citigroup also told us that it did not retaliate against bowen for sending the email.long after he sent it, bowen's duties were radically changed. >> bowen: i was relieved of most of my responsibility, and i no longer was physically with the organization. >> kroft: you were told not to come into the office? >> bowen: yes. >> mr. bowen... >> bowen: i am very grateful to the commission to be able to give my testimony today. >> kroft: the financial crisis inquiry commission thought enough of bowen's story to call him as one of its first witnesses, and he turned over more than a thousand pages of documents to the securities and exchange commission. nothing ever came of it. but bowen wasn't the only one to warn citigroup's top officials about its financial weaknesses and breakdowns in the company's internal controls. three months after bowen's mail, citigroup's new c.e.o., vikrim pandit, received a blistering letter from the office of the comptroller of the currency, its chief regulator. it questioned the valuations that citi had placed on its mortgage securities and found

now folks who had citigroup in a taxable account, it's a different story. the basis of their new shares is affected by the reverse split and if they receive what is called cash in lew of a fractional share, they will have to report that on their 2011 tax return. but jean doesn't have to worry. >> susie: a lot of twists and turns, she better check with her accountant still despite your good advice. moving along to another subject. here's a question, wants to know about how to deduct losses on an investment in a failed start-up business. >> well, it's the same way you invest a loss in any basis, a legitimate business that went bad probably has a worthless stock deduction. the key su need to be able to point to something that happened in 2011, maybe a bankruptcy, that made the shares worthless. if he can do that, he can treat it on his tax return as though he sold the shares on december 31 for 0 dollars and invest his entire investment as a capital loss. if some sort of scam was involved he might have a theft-loss deduction instead. >> either one will ease the

and severance expenses will cost citigroup $400 million. are also slashing jobs. >>> here is a story for all of you watching who work the night shift. rotating shift workers may have more health risks, related to their schedules than previously thought. harvard researchers say women who work nights and have rotating schedules may be prone to type two diabetes and obesity. researchers looked at medical histories of nurse dating back to 60s and -- to 1996 and found the longer they work shifts, the bigger the risk. >> not good news for you or me. >> i know. >>> well, a powerful storm that blasted the southwest is zeroing in on the east. starting to day it is creating a big mess from tennessee to the northeast. with a heavy dose of snow and pouring rain on top of that. abc meteorologist ginger zee is tracking the storm. >> reporter: the blast of winter is making a slow march across the country. in the nation's southwest, swirling snow shut down the interstates. schools were closed. outside phoenix, snow dusted mountain tops. in missouri, icy ro

meanwhile, citigroup is announcing major layoffs. they are looking to cut 4500 positions over the next few months. they will also take a $400 million charge in the fourth quarter to cover the severance and other costs related to the downsizing. currently, citigroup employs more than 262000 people worldwide. a warning for verizon customers -- the company says they are concerned about scams targeting your e-mail account. the message tells you your current account balance and that the account is available online. it is not an official message from verizon wireless carrier it is a bogus site used to steal information -- wireless. it is a bogus site used to steal information. if you have received this type of e-mail, you should immediately delete it, or report it to the company. verizon wireless is the top ranked wireless carrier according to a consumer reports survey of more than 66,000 subscribers. sprint came in second, followed by t-mobile, and at&t came in the west. -- came in last. >> now, your insta-weather-plus forecast with meteo

and citigroup just announced some major layoffs. why can't europe just get it together, lauren?they're close, steve. the markets are certainly thinking that they are. another unconfirmed report yesterday that europe is considering a second bailout fund, essentially doubling the size of the first bailout fund. that is great news. we'll see if it is true at that eu summit later this week. we have all the rating agencies, specifically standard i'm pour's coming down saying get this in order. unless you do so, we're going to downgrade you. the warning are out there. this is the big bazooka on the form of the second bailout. after a 52-point gain for the dow yesterday, it is up another 60 points in the premark jete fingers crossed they can get it worked out. >>> now, big are problems when it comes to citigroup. >> yes, citigroup says it is going to cut 4500 jobs over the next few quarters and the next few months and take a $400 million charge to do so. so far this year in the overall financial services industry, more than 200,000 workers have been laid off and since 2007, citigroup h

his investment is also a major shareholder in citigroup and has made a large investment in ap small morehan 100 people were treat pod a -- >>> apple. >>> more than 100 people were treated to a shopping tree. they were selected by the glide family services program based on the needs of the family. old navy employees served as personal shoppers helping the kids pick out new winter clothes. >>> tonight at pho, we're keeping -- 5:00, we're keeping a close eye on the tax payer vote. >>> thank you for trusting ktvu channel 2 news. we'll see you the next time news breaks. thanks for watching. ♪ [ female announcer ] this time of year you have a lot of festive meals. and safeway helps make every holiday meal a special occasion. so you can make all of your gatherings, just as merry as can be. get a boneless beef loin ny strip roast for just $4.99 a pound. pair it with a nicely priced malbec. we have thousands of wines. and we'll help you find the right one. safeway. ingredients for life.

just citigroup. with 200 billion left in the t.a.r.p. fund, i want a plan, tim, i want a plan of how to do it. a month passes. they're in the oval office, i have meeting after meeting in the book, every person cooperated with this book. there is not a person in the room that is not in here cooperating. everyone affirms all these stories. make no mistake. anything the white house is throwing out, we in washington call nondenial denial. remember that from all the president's men? is that a -- no, it's a nondenial denial. i don't remember that. i was on venus that day, you know? [laughter] i was temporarily insane, yes, that's what i was. it's hearsay. what's that mean? i don't know. in this meeting a month later, the president says what about that citigroup winddown plan, that resolution plan? that's a key arrow in our quiver. now summers looks at romer back and forth nervously at one another, they've been watching over the last couple weeks, nothing's happening at treasury. and finally christy romer says, mr. president, actually there isn

citigroup is the third larger and employees about 267,000 people. financial firms worldwide have cut more than 200,000 jobs this year, up from about 58,000 last year. >>> on wall street the markets finished mix, the dow industrial gained 52 points in part on word of -- by european leaders and close the 5 points leader. >> san francisco leader plans to meet with the 49ers ownership on thursday in a last ditch hail mary attempt to keep the team from moving south. the odds of that happening are slimmer than ever. today the owners announced she reached a long-term deal with the team on stadium construction and parking issues. they plan to build the new stadium next to the amusement park. the company also announced it is keeping the park after deal to sale it fell through. >>> it has been almost a week but there's a lot to clean up and now there are some new challenges residents are facing. >> a beauty pageant queen is in legal hot water. what police discovered during a week end traffic stop. >>> and it will be another cold night tonight. i will show you

citigroup is eliminating 4,500 jobs in the next few months. hardest hit will be behind the scenes and investment banking operations. citigroup has eliminated about 100,000 jobs since the start of the financial crisis. >>> and overseas markets are up this morning, optimistic that european leaders will agree on steps to ease the debt crisis this week. tokyo's nikkei average rose 147 points today. hong kong's hang seng picks up 298. in london, the ftse opened higher. on wall street, the dow gained 52 points yesterday. the nasdaq index fell six. >>> gm thinks it knows why some of its chevy volt electric cars caught fire. the blazes broke out one to three weeks after government crash tests of the plug-in hybrid. engineers believe leaks of battery coolant created short circuits. chevrolet will reinforce the case around the battery pack. >>> and the dodge doart will be the first vehicle, both companies owned by fiat. companies believe older names like the dodge dart still resonates with consumers. >>> it's ironic that amid all the controversy over fa

citigroup plans to lay off 4500 workers during the next few months.pany spokesperson says it's part of ongoing efforts for expenses. city employees more than 2,000- - egg cubes me 267,000 employees worldwide. -- excuse me. 267,000 employees worldwide. >>> transunion is expecting to see the number of people 60 days or more late on mortgage payments to rise slightly in the first quarter of next year. but then, it says the rate will likely fall the rest of the year to around 5%. >>> you may have noticed while shopping online free shipping is harder to find. smart money magazine says most websites placed restrictions on the free shipping. amazon.com, it is at this . clay 25 dollar -- at this . clay 25 purchases and penny and ll bean and gap require minimum purchases as well and one way toget around that is do a search for free shipping codes. or you can wait until december 16th that's dubbed free shipping day. more online and more than a thousand online merchants arepromising to shift everything free of charge coming up next friday. >>> the maker of the s

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for their settlements when citigroup and bank of america for a fraction of the l. gotten gains on mortgage securities fraud your thought we need to see some snow cross accusing in much less looting recalled is one of the good guys he's at least out there raising an issue on this but you know max good the real problem we have here is that there's this deadly embrace between the federal reserve wall street and congress congress desperately wants to spend more than it takes in in taxes because it is supporting the myth that the economy is is located at least it is not totally collapsing you have the last great banks that are anxious to earn their big so they can pay their own ases and then you have the federal reserve which is the hand made it is enabling both those things along with the offshoring and disastrous trade imbalance and all three of these parties are kind of locked together holding hands sing la la la la la la la la and what you end up with at the end of the day is selling a bunch of trash to people claiming that it's perfectly good paper when it blows up

. >>> citigroup is letting hundreds of employees go. the bank is slashing 4500 jobs worldwide, about 1.5% of its overall workforce. the bank says it's all part of its effort to trim costs. the cuts will be made over the next few quarters. >>> and fewer americans are expected to be in danger of losing their homes in the coming year. >> that's if the economy doesn't suffer morrisette backs. here now to talk about it, jason brooks with kcbs and cbsmoneywatch.com. jason, good morning. >> good morning, frank. good morning, grace. >> reporter: it's a big if regarding the economy but there is some hope. transunion says the number of people delinquent on their mortgage payments by at least 60 days could drop to 5% by the end of 2012 compared to a rate of what's expected to be about 6% in the beginning of 2012. this peak was back in the 4th quarter of 2009 at close to 7%. that certainly could help out the housing market, fewer foreclosures would keep home prices a little more stable and that could encourage more people to get into the market so

dollars it's not going to put anybody out of business if you're a goldman sachs or a citibank or citigroup for that matter so you know there's the size of the civil penalties and there's also the issue of regulators ability to to do that and to prosecute not prosecute but to go after these cases because we've heard that as he say they were starved of resources we just heard it this week from the f.c.c. chairwoman who said it and a hearing about dodd frank in implementation saying if we don't have more resources we're not going to be able to enforce this as the effect of lee we've seen people say that it's not being funded because republicans don't really want dodd frank to be enforced so there's all sorts of issues and not even to mention the fact that many say that the f.c.c. doesn't force regulations evenly that it may have forced them if you're a small fry that doesn't matter politically a small firm but if you're goldman sachs are not going to go after you they're hugely politically powerful and that's you know exactly we saw with this recent case against citi group it was citigroup th

citigroup is eliminating 4500 jobs in the next few months to cut costs. hardest hit will be its investment-banking operation. chevrolet written will strengthen the case are around a volt battery pack to prevent leaks. fires broke out after crash tests. the week's created short circuits. chrysler is bringing back a familiar name for a new compact car -- the dodge dart. it will be the first vehicle based on an elver mayo design -- alpha romeo design. burger king plans to install and use the fountain in 650850 restaurant. let customers pick their flavor is using a touch screen. >> you get a good cherirry coke. >> 100 flavors? >> i'm that kid at 7 eleven. he gets the slurpee when he's a good boy. daddy, can i have a slurpee. >>> i will tell you the weather now. it is getting active. it will continue to be active throughout the day. tonight is when we see the rain change over to snow. kids around the beltway and the metro area, do not get too excited. i wore my pajamas inside out. it does not look like it will make much of a difference with this storm. it is l

and sef vance expenses will cost citigroup $400 million. citigroup's competitors are also slashing jobs. >>> here is a story for all of you watching who work the night shift. rotating shift workers may have more health risks, related to their schedules than previously thought. harvard researchers say whippen who work nights and rotating schedule maze be prone to type two die be tetz and obesity. researchers looked at medical histories of nurse dating back to 1996. the longer they work shifts, the bigger the risk. >> not good news for you or me. >> i know. >> powerful storm that blastd the southwest is zeroing in on the east. starting to day it is creating a big mess from tennessee to the northeast. with a heavy dose of snow and pouring rain on top of that. abc meteorologist ginger ze is tracking the storm. >> the blast of winter is making a slow march across the country. in the nation's southwest, swirling snow shut down the interstates. schools were closed. outside phoenix, snow dusted mountain tops. in missouri, icy roadways turned the mo

lower, the likes of bank of america, merrill lynch, which was down around 4% morgan stanley and citigroup trading lower. a lot of focus there on the euro and you mentioned some levels earlier. let's have another look at the currency levels this tuesday morning in japan. you can see they're 77.99-04. holding steady there. we will see how it develops through the day. >> ramin, we have a holiday shortened week in japan. what should we watch for after markets close thursday. >> a lot on the agenda. bank of japan has a two day policy meeting, and trade balance figures for jap for november. and let's not forget in october, dipped into the red first time in two months. thursday, ai auto production numbers for november and that flooding in thailand. we will see if those effects come into the numbers as well. still quite a lot for investors to take in despite the paramount news out of north korea and of course the eurozone debt issues. back to you. >> thanks a lot, ramin. ramin mellegard from the tokyo stock exchange. >>> olympus is planning to raise about $1.3 billion to boost its capital. source

morgan and citigroup pay for the conference? they were attending the conference.ave them be stuck with the bill. >> you think we are stuck with these institutions? >> no, as long as president obama is in charge we will be. but i think they will be less smaller. >> want to pay for holiday bargains in the store? buy their bargain stocks and the gifts that keep on coming next . t. he'd yet to hear of mutual funds, iras, or annuities. back then, he had something more important to do. he wasn't focused on his future but fortunately, somebody else was. at usaa we provide retirement solutions for our military, veterans and their families. from investments... to life insurance... to health care options. learn more with our free usaa retirement guide. call 877-242-usaa. >> bargain stock to pay for your holidays. >> it is trading 33 percent below the book value. it is only going to go up. >> the world is too unpredictable. and over the long term. oil is going one way up. it is chevron and going up. >> emac. a lot of people are talking about chevron. >> it is great. it is li

. >>> citigroup cutting more jobs.ok uncovers another privacy flaw that even affected mark zuckerberg. >>> your private pictures on facebook could have been available to anyone. zwickerberg, regardless of your privacy settings the company is working on fixing this latest flaw. facebook game maker zynga getting a big shout out from actor alec baldwin. ejected from an american airlines flight for refusing to stop playing their game wores with friends on his mobile device. -- [ unintelligible ]et3 more job cuts in the finance industry citigroup saying 4500 jobs will be eliminated. owners make their list and check it twice are not getting -- pet owners maybe their list and check it twice are not stingy, spending an average of $46 on pets this holiday season. [ unintelligible ] >>> the food and drug administration could decide today whether to end the age restriction on who can buy the emergency plan b contraceptive pill. right now only women 17 and older can buy the morning after pill without prescription. fda could allow

citigroup in particular saying it plans to slash 4,500 jobs here over the next few jobs to come.y currently employs 267,000 people overall. citigroup and layoffs are part of a nationwide call, it seems. >>> just to stay with the financial sector for a moment, you may remember that bloomberg reported last week, which suggested the u.s. federal reserve guaranteed some 7.7 trillion u.s. dollars to banks at the height of the financial crisis. the fed chief, ben bernanke is denying it hid the size and scope of its emergency lending program. he actually didn't specifically refer to a report but in a letter to u.s. legislatures, he cited mistakes in various articles in the press. he said the estimates on lending were, quote, wildly inaccurate. >>> up next on "world business today," we'll have more on the smog in china that's raising health concerns and affecting the economy there. we'll be right back in just a couple minutes time. imagine... one scooter or power chair that could improve your mobility and your life. one medicare benefit that, with private insurance, may entitle you to pa

a bank of america and citigroup had their credit rating cut by fit last night. they cut it back in september. right now we do have stock futures indicating a higher open. >>> netflix is trying to make it up to all of the angry users. i will tell you how. someone has been a good samaritan. he is paying off layaways for target customers -- kmart customers. >>> late last night, at the fairfax county school board approved a policy change. we have more. >> a dangerous search for missing voter. quite a bold statement from one of jerry's sandusky's attorneys. what he's saying about his client showering with young boys. more on that every 10 minutes. ♪ ♪ [ male announcer ] little owen wanted to play but his nose was raw and sore. achoo! [ male announcer ] and common tissue made it burn even more. ♪ ♪ puffs plus lotion is more soothing than common tissue, and it delivers our most soothing lotion for every nose issue. a nose in need deserveser puffs plus lotion indeed. to give your cold a comforting scent try pupus plus lotion with the scent of vicks. >> let's take a look

morgan stanley, citigroup, bank of america and jpmorgan chase all fell. techs dropped after intel lowered revenue expect takings following a similar move last week by texas instruments. resource stocks tumbled. oil fell and copper prices plummeted to a near two-week low. alocoa and exxonmobil were hit hard. elsewhere, diamond foods plunged on an investigation into its payments to walnut farmers. vulcan materials rocketed after martin marietta bid to buy the company for $4.7 billion in stock. turns out home sales data was inflated for years. figures will be lowered all the way back to 2007. it's estimated the national association of realtors overstated 2010 home sales by at least 15%. and finally, a rare 1787 gold brasher debloon, first dollar coin minted by a goldsmith who was george washington's neighbor has been sold for $7.4 million. >>> coming up, pink slip day in the nfl. and fan lights the red light in hockey. plus, the seahawks butt heads with the rams in monday night football. your early morning sports headlines are straight ahead. >>> the cold an

citigroup called the announcement, "long and broadly anticipated / expected / hoped for." it also said "investors should acknowledge that there is no easy fix." like many makeovers, this one will need to be more than skin deep to attract investors. >> tom: here's what we're watching for tomorrow: we'll see the weekly numbers on how many out-of-work americans filed for first-time a check on inflation at the wholesale level with november's producer price index. also tomorrow, blackberry maker "research in motion" turns in its latest quarterly results. we'll see how the struggling smartphone maker is doing. for the first time since last year's b.p. oil spill, uncle sam auctioned off drilling rights in the gulf of mexico. today's sale pulled in over $337 million in winning bids. the interior department put oil lease auctions on hold after the 2010 deepwater horizon oil disaster. b.p. was among the 20 companies bidding for the new drilling rights today, and conoco- phillips submitted the highest bid at just over $100 million. a federal judge has signed off they have seen all th

elsewhere, massachusetts attorney general sued bank of america, jpmorgan chase, citigroup, wells fargo and gmac mortgage for deceptive business practices with mortgages. clearwire cut a deal with majority owner and biggest customer sprint nextel. resolving a battle that threatened clearwire with bankruptcy. and finally, just a month after rolling out classic coke in a holiday white can, coke is switching back to red. seems white cans had drinkers seeing red. some confused it with diet coke while others actually complained coke tastes different in a white can. amazing what the mind can do to you. >>> coming up, a new coach can't help the caps. the vikings start house cleaning and a last-second thriller in college football. and thursday night nfl football proves eagles are no match for seahawks. your early morning sports headlines are straight ahead. >>> and with it being friday we'll get you set for the beginning of the coming weekend. you're watching "early today." spots again.3q detergent alone doesn't fully dry your dishes. it leaves spots and residue behind. add finish jet-dry and t

also today, citigroup announced it is cutting 4,500 jobs over the next few quarters. it's part of the bank's efforts to rein in costs. and on wall street, stocks searched for direction as investors kept watch on efforts to resolve europe's debt crisis. the dow jones industrial average gained 52 points to close at 12,150. the nasdaq fell 6 points to close at 2649. a major financial settlement was announced today in a deadly coal mine accident in west virginia last year. it was the largest such agreement ever reached. the settlement means families of the men killed in the upper big branch mine disaster will finally see some financial relief. the mine's new owner alpha natural resources will pay a record $210 million. that includes $46.5 million to families of the victims and those injured in the blast. there's also $128 million for mine safety improvement and $35 million in fines for federal mine safety violations. the upper big branch was owned by massey energy at the time of the disaster in april of 2010. an explosion 1,000 feet inside the mine killed 29 men. it turne

citigroup will chop 4500 jobs because of what it calls "an extremely challenging operating environment." they hope to make big savings in the long run. in the short term, these cuts will come at price. severance and other expenses will come out at $400 million. they are joining other banks who are pressing their work forces, including -- cutting their work forces, including bank of america and databank -- the deutsche bank. the government has expanded plan to the supermarket sector. the government had hoped that the move would have eased high inflation and create jobs. public protests and strong opposition from politicians fear this is putting the reform on the ice. look at the order books for german arms manufacturers. exports are booming. exports were up by 60%, to around 2.1 billion euros. almost half of that came from the sale of warships to nato allies. pakistan also bought german arms worth 65 million euros, followed by iraq at 28 million euros. meggin? >> we're going to the u.s. prosecutors in the city of philadelphia have dropped their 30-year pursuit of the death penalty for -

in june citigroup announced 200,000 accounts were compromised. and hackers breached sony's playstation network accesss the personal information of 70 million use earnings. some mega mergers and buy-outs had mergers. microsoft bought skype for $8.5 billion. google she would out 12.5 billion nor motorola cell phone business. at&t hoped to create the largest wireless company in a merger with t-mobil but the justice department filed to block the merger. millions of blackberry users had to make do without e-mail or text during a three day outage in october that spread to nearly every continent. blackberry maker research in motion offered customers $100 worth of free apps as a consolation. >> the worldwide outages we experienced this week were unfortunate. we restored full service as quickly as we could. >> reporter: netflix lost hundreds of thousands of subscribers after raising prices and attempting to rename its dvd name. it must now get clear consent from users before sharing material. its privacy controls will be subject to independent review for

citigroup will cut 4500 jobs worldwide, losing $400 million on layoff expenses. maybe facebook will get that whole privacy thing. mark zuckerberg had his personal photos linked -- or leaked online after a facebook user found his security loophole and breached the ceo's account. you can't script that any better. facebook called the loophole a bug and said, it was being fixed. >>> well, coming up, upsets and shootouts on the ice. and hockey's total realignment behind the scenes. plus, washington goes all out to block 11th ranked marquette in college hoops. your early morning sports headlines are straight ahead. >>> you it looks like our stormy weather pattern will clear up as we head forward the weekend. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports the nhl addressing the long-time complaints of hockey fans and teams have come up with a new plan for the make up of its competitive conferences. here is nbc's fred roggin with an early look at all your sports headlines. >> good mo

citigroup almost 9%. jpmorgan chase, 8%. bank of america, 7%. all those gains came in spite of standard & poor's cutting credit rating on several u.s. banks late tuesday. >>> copper and oil rose sharply as energy, materials and industrial sectors dependent on economic strength roared. u.s. steel shot up 15%. ak steel 13%. alpha natural resources rose 15%. and peabodie energy soared 14%. >>> further boosting investor spirits, data showing clear signs of economic recovery. the private sector added the most jobs in nearly a year in november. november midwest business activity grew faeser than expected. october contracts to buy homes jumped to a high for the year. november was the best month for auto sales in more than two years. >>> elsewhere, reports say private equity firms blackstone and baincapital have teamed up to bid for yahoo. >>> the salvation army's red kettle has gone high tech. a holiday donation tradition since 1891, now you can host your own red kettle online raising donations from family and friends. making it a little easier for you