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Argentine regulators inspect Citibank, following dispute over accord with hedge funds

Tuesday, April 7th 2015 - 05:55 UTC
Full article 12 comments

Argentina’s central bank sent regulators to inspect Citibank's headquarters in Buenos Aires on Monday after the head of the branch was suspended amid a legal battle over Argentina's debt. Regulators are working to verify whether the bank was able to maintain normal operations following CEO Gabriel Ribisich's suspension last week, the government news agency Telam said. Read full article


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  • Skip

    And for their next trick, the Argentinean government will shoot itself in the OTHER foot!

    Apr 07th, 2015 - 07:01 am - Link - Report abuse 0
  • chronic

    Citibank reaps what it has sown.

    Apr 07th, 2015 - 12:36 pm - Link - Report abuse 0
  • Mick23

    Of course the bank is operating normally... Why wouldn't it ... The only thing not operating normally (at least in the real world) is the Argentine government...

    “The regulators' task will be to monitor operations, not take over management of the bank, he said.”

    The above statement reads as though the Peon'ists are spiralling back to the ways of the past. Monitors to moitor Monitors... The STASI lives on in Argentina.... though probably not as well operated ... Too much Mate' being consumed for efficiency

    Apr 07th, 2015 - 12:55 pm - Link - Report abuse 0
  • yankeeboy

    Citi should just pull out and board up all the retail locations.
    Citi has lost u$Billions waiting for a new Prez.
    Its time the wind everything down and pull out.

    Apr 07th, 2015 - 01:58 pm - Link - Report abuse 0
  • Enrique Massot

    Banks are not above their host countries' law and Citi is just beginning to discover it.

    Apr 07th, 2015 - 01:59 pm - Link - Report abuse 0
  • Conqueror

    In recent reports, the Nazis forced Greece to provide a €279 billion zero interest loan to cover the cost of the occupation of Greece. And now argieland reveals its nazi antecedents.

    Apr 07th, 2015 - 02:25 pm - Link - Report abuse 0
  • yankeeboy

    5. Is Argentina above the law? Who is or who isn't in your book? Who Decides?

    You're an idiot Reekie simply an idiot.

    Apr 07th, 2015 - 07:29 pm - Link - Report abuse 0
  • Pugol-H

    @5 Enrique Massot
    Citibank maintains it has broken no Argentinian law.

    Have any specific charges been brought? You are better placed to know that than me?

    Then there is the question of trying to use “host countries law” to force a NY based financial intuition to break NY law, for a second time after Melons.

    Doesn’t seem to be working very well.

    All this is doing is damaging Argentina’s commercial links with the rest of the world and Argentina’s financial sectors ability to function in the world markets.

    Result: Damage to Argentina, Singer pissing himself laughing (at no cost to himself, he isn’t even paying the legal bill this time).

    Own goal.

    Apr 07th, 2015 - 11:06 pm - Link - Report abuse 0
  • yankeeboy

    The Rgs investigated Citi and found no wrongdoing.

    Just a bunch of half brained Thugs that do the bidding of the little one.

    Apr 07th, 2015 - 11:34 pm - Link - Report abuse 0
  • ilsen

    All this kerfuffle just sends potential foreign investors to safer climes.

    Very few will want to put money into Argntina now for fear of getting involved in future such potential embroligos..

    Argentina won't srvive without FDI.
    Argentina is signining its own Death Warrant.

    Apr 08th, 2015 - 03:49 am - Link - Report abuse 0
  • chronic

    Citi has been operating in a corrupt country, under a flawed legal system administered by a series of progressively more soulless regimes. That Citi should prosper in this scenario is antithetical to any Judeo-Christian concept of morality. Citi isn't a victim or pawn but a willing, ongoing, motivated participant in this fraud of a state/culture. The bank and the country deserve each other. The bank has long since failed to act in the public interest - that of the US or any other nation. Citi should be divided and distributed or alternately exit the US federal deposit insurance system. US regulations have the authority, the mechanisms and the mandate to maintain the integrity of the banking system.

    Apr 08th, 2015 - 01:24 pm - Link - Report abuse 0
  • Terence Hill

    Hmmm what a terrible position to put Citibank in a completely innocent third party. They could sue but then Argentina would refuse to comply. Since the issue was originally adjudicated in a jurisdiction that Argentina had agreed too. This may involve two legal issues 1. Want of jurisdiction i.e. res judicata. 2. Prohibition against Ex Post Facto Laws. As in the following: Article 9 – Freedom from Ex Post Facto Laws:
    [I/A Court H.R., Case of Mohamed v. Argentina. Preliminary Objection, Merits, Reparations, and Costs. Judgment of November 23, 2012. Serie C No. 255]
    Moreover, Argentina in imposing on Citibank may be in violation of its own Civil Code to wit: Sovereign will principle: The terms specified in contracts should be respected as if they were law, insofar as the exercise of a right would not constitute an illicit act.
    Law No. 17,711 was sanctioned on April 22, 1968,Among the most important changes, this reform included the theory of abuse of rights, the lesion vice, the good faith principle as the rule for interpretation in contracts, the theory of unforeseenness, ... the automatic delay as a rule in obligations with deadlines, the implicit resolutory condition in contracts, ...the protection of third parties with good faith ...

    Apr 08th, 2015 - 10:08 pm - Link - Report abuse 0

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