect of ballooning profits totally blind them all to the risk?
Rubin left the board in August 2007, having stuffed his pockets with $107 million from
Citi since '99.
The following November, Prince was fired - walking off with company stock then worth
$68 million, according to the Times, and a bonus for 2007 of $12.5 million.
In the end, federal regulators had no choice but to structure yet another
corporate bailout - this time to rescue a bank with $2 trillion in assets, more
than 300,000 employees and operations in more than 100 countries.
Just letting it collapse would wreak global financial havoc.
But to rescue it without calling out those who engineered the disaster would be an
affront to justice.
There should be no mistake about where the responsibility resides.
That would be with the Citigroup board of directors - and Robert Rubin in particular.
( http://www.nypost.com/seven/11252008/postopinion/editorials/bounce_these_bozo_bankers_140652.htm
)
|
THESE BANKERS KNEW THAT THEY WERE COMMITING FRAUD
All these bankers knew they were making poor quality loans. They knew it. They
did it anyway, because someone else, they calculated would own the bundled mortgages
they way selling as AAA quality to investors around the world. "There's really no profit in
remaining ethical. Perhaps we should teach our children to incorporate, then rip off every
single sucker they can and retire at 40. Join a a gang and commit crimes under mob rule -
that's the ticket to success in the good old U.S. of A. it seems to me. I don't think any of
them are even the least bit ashamed. " (Source.)
"Whistle blowers (people who complained
that 'this ain't right') were fired, excluded, demoted, transferred away from Realty
Agencies,
Mortgage Brokers, Banks and Appraisers offices across the country - The reason I call them
whistle blowers because it's become apparent that the people calling foul in the mortgage
lending industry were correct, while they were punished by their peers both financially
and
emotionally for pointing out the moral hazards of their occupation."
( Source.
) "Honest
appraisers and loan officers were penalized, blacklisted, not payed and fired.
"Recently while
talking to a senior underwriter for a major Wall Street bank, she shared with me that she
had witnessed the sinister inner workings of the lending industry first hand. The
underwriters
job is to provide an unbiased assessment of the risk level of a particular loan."
(
Source. )
Robert Rubin's Role in Making The National Housing Bubble
As Treasury Secretary for Clinton, Robert Rubin lobbied hard to get the President to
allow banks to get into the securities' business, thereby giving them new reason to make
unsafe loans and exaggerate their safety as they package them to others to invest in.
(See TigerSoft Blog and
News Service - 9/21/2008 - Monopoly Finance)
WHY DOES RUBIN STILL HAVE A JOB AT CITIGROUP?
Citigroup's risk models never accounted for the possibility of a national housing
downturn, this person said, and the prospect that millions of homeowners could default on
their mortgages. Such a downturn did come, of course, with disastrous consequences for
Citigroup and its rivals on Wall Street.
They never factored that housing prices would drop? Really?
[W]hile Mr. Rubin certainly did not have direct responsibility for a Citigroup unit, he
was an architect of the bank's strategy.
In 2005, as Citigroup began its effort to expand from within, Mr. Rubin peppered his
colleagues with questions as they formulated the plan. According to current and former
colleagues, he believed that Citigroup was falling behind rivals like Morgan Stanley and Goldman, and he
pushed to bulk up the bank's high-growth fixed-income trading, including the C.D.O.
business.
Former colleagues said Mr. Rubin also encouraged Mr. Prince to broaden the bank's
appetite for risk, provided that it also upgraded oversight -- though the Federal Reserve
later would conclude that the bank's oversight remained inadequate.
Once the strategy was outlined, Mr. Rubin helped Mr. Prince gain the board's confidence
that it would work.
After that, the bank moved even more aggressively into C.D.O.'s. It added to its
trading operations and snagged crucial people from competitors.
No wonder Wall Street media is standing there with pitchforks and torches calling for
Rubin's head this morning. A WSJ op-ed wonders
"Why are Robert Rubin and other directors still employed?" New York
Post says "Citi of Fools: Negligent bank board must quit."
Yes, it's incredible that nobody required Rubin and the board to resign as a condition
of the Citibank bailout. But I tend to look at these final days as the BushCo crooks
holding their final heist, taking advantage of the fact that something must be done
immediately to keep the economy from hurling into a ditch. They have the ability to
impede anything from happening, and they're holding us all hostage and demanding the right
to steal as the price of their acquiescence. What's Obama supposed to do? If
he calls bullshit, the fragile markets could tumble. He's in a position where he
really has to just do what he can.
What I'm more concerned about is the key place Rubin still occupies in Team Obama:
Geithner, Summers and Orszag have all been followers of the economic formula that came
to be called Rubinomics: balanced budgets, free trade and financial deregulation.
There are many who are arguing that ideology is not important, and that Obama is
prizing competence over philosophical perspective. Glenn
Greenwald does a nice job of arguing that competence is largely a function of ideology
-- and from a pragmatic perspective, progressives (who are almost entirely left out of
Obama's key administration appointments) got a lot of things right.
Source: http://www.huffingtonpost.com/jane-hamsher/is-robert-rubin-competent_b_146372.html
|
Compare Citigroups' Charts with Other Stocks
That
Went or Are Appraching Bankruptcy.
General Motors
BEAR STEARNS
FANNIE MAE
FREDDIE MAC
LEHMAN BROTHERS
WASHINGTON MUTUAL
TRUMP
Northern Rock
|