Monday, October 12, 2009

Citi sells Phibro

Thus ends the saga of Mr. Hall, at least as far as Citi is concerned. On Oct. 9th the bank sold its Phibro commodities-trading unit to energy and chemical giant Occidental Petroleum. Phibro made money during all of Citi's crisis moments, but the 100 million dollar man was a little too much for Uncle Vik to manage given the current business climate and the spotlight on executive pay at companies which have received TARP funds.

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