MercoPress. South Atlantic News Agency
Argentine regulators inspect Citibank, following dispute over accord with hedge funds
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
Comments
Disclaimer & comment rulesAnd for their next trick, the Argentinean government will shoot itself in the OTHER foot!
Apr 07th, 2015 - 07:01 am - Link - Report abuse 0Citibank reaps what it has sown.
Apr 07th, 2015 - 12:36 pm - Link - Report abuse 0Of 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...
Apr 07th, 2015 - 12:55 pm - Link - Report abuse 0“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
Citi should just pull out and board up all the retail locations.
Apr 07th, 2015 - 01:58 pm - Link - Report abuse 0Citi has lost u$Billions waiting for a new Prez.
Its time the wind everything down and pull out.
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 0In 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 05. Is Argentina above the law? Who is or who isn't in your book? Who Decides?
Apr 07th, 2015 - 07:29 pm - Link - Report abuse 0You're an idiot Reekie simply an idiot.
@5 Enrique Massot
Apr 07th, 2015 - 11:06 pm - Link - Report abuse 0Citibank 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.
The Rgs investigated Citi and found no wrongdoing.
Apr 07th, 2015 - 11:34 pm - Link - Report abuse 0Just a bunch of half brained Thugs that do the bidding of the little one.
All this kerfuffle just sends potential foreign investors to safer climes.
Apr 08th, 2015 - 03:49 am - Link - Report abuse 0Very 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.
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 0Hmmm 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. http://en.wikipedia.org/wiki/Res_judicata 2. Prohibition against Ex Post Facto Laws. As in the following: Article 9 – Freedom from Ex Post Facto Laws:
Apr 08th, 2015 - 10:08 pm - Link - Report abuse 0[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]
http://en.wikipedia.org/wiki/Res_judicata
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 ...
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