Faking It: America’s Standard-of-Living Bubble Burst Looming – Political Opinion

In America, it seems perception is everything. Amid our economic turmoil, it may seem egregious to say that our standard-of-living has continued to rise, but that is exactly what has been happening. Through pretending and borrowing, we have continued...

Citi Posts $5.1 Billion Loss; Late Mortgages More Than Double

The bleeding continued for a second straight quarter at Citigroup Inc. (C: 25.43, +5.83%), who said Friday morning that it lost $5.11 billion, $1.02/share, during the first quarter of 2008, thanks to a total of $13.9 billion in write-downs spanning mortgages...

Citi Dismisses Top Executives After Huge Losses

Shares of Citigroup, the biggest US bank, dropped five percent Monday after the company dismissed its top management and revealed much bigger than expected losses from bad mortgage loans. VOA’s Barry Wood has more.