Tuesday, Dec. 08, 2009

Citi Sells Phibro

Embarrassed at the prospect of having to pay $100 million to Andrew Hall, the top dog at its trading-house subsidiary Phibro, Citi instead unloaded Phibro for book value, according to Fortune, to a division of Occidental Petroleum. In other words, peanuts. Never mind that Phibro was earning more than $370 million in profits, which is approximately $370 million more than Citi's earned.