https://news.bloomberglaw.com/banking-law/investors-face-heat-on-citigroups-knowledge-of-mexican-fraud
5 replies (most recent on top)
Never should have bought Banamax, polish Bank Hanlowy, nor the Korea bank after 911 so we could be the "one stop global bank". I remember some laptops and and confidential paper fell off the back of a farm truck in Poland. Also, when Banamex got an MRA from the regulators, the due date was always 3 years out. Impossibel to track as everyone in Mexico has 5 last names and they are all the same!!!
Mexico is enfuego!
Citi continues to allow Banamex resources to lead processes related to OCC consent order. These resources are in Mexico, work from Banamex, and are Mexican nationals who are making decisions that have yielded zero results, but Citi continues to allow this relationship to continue in spite of the repercussions. This will undoubtedly add to Citi’s demise down the road giving them an excuse to point the finger at someone else for yet another blunder. It’s an ongoing scenario for Citi but without a doubt a calculated move.
for others who might not have heard about this or relatives new to CITI... this was a. massive fraud and complete break down of our controls... IN 2016. so there appears to be some ongoing litigation. but this isn't new.
but its obviously one of the reasons we are under so much s**T with regulators over the past 10 years
I’m surprised…Yyyyyyyyyyyyy