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Last post 3 years ago by Stogie1020. 9 replies replies.
Citi Bank employee ?makes A $900,000,000.00 mistake...
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Mr. Jones Offline
#1 Posted: Thu, Feb 18 2021, 11:01 PM EST
Joined: 06-12-2005
Posts: 19,419
Shame on you

I'm no financial wiz kid but this story is a little strange and convoluted...
I think this is the first of the story but not totally correct???

Citi bank works for REVLON COSMETICS as an intermediary that makes payments to Revlons creditors for the loans that Revlon owes them, and they are debts due in the future...

Revlon has been losing stock value because of the pandemic and many on "the street" thought that it's real value was only .30 cents on the dollar? Or that Revlon was in such bad shape that they would only be able to payback .30 cents on every dollar that was loaned to them?...( One or the other)...

So instead of the normal WAY WAY SMALLER DEBT PAYMENT THAT WAS DUE THE CREDITORS...
CITI bank paid them $900,000,000.00 and the companies took the money and kept it And WILL NOT GIVE IT BACK...

EVEN A LEGAL JUDGE has said the companies can keep the money...
Of course there will be appeals upon lawsuits...but that will only help the lawyers$$$ bottom line and not the loan companies, or Revlon or Citi bank...
Mr. Jones Offline
#2 Posted: Thu, Feb 18 2021, 11:03 PM EST
Joined: 06-12-2005
Posts: 19,419
"first" should be...

I think this is the "gist" of the story...
frankj1 Offline
#3 Posted: Thu, Feb 18 2021, 11:18 PM EST
Joined: 02-08-2007
Posts: 44,215
was this several months ago?
sounds familiar
Jsnyder147 Offline
#4 Posted: Fri, Feb 19 2021, 1:02 AM EST
Joined: 12-26-2020
Posts: 478
Yeah, but I believe the ruling that the lenders could keep the money was just yesterday or the day before.
frankj1 Offline
#5 Posted: Fri, Feb 19 2021, 10:38 AM EST
Joined: 02-08-2007
Posts: 44,215
ah, thanks
Stogie1020 Offline
#6 Posted: Fri, Feb 19 2021, 11:25 AM EST
Joined: 12-19-2019
Posts: 5,308
My guess is that this employee is going to having a meeting with the two "Bob's" really soon...
clintCigar Offline
#7 Posted: Fri, Feb 19 2021, 11:39 AM EST
Joined: 05-14-2019
Posts: 4,682
"What would you say...you do here?"
delta1 Offline
#8 Posted: Fri, Feb 19 2021, 1:39 PM EST
Joined: 11-23-2011
Posts: 28,778
fish
Stogie1020 Offline
#9 Posted: Fri, Feb 19 2021, 2:41 PM EST
Joined: 12-19-2019
Posts: 5,308
clintCigar wrote:
"What would you say...you do here?"

LOL
I take the orders from the customer and I give them to the engineers. I am a people person!!
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