had failed to properly segregate client funds from corporate funds following the merger of Chase and J.P. Morgan, resulting in a violation of FSA regulations but no losses to clients. The clients' funds would have been at risk had the firm become insolvent during this period.[73] J.P. Morgan Securities reported the incident to the FSA, corrected the errors, and cooperated in the ensuing investigation, resulting in the fine being reduced 30% from an original amount of £47.6 million.[72] Mortgage overcharge of active military personnel[edit] In January 2011, JPMorgan Chase admitted that it wrongly overcharged several thousand military families for their mortgages, including active duty personnel in Afghanistan. The bank also admitted it improperly foreclosed on more than a dozen military families; both actions were in clear violation of the Servicemembers Civil Relief Act which automatically lowers mortgage rates to 6 percent, and bars foreclosure proceedings of active duty personnel. The overcharges may have never come to light were it not for legal action taken by Captain Jonathan Rowles. Both Captain Rowles and his spouse Julia accused Chase of violating the law and harassing the couple for nonpayment. An official stated that the situation was "grim", and Chase initially stated it would be refunding up to $2,000,000 to those who were overcharged, and that families improperly foreclosed on have gotten or will get their homes back.[74] Chase has acknowledged that as many as 6,000 active duty military personnel were illegally overcharged, and more than 18 military families homes were wrongly foreclosed. In April, Chase agreed to pay a total of $27 million in compensation to settle the class-action suit.[75] At the company's 2011 shareholders' meeting, Dimon apologized for the error and said the bank would forgive the loans of any active-duty personnel whose property had been foreclosed. In June 2011, lending chief Dave Lowman was forced out over the scandal.[76][77] Truth in Lending Act litigation[edit] In 2008 and 2009, 14 lawsuits were filed against JPMorgan Chase in various district courts on behalf of Chase credit card holders claiming the bank violated the Truth in Lending Act, breached its contract with the consumers and committed a breach of implied covenant of good faith and fair dealing. The consumers contended that Chase, with little or no notice, increased minimum monthly payments from 2% to 5% on loan balances that were transferred to consumers' credit cards based on the promise of a fixed interest rate. In May 2011, the United States District Court for the Northern District of California certified the class action lawsuit. On July 23, 2012, Chase agreed to pay $100 million to settle the claim.[78]

Alleged manipulation of energy market[edit] In July 2013, The Federal Energy Regulatory Commission (FERC) approved a stipulation and consent agreement under which JPMorgan Ventures Energy Corporation (JPMVEC), a subsidiary of JPMorgan Chase & Co., agreed to pay $410 million in penalties and disgorgement to ratepayers for allegations of market manipulation stemming from the company’s bidding activities in electricity markets in California and the Midwest from September 2010 through November 2012. JPMVEC agreed to pay a civil penalty of $285 million to the U.S. Treasury and to disgorge $125 million in unjust profits. JPMVEC admitted the facts set forth in the agreement, but neither admitted nor denied the violations.[79] The case stemmed from multiple referrals to FERC from market monitors in 2011 and 2012 regarding JPMVEC’s bidding practices. FERC investigators determined that JPMVEC engaged in 12 manipulative bidding strategies designed to make profits from power plants that were usually out of the money in the marketplace. In each of them, the company made bids designed to create artificial conditions that forced California and Midcontinent Independent System Operators (ISOs) to pay JPMVEC outside the market at premium rates.[79] FERC investigators further determined that JPMVEC knew that the California ISO and Midcontinent ISO received no benefit from making inflated payments to the company, thereby defrauding the ISOs by obtaining payments for benefits that the company did not deliver beyond the routine provision of energy. FERC investigators also determined that JPMVEC's bids displaced other generation and altered day ahead and real-time prices from the prices that would have resulted had the company not submitted the bids.[79] Under the Energy Policy Act of 2005, Congress directed FERC to detect, prevent and appropriately sanction the gaming of energy markets. According to FERC, the Commission approved the settlement as in the public interest.[79] Criminal investigation into obstruction of justice[edit] FERC's investigation of energy market manipulations led to a subsequent investigation into possible obstruction of justice by employees of JPMorgan Chase.[80] Various newspapers reported in September 2013 that the Federal Bureau of Investigation (FBI) and US Attorney's Office in Manhattan were investigating whether employees withheld information or made false statements during the FERC investigation.[80] The reported impetus for the investigation was a letter from Massachusetts Senators Elizabeth Warren and Edward Markey, in which they asked FERC why no action was taken against people who impeded the FERC investigation.[80] At the time of the FBI investigation, the Senate Permanent Subcommittee on Investigations was also looking into whether JPMorgan Chase employees impeded the FERC investigation.[80] Reuters reported that JPMorgan Chase was facing over a dozen investigations at the time.[80] Sanctions violations[edit] On August 25, 2011, JPMorgan Chase agreed to settle fines with regard to violations of the sanctions under the Office of Foreign Assets Control (OFAC) regime. The U.S. Department of Treasury released the following civil penalties information under the heading: "JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs": JPMorgan Chase Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle potential civil liability for apparent violations of: the Cuban Assets Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations ("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations ("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501, that occurred between December 15, 2005, and March 1, 2011. —?U.S. Department of the Treasury Resource Center, OFAC Recent Actions. Retrieved June 18, 2013.[81] Mortgage-backed securities sales[edit] In August 2013, JPMorgan Chase announced that it is being investigated by the United States Department of Justice over its offerings of mortgage-backed securities leading up to the financial crisis of 2007–08. The company said that the Department of Justice had preliminarily concluded that the firm violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during the period 2005 to 2007.[82] "Sons and Daughters" hiring program[edit] In 2013, the SEC began an investigation of the bank's hiring practices in China. The bank allegedly made a practice of hiring the children of the Chinese ruling elite. Spreadsheets kept a record of how the hires led to business deals. The bank viewed this as a gateway to doing deals with state-owned companies.[83] The practice is felt to be widespread in the banking industry.[84] Madoff fraud[edit] Further information: Madoff investment scandal Bernie Madoff opened a business account at Chemical Bank in 1986 and maintained it until 2008, long after Chemical acquired Chase. In 2010, Irving Picard, the SIPC receiver appointed to liquidate Madoff's company, alleged that JPMorgan failed to prevent Madoff from defrauding his customers. According to the suit, Chase "knew or should have known" that Madoff's wealth management business was a fraud. However, Chase did not report its concerns to regulators or law enforcement until October 2008, when it notified the UK Serious Organised Crime Agency. Picard argued that even after Morgan investment bankers reported its concerns about Madoff's performance to UK officials, Chase's retail banking division did not put any restrictions on Madoff's banking activities until his arrest two months later.[85] The receiver's suit against J.P. Morgan was dismissed by the Court for failing to set forth any legally cognizable claim for damages.[86] In the fall of 2013, JPMorgan began talks with prosecutors and regulators regarding compliance with anti-money-laundering and know-your-customer banking regulations in connection with Madoff. On January 7, 2014, JPMorgan agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The government filed a two-count criminal information charging JPMorgan with Bank Secrecy Act violations, but the charges will be dismissed within two years provided that JPMorgan reforms its anti-money laundering procedures and cooperates with the government in its investigation. The bank agreed to forfeit $1.7 billion. JPMorgan also agreed to pay a $350 million fine to the Office of the Comptroller of the Currency and settle the suit filed against it by Picard for $543 million.[87][88][89][90] Corruption investigation in Asia[edit] On March 26, 2014, the Hong Kong Independent Commission Against Corruption seized computer records and documents after searching the office of Fang, the company’s outgoing chief executive officer for China investment banking.[91] September 2014 cyber-attack[edit] Main article: 2014 JPMorgan Chase data breach A cyber-attack, disclosed in September 2014, compromised the JPMorgan Chase accounts of over 83 million customers. The attack was discovered by the bank's security team in late July 2014, but not completely halted until the middle of August.[92][93] Offices[edit] Although the old Chase Manhattan Bank's headquarters were located at One Chase Manhattan Plaza in downtown Manhattan, the current world headquarters for JPMorgan Chase & Co. are located at 270 Park Avenue, Chemical Bank's former headquarters. The bulk of North American operations take place in four buildings located adjacent to each other on Park Avenue in New York City: the former Union Carbide Building at 270 Park Avenue, the hub of sales and trading operations, and the original Chemical Bank building at 277 Park Avenue, where most investment banking activity took place. Asset and wealth management groups are located at 245 Park Avenue and 345 Park Avenue. Other groups are located in the former Bear Stearns building at 383 Madison Avenue. Chase, the U.S. and Canada, retail, commercial, and credit card bank is headquartered in Chicago at the Chase Tower, Chicago, Illinois.[6] The Asia Pacific headquarters for JPMorgan is located in Hong Kong at Chater House. Approximately 11,050 employees are located in Columbus at the McCoy Center, the former Bank One offices. The bank moved some of its operations to the JPMorgan Chase Tower in Houston, when it purchased Texas Commerce Bank. JPMorgan Chase Tower 270 Park Avenue New York City, New York 277 Park Avenue New York City, New York 383 Madison Avenue New York City, New York One Chase Manhattan Plaza New York City, New York Chase Tower Rochester, New York Chase Tower Phoenix, Arizona Chase Tower Chicago, Illinois Chase Tower Indianapolis, Indiana Chase Tower Dallas, Texas JPMorgan Chase Tower Houston, Texas JPMorgan Chase Metro Manila, Philippines 25 Bank Street London, United Kingdom The Global Corporate Bank leverages the wider firm's operations in 100 countries to provide corporate banking solutions to clients in the locations in which they operate. The main headquarters are in London, with regional headquarters in Hong Kong, New York and Sao Paulo.[94] The Card Services division has its headquarters in Wilmington, Delaware, with Card Services offices in Elgin, Illinois; Springfield, Missouri; San Antonio, Texas; Mumbai, India; and Cebu, Philippines. Additional large operation centers are located in Phoenix, Arizona; Los Angeles, California, Newark, Delaware; Orlando, Florida; Tampa, Florida; Indianapolis, Indiana; Louisville, Kentucky; Brooklyn, New York; Rochester, New York; Columbus, Ohio; Dallas, Texas; Fort Worth, Texas; and Milwaukee, Wisconsin. Operation centers in Canada are located in Burlington, Ontario; and Toronto, Ontario. Operations centers in the United Kingdom are located in Bournemouth, Glasgow, London, Liverpool, and Swindon. The London location also serves as the European headquarters. Additional offices and technology operations are located in Manila, Philippines; Cebu, Philippines; Mumbai, India; Bangalore, India; Hyderabad, India; New Delhi, India; Buenos Aires, Argentina; Sao Paulo, Brazil; Mexico City, Mexico, and Jerusalem, Israel. Credit derivatives[edit] The derivatives team at JPMorgan (including Blythe Masters) was a pioneer in the invention of credit derivatives such as the credit default swap. The first CDS was created to allow Exxon to borrow money from JPMorgan while JPMorgan transferred the risk to the European Bank of Reconstruction and Development. JPMorgan's team later created the 'BISTRO', a bundle of credit default swaps that was the progenitor of the Synthetic CDO.[95][96] JPMorgan currently has the largest credit default swap and credit derivatives portfolio by total notional amount of any US bank.[97][98] Multibillion-dollar trading loss[edit] Main article: 2012 JPMorgan Chase trading loss In April 2012, hedge fund insiders became aware that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil, a trader for J.P. Morgan Chase & Co., referred to as "the London whale" in reference to the huge positions he was taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who purchased the derivatives offered by J.P. Morgan in such high volume.[99][100] Early reports were denied and minimized by the firm in an attempt to minimize exposure.[101] Major losses, $2 billion, were reported by the firm in May 2012, in relation to these trades and updated to $4.4 billion on July 13, 2012.[102] The disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remains in progress and as of June 28, 2012, was continuing to produce losses which could total as much as $9 billion under worst-case scenarios.[103][104] The item traded, possibly related to CDX IG 9, an index based on the default risk of major U.S. corporations,[105][106] has been described as a "derivative of a derivative".[107][108] On the company's emergency conference call, JPMorgan Chase CEO Jamie Dimon said the strategy was "flawed, complex, poorly reviewed, poorly executed, and poorly monitored".[109] The episode is being investigated by the Federal Reserve, the SEC, and the FBI.[110] Fines levied regarding the 2012 JPMorgan Chase trading loss[111] Regulator Nation Fine Office of the Comptroller of the Currency US $300m Securities and Exchange Commission $200m Federal Reserve $200m Financial Conduct Authority UK £138m ($221m US) On September 18, 2013, JPMorgan Chase agreed to pay a total of $920 million in fines and penalties to American and UK regulators for violations related to the trading loss and other incidents. The fine was part of a multiagency and multinational settlement with the Federal Reserve, Office of the Comptroller of the Currency and the Securities and Exchange Commission in the United States and the Financial Conduct Authority in the UK. The company also admitted breaking American securities law.[112] The fines amounted to the third biggest banking fine levied by US regulators, and the second largest by UK authorities.[111] As of September 19, 2013, two traders face criminal proceedings.[111] It is also the first time in several years that a major American financial institution has publicly admitted breaking the securities laws.[113] A report by the SEC was critical of the level of oversight from senior management on traders, and the FCA said the incident demonstrated "flaws permeating all levels of the firm: from portfolio level right up to senior management."[111] On the day of the fine, the BBC reported from the New York Stock Exchange that the fines "barely registered" with traders there, the news having been an expected development and the company having prepared for the financial hit.[111] Art collection[edit] See also: J. P. Morgan § Collector of art, books, and gemstones The collection was begun in 1959 by David Rockefeller,[114] and comprises over 30,000 objects, of which over 6,000 are photographic-based,[115] as of 2012 containing more than one hundred works by Middle Eastern and North African artists.[116] The One Chase Manhattan Plaza building was the original location at the start of collection by the Chase Manhattan Bank, the current collection containing both this and also those works that the First National Bank of Chicago had acquired prior to assimilation into the JPMorgan Chase organization.[117] L. K. Erf has been the director of acquisitions of works since 2004 for the bank,[118] whose art program staff is completed by an additional three full-time members and one registrar.[119] The advisory committee at the time of the Rockefeller initiation included A. H. Barr, and D. Miller, and also J. J. Sweeney, R. Hale, P. Rathbone and G. Bunshaft.[120] Major sponsorships[edit] Chase Field, (formerly Bank One Ballpark) Phoenix, Arizona, – Arizona Diamondbacks, MLB. Major League Soccer Chase Auditorium (formerly Bank One Auditorium) in Chicago. The JPMorgan Chase Corporate Challenge, owned and operated by JPMorgan Chase, is the largest corporate road racing series in the world with over 200,000 participants in 12 cities in six countries on five continents. It has been held annually since 1977 and the races range in size from 4,000 entrants to more than 60,000. JPMorgan Chase is the official sponsor of the US Open. J.P. Morgan Asset Management is the Principal Sponsor of the English Premiership Rugby 7s Series. Notable former employees[edit] This section does not cite any references (sources). Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2008) Business[edit] Winthrop Aldrich – son of the late Senator Nelson Aldrich Andrew Crockett – former general manager of the Bank for International Settlements (1994–2003) Pierre Danon – chairman of Eircom Dina Dublon – member of the board of directors of Microsoft, Accenture and PepsiCo and former Executive Vice President and Chief Financial Officer of JPMorgan Chase Maria Elena Lagomasino – member of the board of directors of The Coca-Cola Company and former CEO of JPMorgan Private Bank Jacob A. Frenkel – Governor of the Bank of Israel Thomas W. Lamont – acting head of J.P. Morgan & Co. on Black Tuesday Robert I. Lipp – former CEO of The Travelers Companies Marjorie Magner – chairman of Gannett Company[121] Henry S. Morgan – co-founder of Morgan Stanley, son of J. P. Morgan, Jr. and grandson of financier J. P. Morgan Lewis Reford – Canadian political candidate David Rockefeller – patriarch of the Rockefeller family Harold Stanley – former JPMorgan partner, co-founder of Morgan Stanley Jan Stenbeck – former owner of Investment AB Kinnevik Politics and public service[edit] Tony Blair – Prime Minister of the United Kingdom (1997–2007)[122] William M. Daley – U.S. Secretary of Commerce (1997–2000), U.S. White House Chief of Staff (2011–2012) Michael Forsyth, Baron Forsyth of Drumlean – Secretary of State for Scotland (1995–97) Thomas S. Gates, Jr. – U.S. Secretary of Defense (1959–61) David Laws – UK Chief Secretary to the Treasury (May 2010) Minister of State for Schools Rick Lazio – member of the U.S. House of Representatives (1993–2001) Antony Leung – Financial Secretary of Hong Kong (2001–03) Frederick Ma – Hong Kong Secretary for Commerce and Economic Development (2007–08) Dwight Morrow – U.S. Senator (1930–31) Margaret Ng – member of the Hong Kong Legislative Council George P. Shultz – U.S. Secretary of Labor (1969–70), U.S. Secretary of Treasury (1972–74), U.S. Secretary of State (1982–89) Other[edit] R. Gordon Wasson – ethnomycologist and former JPMorgan vice president[123][124] See also[edit] Portal icon New York City portal Citigroup Inc. or Citi is an American multinational banking and financial services corporation headquartered in Manhattan, New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in October 1998 (announced on April 7, 1998).[4][5][6] As of January 2015, it is the third largest bank holding company in the US by assets. Its largest shareholders include funds from the Middle East and Singapore.[7] At its height until the global financial crisis of 2008 Citigroup was the largest company and bank in the world by total assets with 357,000 employees.[8] In 2007, Citigroup was one of the primary dealers in US Treasury securities.[9] Citigroup had the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide and holds over 200 million customer accounts in more than 140 countries.[citation needed] Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in November 2008 in a massive stimulus package by the U.S. government.[10] On February 27, 2009, Citigroup announced that the US government would take a 36% equity stake in the company by converting US$25 billion in emergency aid into common stock with a US Treasury credit line of $45 billion to prevent the bankruptcy of the largest bank in the world at the time.[11] The government guaranteed losses on more than $300 billion troubled assets and injected $20 billion immediately into the company. In exchange, the salary of the CEO was $1 per year and the highest salary of employees was restricted to $500,000 in cash and any amount above $500,000 had to be paid with restricted stock that could not be sold until the emergency government aid was repaid in full.[12] The US government also gained control of half the seats in the Board of Directors, and the senior management was subjected to removal by the US government if there were poor performance. By December 2009, the US government stake was reduced to 27% majority stake from a 36% majority stake after Citigroup sold $21 billion of common shares and equity in the largest single share sale in US history, surpassing Bank of America's $19 billion share sale one month prior. Eventually by December 2010, Citigroup repaid the emergency aid in full and the US government received an additional $12 billion profit in selling its shares.[13][14][15][16][17] US Government restrictions on pay and oversight of the senior management were removed after the US government sold its remaining 27% stake as of December 2010. As of 2009, Citigroup was one of the Big Four banks in the United States, along with Bank of America, JP Morgan Chase and Wells Fargo.[18][19][20][21][22][23][24] As of June 2012, the year of Citi's 200th anniversary, Citigroup had built up an enormous cash reserve in the wake of the financial crisis with $420 billion in surplus liquid cash and government securities.[25] As of Q1 2012, Citi had tier 1 capital ratio of 12.4%, making one of the best-capitalized financial institutions in the world after billions of dollars in losses from the financial crisis.[26] This was a result of selling more than $500 billion of its special assets placed in Citi Holdings, which were guaranteed from losses by the US Treasury while under federal majority ownership.[27] A special IRS tax exception given to Citi allowed the US Treasury to sell its shares at a profit, while it still owned Citigroup shares, which eventually netted $12 billion. According to Treasury spokeswoman Nayyera Haq, "This (IRS tax) rule was designed to stop corporate raiders from using loss corporations to evade taxes, and was never intended to address the unprecedented situation where the government owned shares in banks. And it was certainly not written to prevent the government from selling its shares for a profit."[28] In 2012, Citigroup ranked 20th in size under the Fortune 500 list. In comparison, JPMorgan Chase, which ranked 16th, was the largest bank in US.[29] Contents [hide] 1 History 1.1 Citicorp 1812–1985 1.2 Travelers Group 1986–2007 1.3 Citicorp and Travelers merge 1998–2001 1.4 2002 Travelers spin off 1.5 January 2008 subprime mortgage crisis 1.6 November 2008, Collapse & US Government Intervention (part of the Global Financial Crisis) 1.7 January–February 2009: Creation of Citi Holdings 1.8 2010: Return to profitability, denationalization 1.9 2012–2014: Failed Federal Reserve stress tests 1.10 2015 onwards 2 Businesses 2.1 Consumer banking 2.2 Institutional Clients Group 2.3 Citi Holdings 2.4 Spin-offs 3 Real estate 4 Regulatory action, lawsuits, and arbitration 4.1 Enron, WorldCom, and Global Crossing bankruptcies 5 Criticism 5.1 Alleged money laundering by Raul Salinas 5.2 Conflicts of interest on investment research 5.3 Citigroup proprietary government bond trading scandal of 2004 5.4 TARP funding 5.5 Terra Securities scandal 5.6 Allegations of theft from customer accounts 5.7 Potential restructuring and liquidation by regulators 5.8 Shareholder rejection of executive compensation plan 6 Communications 6.1 Lobbying 6.2 Public and governmental relations 7 See also 8 References 9 Further reading 10 External links History[edit] The Citigroup logo, 1999–2007, 2012–present The Citigroup logo, 2007–2011 Citigroup was formed on October 9, 1998, following the $140 billion merger of Citicorp and Travelers Group to create the world's largest financial services organization.[6] The history of the company is, thus, divided into the workings of several firms that over time amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. As such, the company history dates back to the founding of: the City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910.[30] Citicorp 1812–1985[edit] City Bank of New York was chartered by New York State on June 16, 1812, with $2 million of capital. Serving a group of New York merchants, the bank opened for business on September 14 of that year, and Samuel Osgood was elected as the first President of the company.[31] The company's name was changed to The National City Bank of New York in 1865 after it joined the new U.S. national banking system, and it became the largest American bank by 1895.[31] It became the first contributor to the Federal Reserve Bank of New York in 1913, and the following year it inaugurated the first overseas branch of a U.S. bank in Buenos Aires, although the bank had, since the mid-19th century, been active in plantation economies, such as the Cuban sugar industry. The 1918 purchase of U.S. overseas bank International Banking Corporation helped it become the first American bank to surpass $1 billion in assets, and it became the largest commercial bank in the world in 1929.[31] As it grew, the bank became a leading innovator in financial services, becoming the first major U.S. bank to offer compound interest on savings (1921); unsecured personal loans (1928); customer checking accounts (1936) and the negotiable certificate of deposit (1961).[31][32][33] The bank changed its name to The First National City Bank of New York in 1955, which was shortened in 1962 to First National City Bank on the 150th anniversary of the company's foundation.[31] The company organically entered the leasing and credit card sectors, and its introduction of U.S. dollar–denominated certificates of deposit in London marked the first new negotiable instrument in market since 1888. The bank introduced its First National City Charge Service credit card—popularly known as the "Everything card" and later to become MasterCard—in 1967.[31] In 1976, under the leadership of CEO Walter B. Wriston, First National City Bank (and its holding company First National City Corporation) was renamed as Citibank, N.A. (and Citicorp, respectively). Shortly afterward, the bank launched the Citicard, which pioneered the use of 24-hour ATMs.[31] John S. Reed was elected CEO in 1984, and Citi became a founding member of the CHAPS clearing house in London. Under his leadership, the next 14 years would see Citibank become the largest bank in the United States and the largest issuer of credit cards and charge cards in the world, and expand its global reach to over 90 countries.[31][32][34] Travelers Group 1986–2007[edit] The corporate logo of Travelers Inc. (1993–1998) prior to merger with Citicorp. Travelers Group, at the time of merger, was a diverse group of financial concerns that had been brought together under CEO Sandy Weill. Its roots came from Commercial Credit, a subsidiary of Control Data Corporation that was taken private by Weill in November 1986 after taking charge of the company earlier that year.[6][35] Two years later, Weill mastered the buyout of Primerica—a conglomerate that had already bought life insurer A L Williams as well as stock broker Smith Barney. The new company took the Primerica name, and employed a "cross-selling" strategy such that each of the entities within the parent company aimed to sell each other's services. Its non-financial businesses were spun off.[35] In September 1992, Travelers Insurance, which had suffered from poor real estate investments[6] and sustained significant losses in the aftermath of Hurricane Andrew,[36] formed a strategic alliance with Primerica that would lead to its amalgamation into a single company in December 1993. With the acquisition, the group became Travelers Inc. Property & casualty and life & annuities underwriting capabilities were added to the business.[35] Meanwhile, the distinctive Travelers red umbrella logo, which was also acquired in the deal, was applied to all the businesses within the newly named organization. During this period, Travelers acquired Shearson Lehman—a retail brokerage and asset management firm that was headed by Weill until 1985[6]—and merged it with Smith Barney.[35] Salomon Brothers 1997–2003[edit] In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), made the $9 billion deal to purchase Salomon Brothers, a major bond dealer and bulge bracket investment bank.[35][37] This deal complemented Travelers/Smith Barney well as Salomon was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp's former securities operations as well. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.[citation needed] Citicorp and Travelers merge 1998–2001[edit] On April 6, 1998, the merger between Citicorp and Travelers Group was announced to the world, creating a $140 billion firm with assets of almost $700 billion.[6] The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers. Although presented as a merger, the deal was actually more like a stock swap, with Travelers Group purchasing the entirety of Citicorp shares for $70 billion, and issuing 2.5 new Citigroup shares for each Citicorp share. Through this mechanism, existing shareholders of each company owned about half of the new firm.[6] While the new company maintained Citicorp's "Citi" brand in its name, it adopted Travelers' distinctive "red umbrella" as the new corporate logo, which was used until 2007. The chairmen of both parent companies, John Reed and Sandy Weill respectively, were announced as co-chairmen and co-CEOs of the new company, Citigroup, Inc., although the vast difference in management styles between the two immediately presented question marks over the wisdom of such a setup. The remaining provisions of the Glass–Steagall Act—enacted following the Great Depression—forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. However, Weill stated at the time of the merger that they believed "that over that time the legislation will change...we have had enough discussions to believe this will not be a problem".[6] Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting and brokerage.[38] Joe Plumeri worked on the post-merger integration of the two companies, and was appointed CEO of Citibank North America by Weill and Reed.[39][40] He oversaw its network of 450 retail branches.[40][41][42] J. Paul Newsome, an analyst with CIBC Oppenheimer, said: "He's not the spit-and-polish executive many people expected. He's rough on the edges. But Citibank knows the bank as an institution is in trouble—it can't get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank."[43] Investment News speculated that a successful tenure at Citibank might lead to a promotion to head up all of Citicorp.[43] Plumeri boosted the unit's earnings from $108 million to $415 million in one year, an increase of nearly 300%.[44][45][46] He unexpectedly retired from Citibank, however, in January 2000.[47][48] In 2000, Citigroup acquired Associates First Capital Corporation, which, until 1989, had been owned by Gulf+Western (now part of National Amusements).[49] The Associates was widely criticized for predatory lending practices and Citi eventually settled with the Federal Trade Commission by agreeing to pay $240 million to customers who had been victims of a variety of predatory practices, including "flipping" mortgages, "packing" mortgages with optional credit insurance, and deceptive marketing practices.[50][51] In 2001, Citigroup made additional acquisitions: European American Bank, in July, for $1.9 billion,[52] and Banamex (assisted by independent adviser, Windsor Capital Investments Limited) in August, for $12.5 billion.[53] 2002 Travelers spin off[edit] The current logo for Travelers Companies The company spun off its Travelers Property and Casualty insurance underwriting business in 2002.[54] The spin off was prompted by the insurance unit's drag on Citigroup stock price because Traveler's earnings were more seasonal and vulnerable to large disasters, particularly the September 11, 2001 attacks on the World Trade Center in downtown New York City. It was also difficult to sell this kind of insurance directly to Rafiq Hilmi Rafiq Sabir Rauf Hassan Rebwar Fatah Reso Zîlan Rohat Alakom Rojen Barnas Sahînê Bekirê Soreklî Salim Barakat Serdar Rosan Seyhmus Dagtekin Sheikh Nuri Sheikh Salih Sheikh Ghani Barzinji Sheikh Rezza Talabani Sherefxan Bidlisi Sherko Bekas Suwara Ilkhanizada Taufiq Wahby Têmûrê Xelîl Tosinê Resîd Wafaei Xelîlê Çaçan Mûradov Yasar Kemal Yekta Uzunoglu Scholars and academics edit Abbas Vali Abdol Hamid Heyrat Sajjadi Abu ?anifa Dinawari Ahmad Khani al Jazari Ali ibn al Athir Ali Taramakhi Amir Hassanpour Assad Sheikholeslami Sanandaji Azad Bonni Aziz Sancar Baba Mardoukh Rohanee Baha ad Din ibn Shaddad Bahram Resul Bakhtiar Sajjadi Caucher Birkar Celadet Bedir Khan Celîlê Celîl Dlawer Ala Aldeen Edip Yuksel Fereidoun Biglari Hamid Hassani Hashim Ahmadzadeh Hussein Khaliqi Ibn al Jazari Ibn Al Mustawfi Ibn al Nadim Ibn al Salah Ibn Khallikan Ibn Qutaybah Idris Bitlisi Jalile Jalil Jamal Nebez Karim Yassen Kendal Nezan Khalil Rashow Mahmud Bayazidi Maruf Khaznadar Massoud Azarnoush Mehrdad Izady Muhamed Amin Zaki Mulla Effendi Nadir Nadirov Nur Ali Elahi Ordîxanê Celîl Qanate Kurdo Rostam K Saeed Saad Eskander Said Nursî Shamil Asgarov Sharafkhan Bidlisi Sheikh Ghiathadeen Naqshabandi Tofy Mussivand Yektan Turkyilmaz Yona Sabar Zaradachet Hajo Zeynelabidin Zinar Ziryab Musicians edit Adnan Karim Ahmet Kaya Ali Akbar Moradi Ali Merdan Ali Serhat Baran Ardavan Kamkar Ardeshir Kamkar Arjang Kamkar Arsalan Kamkar Aynur Dogan Ayse San Azad Blend Saleh Burhan G Chopy Fatah Ciwan Haco Darin Zanyar Dashni Murad Dilbahar Demirbag Dilshad Said Fazil Khalid Gani Mirzo Ghader Abdollahzadeh Ghashang Kamkar Haftbefehl Hassan Zirak Hooshang Kamkar Hozan Canê Ibrahim Al Mausili Ibrahim Tatlises Issa Hassan The Kamkars Kayhan Kalhor Koma Dengê Azadî Kurd Maverick Mazhar Khaleqi Merziye Feriqi Mohammad Mamle Mojtaba Mirzadeh Nasser Razazi Nizamettin Ariç Pashang Kamkar Qale Mere Rojan Rojda Aykoç Rojhan Beken Saeed Farajpouri Sehrîbana Kurdî Seyed Khalil Alinezhad Shahram Nazeri Sivan Perwer Sohrab Pournazeri Tahir Tewfiq Tara Jaff Xalîd Resîd Yildiz Tilbe Zakaria Abdulla Zara Zara Mgoyan Religious figures edit Ahmad Moftizadeh Asenath Barzani Firuz Shah Zarrin Kolah Hadhrat Mawlânâ Khâlid i Baghdâdî Hajj Nematollah Jaban Sahabi Safi ad din Ardabili Zahed Gilani Sheikh Ghiathadeen Naqshabandi Politicians and leaders edit See also Category Kurdish rulers Abderrahman Sadik Karim Abdolqader Zahedi Abdul Karim Qassim Abdul Rahman Ghassemlou Abdul Rahman Haji Ahmadi Abdul Rahman Mustafa Abdulbaset Sieda Abdullah Beg Benari Abdullah Demirbas Abdullah Öcalan Ahmad Moftizadeh Ahmed Barzani Ahmed Uthman Ahmet Dagtekin Ahmet Türk Akin Birdal Al Adil I Al Adil II Al Afdal Muhammad Al Afdal ibn Salah ad Din Al Ashraf Al Fadhl ibn Muhammad Al Kamil Ali Askari Ali Bapir Ali Mardan Khan Amineh Kakabaveh Amir Khan Lepzerin An Nasir Yusuf Bahaedin Adab Bahoz Erdal Bakhtiar Amin Barham Salih Bedirhan Bey Bedr Khan Beg Bengi Yildiz Celadet Ali Bedirxan Cemil Bayik Daham Miro Daisam Dana Ahmed Majid Dayfa Khatun Derwich Ferho Efat Ghazi Ehsan Fattahian Farzad Kamangar Fatma Kurtulan Feleknas Uca Ferzende Foad Mostafa Soltani Gulan Avci Haji Baba Sheikh Haji Mala Saeed Kirkukli Zada Halis Öztürk Han Mahmud Hatip Dicle Hazim Beg Hero Ibrahim Ahmed Herro Mustafa Hikmet Fidan Houzan Mahmoud Howar Ziad Hushang Hamidi Husni al Za im Hüseyin Velioglu Ibrahim Heski Idris Barzani Ihsan Nuri Imad Ahmad Sayfour Ismail I Ismet Inönü Jalal Dabagh Jalal Jalalizadeh Jalal Talabani Kamal Jumblatt Kamran Hedayati Karim Khan Zand Karim Mohammedzadeh Karim Sanjabi Khalid Bakdash Latif Rashid Leyla Güven Leyla Qasim Leyla Zana Mahmoud Othman Mahmud Barzanji Mahsum Korkmaz Majid Kavian Mashaal Tammo Massoud Barzani Medet Serhat Mehdi Zana Mela Baxtiar Mohammad Bagher Ghalibaf Mohammad Seddigh Kaboudvand Mohammad Tofiq Rahim Morteza Zarringol Moshe Barazani Muhammed Emin Zeki Bey Mustafa Barzani Mustafa Karasu Mustafa Yamulki Murat Karayilan Nadhim Zahawi Nado Makhmudov Najm ad Din Ayyub Najmadin Shukr Rauf Najmiddin Karim Nalin Pekgul Narmin Othman Nawshirwan Mustafa Nechervan Idris Barzani Nizamettin Tas Nursel Aydogan Nusrat Bhutto Orhan Dogan Orhan Miroglu Osman Baydemir Osman Öcalan Özlem Cekic Pervin Buldan Qazi Muhammad Rassul Mamand Rowsch Shaways Riya Qahtan Roya Toloui Sadegh Sharafkandi Sadet Karabulut Saladin Saleh Yousefi Salih Muslim Muhammad Sedigh Kamangar Selim Sadak Sevahir Bayindir Shahab Sheikh Nuri Sharaf Khan Bidlisi Shaikh Mahmood Barzenji Sheikh Ubeydullah Shibal Ibrahim Shirkuh Simko Shikak Soraya Serajeddini Sulaiman Shah Tamar Fattah Ramadhan Kuchar Taha Muhie eldin Marouf Taha Yassin Ramadan Theophobos Walid Jumblatt Widad Akrawi Yitzhak Mordechai Zübeyir Aydar Film directors and actors edit Bahman Ghobadi Behrouz Gharibpour Dilsa Demirbag Sten Dilshad Meriwani Ghotbeddin Sadeghi Hisham Zaman Huner Saleem Jamil Rostami Jano Rosebiani Kadir Talabani Mahmoud el Meliguy Mano Khalil Nisti Stêrk Shahram Alidi Shero Rauf Yilmaz Güney Yilmaz Erdogan Yüksel Yavuz Zeynel Dogan Hulya Avsar Rojda Demirer Belçim Bilgin Sport edit Aziz Yildirim Ahmad Al Salih Ahmad Karzan Amar Suloev Aram Khalili Avar Raza Aziz Shavershian Bovar Karim Celal Ibrahim Dara Mohammed Deniz Naki Ahmad Meshari Al Adwani Dr Abdul Razzak Al Adwani Thuraya Al Baqsami Abdullah Al Buloushi Jaber Al Ahmad Al Jaber Al Sabah Abdulaziz Al Anberi Fahad AlSharekh Abdul Rahman Al Sumait Faisal Al Dakhil Fehaid Al Deehani Mohammed al Ghareeb Wael Sulaiman Al Habashi Zaid Al Harb Jassem Al Houwaidi Ibrahim Khraibut Faiza Al Kharafi Jassem Al Kharafi Nasser Al Kharafi Abdullah III Al Salim Al Sabah Ahmad Al Jaber Al Sabah Nasser Al Mohammed Al Ahmed Al Sabah Bader Al Nashi Nawaf Al Ahmad Al Jaber Al Sabah Saad Al Abdullah Al Salim Al Sabah Sabah Al Ahmad Al Jaber Al Sabah Abdallah Saleh Ali Al Ajmi Jamal Mubarak Ibrahim Al Mudhaf Bader Al Mutwa Abu Obeida Tawari al Obeidi Abdullah Abdul Latif Al Othman Abdullah Al Refai Ahmed al Rubei Sabah III Al Salim Al Sabah Salem Al Ali A Sabah Salem Sabah Al Salem Al Sabah Salim Al Mubarak Al Sabah Nawaf Al Mutairi Fahad Al Rashidi Ahmed Al Sadoun Fawzi Al Shammari Anouvong Boua Bounkhong Bouasone Bouphavanh Laasaenthai Bouvanaat General Cheng Fa Khai Fa Ngum Fay Na Huy of Champasak Sisavath Keobounphanh Kham Nai Kham Souk of Champasak Kham Oun I Khamphoui Khamtum Khun Lo Lan Kham Deng Somsavat Lengsavad Manoi Meunsai Nang Keo Phimpha Nark of Champasak No Muong Nokasad Ong Keo Ong Kommandam Chamleunesouk Ao Oudomphonh Boun Oum Oun Kham Mam Manivan Phanivong Phia Sing Phommathat Kaysone Phomvihane Photisarath Souvanna Phouma Nouhak Phoumsavanh Phetsarath Rattanavongsa Ouane Rattikone Ratsadanay Samsenethai Thayavong Savang Vong Savang A edit Augusts Vilis Abakuks – – a leader of the British Latvian community in exile Valerians Abakovskis – – inventor of a propeller powered railcar the aerowagon Rutanya Alda Rutanya Alda Skrastina born – actress Mommy Dearest Deer Hunter Viktors Alksnis born – Soviet military officer and Russian communist politician known as "the Black Colonel" Juris Alunans writer and philologist Ingrida Andrina – actress Iveta Apkalna born – organist Fricis Apšenieks – – chess player Vija Artmane – – actress Aspazija pen name of Elza Pliekšane poet and playwright Gunars Astra – – dissident fighter for human rights Auseklis see Mikelis Krogzems B edit Ainars Bagatskis born – basketball player Helmuts Balderis born – ice hockey player forward Janis Balodis – – army officer and politician Janis Balodis born – Latvian Australian playwright Karlis Balodis – – notable economist financist statistician and demographist Krišjanis Barons – – "the father of Latvian folk songs" who compiled and edited the first publication of Latvian folk song texts "Latvju Dainas" – Mihails Barišnikovs born – ballet dancer Karlis Baumanis – – composer author of the national anthem of the Republic of Latvia "Dievs sveti Latviju " God bless Latvia Vizma Belševica – – author candidate for Nobel Prize in Literature Eduards Berklavs – – politician leader of Latvian national communists Krišjanis Berkis – – general Dairis Bertans born – basketball player Isaiah Berlin Jesaja Berlins – – philosopher Eduards Berzinš – – soldier in the Red Army later Head of Dalstroy the Kolyma forced labour camps in North Eastern Siberia Kaspars Berzinš born – basketball player Karlis Betinš – – chess player Andris Biedrinš born – basketball player Gunars Birkerts born – architect Miervaldis Birze – – writer Ernests Blanks – – Latvian publicist writer historian the first to publicly advocate for Latvia s independence Rudolfs Blaumanis – – writer and playwright Himans Blums – – painter Janis Blums born – basketball player Arons Bogolubovs born – Olympic medalist judoka Baiba Broka born – actress Inguna Butane – fashion model C edit Valters Caps – – designed first Minox x photocameras Aleksandrs Cauna born – footballer Gustavs Celminš – – fascist politician leader of Perkonkrusts movement Vija Celmins born – American painter born in Latvia C edit Maris Caklais – poet Aleksandrs Caks – – poet Janis Cakste – – first Latvian president Tanhum Cohen Mintz Latvian born Israeli basketball player D edit Roberts Dambitis – – general and politician Janis Dalinš – – athlete race walker Emils Darzinš – – composer Kaspars Daugavinš born – ice hockey player Jacob Davis – – inventor of denim Johans Aleksandrs Heinrihs Klapje de Kolongs – – naval engineer Eliass Eliezers Desslers – – Orthodox rabbi Talmudic scholar and Jewish philosopher Leor Dimant born – the DJ for the rap metal group Limp Bizkit Anatols Dinbergs – – diplomat Aleksis Dreimanis born – geologist Inga Drozdova born – model and actress Olgerts Dunkers – – actor and film director E edit Mihails Eizenšteins – – architect Sergejs Eizenšteins – – film director Modris Eksteins born – Canadian historian and writer Andrievs Ezergailis born – historian of the Holocaust F edit Movša Feigins – – chess player Gregors Fitelbergs – – conductor composer and violinist Vesels fon Freitags Loringhofens – – colonel and member of the German resistance against German dictator Adolf Hitler Laila Freivalds born – former Swedish Minister of Foreign Affairs G edit Inese Galante born – opera singer soprano Gints Gabrans born – artist Elina Garanca born – opera singer mezzo soprano Karlis Goppers – – general founder of Latvian Boy Scouts Andrejs Grants born – photographer Ernests Gulbis born – tennis player Natalija Gulbis born – Latvian descent LPGA golfer G edit Uldis Germanis – – historian under the alias of Ulafs Jansons a social commentator Aivars Gipslis – – chess player H edit Moriss Halle born – linguist Filips Halsmans – – Latvian American photographer Juris Hartmanis born – computer scientist Turing Award winner Uvis Helmanis – basketball player I edit Arturs Irbe born – ice hockey player goalkeeper Karlis Irbitis – – aviation inventor engineer designer J edit Gatis Jahovics – basketball player Mariss Jansons born – conductor Inese Jaunzeme born – athlete Rashida Jones born Latvian American actress K edit Aivars Kalejs born organist composer Sandra Kalniete born – politician diplomat former Latvia s EU commissioner Bruno Kalninš – – Saeima member Red Army General Imants Kalninš born – composer politician Oskars Kalpaks – – colonel first Commander of Latvian National Armed Forces Kaspars Kambala born – basketball player Martinš Karsums born – ice hockey player Reinis Kaudzite writer and journalist Renars Kaupers – musician Jekabs Ketlers – – Duke of the Duchy of Courland and Semigallia Gustavs Klucis – – painter and graphic designer Aleksandrs Koblencs – – chess player Abrams Izaks Kuks – – chief rabbi Jewish thinker statesman diplomat mediator and a renowned scholar Aleksandrs Kovalevskis – – zoologist Gidons Kremers born – violinist and conductor Mikelis Krogzems – – poet author and translator of German poets Juris Kronbergs born – poet writer free lance journalist translator Atis Kronvalds – – teacher and journalist reformed the Latvian language organized the first Latvian Song and Dance Festival Dainis Kula born – athlete Olympic gold medal in javelin Alberts Kviesis – – president of Latvia L edit Aleksandrs Laime – – explorer Vilis Lacis – – author and politician Ginta Lapina born – fashion model Natalija Lašenova – gymnastics Olympic champion team Ed Leedskalnin Edvards Liedskalninš – – builder of Coral Castle in Florida claimed to have discovered the ancient magnetic levitation secrets used to construct the Egyptian pyramids Jekabs Mihaels Reinholds Lencs – – author Marija Leiko – – actress Aleksandrs Liepa – – inventor artist Maris Liepa – – ballet dancer Maksims Lihacovs born – professional football player Peggy Lipton born Latvian American actress Nikolajs Loskis – – philosopher Janis Lusis born – athlete Olympic champion L edit Jevgenija Lisicina born – organist M edit Maris Martinsons born film director producer screenwriter and film editor Hermanis Matisons – – chess player Zenta Maurina – – writer literary scholar culture philosopher Juris Maters – – author lawyer and journalist translated laws to Latvian and created the foundation for Latvian law Janis Medenis poet Arnis Mednis singer Zigfrids Anna Meierovics – – first Latvian Minister of Foreign Affairs Leo Mihelsons – – artist Arnolds Mikelsons – – artist Jevgenijs Millers – – czarist Russian general Karlis Milenbahs – – linguist N edit Arkadijs Naidics born – chess player now resident in Germany Andris Nelsons born – conductor of The Boston Symphony Orchestra Andrievs Niedra – – pastor writer prime minister of German puppet government Arons Nimcovics – – influential chess player Reinis Nitišs born World Rallycross driver Fred Norris born – Radio personality The Howard Stern Show O edit Stanislavs Olijars born – athlete European champion in m Hurdles Vilhelms Ostvalds – – received the Nobel Prize in Chemistry in for his work on catalysis chemical equilibria and reaction velocities Elvira Ozolina born – athlete Olympic gold medal in javelin Sandis Ozolinš born – ice hockey player defense Valdemars Ozolinš – – composer conductor P edit Artis Pabriks born – Minister of Foreign Affairs – Karlis Padegs – – Graphic artist painter Marians Pahars born – soccer player Raimonds Pauls born – popular composer widely known in Russia Lucija Peka – – Artist of the Latvian Diaspora Jekabs Peterss – – revolutionary and Soviet Cheka leader Brita Petersone – American model Kaspars Petrovs born – serial killer Vladimirs Petrovs – – chess player Oskars Perro – Latvian soldier and writer Andris Piebalgs born – politician diplomat European Commissioner for Energy Janis Pliekšans – – distinguished Latvian writer author of a number of poetry collections Juris Podnieks – – film director producer Nikolajs Polakovs – – Coco the Clown Janis Poruks writer Rosa von Praunheim born – film director author painter and gay rights activist Sandis Prusis born – athlete bobsleigh Uldis Pucitis actor director Janis Pujats born – Roman Catholic cardinal Andrejs Pumpurs – – poet author of Latvian national epic Lacplesis R edit Rainis pseudonym of Janis Pliekšans poet and playwright Dans Rapoports American financier and philanthropist Lauris Reiniks – singer songwriter actor and TV personality Einars Repše born – politician Lolita Ritmanis born – orchestrator composer Ilja Ripss born inventor of the Bible Code Fricis Rokpelnis – – author Marks Rotko – – abstract expressionist painter Elza Rozenberga – – poet playwright married to Janis Pliekšans Juris Rubenis born – famous Lutheran pastor Martinš Rubenis born – athlete bronze medalist at the Winter Olympics in Turin Brunis Rubess born – businessman Inta Ruka born – photographer Tana Rusova born – pornographic actress S edit Rudolfs Saule born ballet master performer with the Latvian National Ballet Uljana Semjonova born – basketball player Haralds Silovs – short track and long track speed skater Karlis Skalbe – – poet Karlis Skrastinš – – ice hockey player Baiba Skride born – violinist Konstantins Sokolskis – – romance and tango singer Ksenia Solo born Latvian Canadian actress Serge Sorokko born art dealer and publisher Raimonds Staprans born – Latvian American painter Janis Šteinhauers – – Latvian industrialist entrepreneur and civil rights activist Gotthard Friedrich Stender – the first Latvian grammarian Lina Šterna – – biologist and social activist Roze Stiebra born animator Henrijs Stolovs – – stamp dealer Janis Streics born – film director screenwriter actor Janis Strelnieks born – basketball player Peteris Stucka – – author translator editor jurist and educator Janis Sudrabkalns poet and journalist Jevgenijs Svešnikovs born – prominent chess player Stanislavs Svjanevics – – economist and historian Š edit Viktors Šcerbatihs born – athlete weightlifter Pauls Šimanis – – Baltic German journalist politician activist defending and preserving European minority cultures Vestards Šimkus born – pianist Aleksejs Širovs born – chess player Andris Škele born – politician Prime Minister of Latvia Armands Škele – basketball player Ksenia Solo born – actress Ernests Štalbergs – – architect ensemble of the Freedom Monument Izaks Nahmans Šteinbergs – – politician lawyer and author Maris Štrombergs – BMX cyclist gold medal winner at and Olympics T edit Esther Takeuchi born – materials scientist and chemical engineer Mihails Tals – – the th World Chess Champion Janis Roberts Tilbergs – – painter sculptor U edit Guntis Ulmanis born – president of Latvia Karlis Ulmanis – – prime minister and president of Latvia


abby-lane abby-rode abigail-clayton ada-tauler addie-juniper addison-cain adele-wiesenthal adeline-lange adeline-pollicina adriana-amante adrianna-laurenti adrianna-russo agnes agnes-ardant agnes-zalontai aimee-addison aisha-sun aja aleena-ferari alessandra-schiavo aletta-ocean alexandra-nice alexandria-cass alexa-parks alex-dane alex-foxe alexia-knight alexis-devell alexis-firestone alexis-greco alexis-payne alexis-x alex-storm alex-white aliana-love alice-springs alicia-alighatti alicia-monet alicia-rio alicyn-sterling alighiera-olena ali-moore aline-santos alissa-ashley allysin-chaynes alysin-embers alyssa-love alyssa-reece amanda-addams amanda-blake amanda-blue amanda-jane-adams amanda-rae amanda-stone amanda-tyler amber-hunt amberlina-lynn amber-lynn amber-michaels amber-peach amber-wild amber-woods ambrosia-fox amia-miley ami-rodgers amy-allison amy-brooke amy-rose amy-starz anastasia-christ anastasia-sands andrea-adams andrea-brittian andrea-lange andrea-true andy angel angela-baron angela-summers angel-barrett angel-cash angel-cruz angel-cummings angel-ducharme angelica-sin angelika-reschner angelina-brasini angelina-korrs angelina-valentine angel-kelly angel-long angel-west angie-knight anita-andic anita-blond anita-cannibal anita-dark anna-belle anna-malle anna-nikova anna-pierce anna-ventura anna-veruska anne-bie-warburg anne-libert anne-magle anne-sand annette-haven annie-sprinkle ann-kiray ann-marie-michelle antonia-dorian april-flowers april-may april-west arcadia-lake ariana-bali ariana-jollee arlana-blue ashley-anne ashley-brooks ashley-coda ashley-fires ashley-lauren ashley-long ashley-marie ashley-nicole ashley-perk ashley-renee ashley-robbins ashley-welles ashley-wells ashley-winger ashlyn-gere astrid-bone athena-star aubrey-nichols aurora aurora-snow autumn-bliss autumn-rayne ava-devine ava-lauren avalon ava-marteens avy-lee-roth bailey-monroe bambi-allen barbara-bourbon barbara-boutet barbara-dare barbara-doll barbara-moose barbarella barbie-angel barbie-doll barett-moore bea-fiedler beata beatrice-poggi beatrice-valle becky-savage becky-sunshine belinda-butterfield bella-donna bethany-sweet beverly-bliss beverly-glen biggi-stenzhorn bionca black-widow blond-cat blondi blue-angel bobbi-bliss bobbi-dean bobbie-burns bonnie-holiday brandee brandi-edwards brandy-alexandre brandy-dean brandy-lee brandy-smile brandy-wine bree-anthony breezy-lane brenda-basse briana-blair bridgette-belle bridgette-monet bridgette-monroe bridget-waters brigitte-lahaie brigitte-monnin brigitte-verbecq brittany brittany-stryker britt-corvin britt-morgan bronze brooke-bennett brooke-fields brooke-haven brooke-west brook-van-buuren buffy-davis bunnie-blake bunny-bleu bunny-hatton busty-belle cali-caramel calisyn-heart cameo cameron-love camila-sampaio camilla-rhodes camille-morgan camrie-foxxx candace-daley candi candida-royalle candie-evens candi-summers candy-apples candy-barr candy-hill candy-samples candy-stanton cara-lott caressa-savage carmel-nougat carmen-blonde carmen-de-la-torre carmen-moore carmen-rose carol-connors carol-cross carol-cummings carole-dubois carole-gire carole-pierac carol-titian carolyn-connoly carolyn-monroe carrie-cruise cassandra-leigh cassidy cassie-courtland cataline-bullock catherine-count catherine-crystal catherine-ringer catherine-tailleferre cathy-delorme cathy-menard cathy-stewart celeste-fox celine-gallone chanel-preston chanel-price chantal-virapin chanta-rose chantelle-stevens charisma charisma-cole charlie-latour charlie-waters charlotte-de-castille charmane-star chasey-lain chayse-manhattan chaz-vincent chelsea-sinclaire chennin-blanc cheri-janvier cheri-taylor cherry-hill chessie-moore cheyenne-hunter cheyenne-silver china-lee china-leigh china-moon chloe-cruize chloe-dior chloe-kez chloe-stevens chris-collins chris-jordan chris-petersen chrissie-beauchamp christa-abel christa-ludwig christie-ford christi-lake christina-berg christina-blond christina-evol christina-skye christine-black christine-chavert christine-neona christine-rigoler christy-canyon cicciolina cindi-stephens cindy-carver cindy-crawford cindy-more cindy-shepard cindy-wong cinthya-marinho clair-dia claire-robbins claude-janna claudia-jackson claudia-jamsson claudia-mehringer claudia-nero claudia-van-statt claudia-zante claudine-beccarie clea-carson cleo-nichole cleo-patra cody-lane cody-love cody-nicole coffee-brown colleen-brennan connie-bennett connie-peterson constance-money copper-penny coreena corey-everson corinne-lemoine corneliah cory-everson cory-wolf courtney courtney-cummz courtney-james cris-cassidy crissy-moran cris-taliana crystal-breeze crystal-dawn crystal-holland crystal-knight crystal-lake crystal-lovin crystal-sync csilla-kalnay cuban-bee cynara-fox cyndee-summers cynthia-black cynthia-brooks cynthia-hammers cynthia-lavigne dagmar-lost daisy-layne dallas-miko dana-dylan dana-lynn danica-rhea daniela-nanou daniela-schiffer daniele-troeger daniella daniella-schiffer danielle danielle-foxxx danielle-rodgers danny-ricci danyel-cheeks daphne daphne-rosen darby-lloyd-rains darla-crane darla-delovely davia-ardell dayton-rain debbie-northrup debbie-revenge debbie-van-gils debi-diamond debi-jointed debra-lynn deidra-hopkins deidre-holland delania-raffino delia-moore delphine-thail delta-force delta-white demi-moor denice-klarskov denise-derringer denise-dior denise-sloan desiree-cousteau desiree-foxx desiree-lane desiree-west deva-station devin-devasquez devinn-lane devon-shire dia diana-holt diana-kisabonyi diana-siefert diana-stevenson diane-dubois diane-richards diane-sloan diane-suresne dido-angel dillan-lauren dina-deville dina-jewel dina-pearl ditty-blue diva divinity-love djiana dolly-darkley dominique dominique-dewitt dominique-saint-claire donna-hart donna-marie dorle-buchner dorothy-lemay dorothy-onan drea drimla dru-berrymore dusty-rose dyanna-lauren ebony-ayes edina-blond edita-ungerova edwige-faillel eileen-wells elaine-southern elena-berkova elena-maria-ricci eleonore-melzer elisabeth-bure elis-black elise elise-di-medici elle-devyne elle-rio elodie-delage elsa-maroussia elza-brown emili-doll emily-evermoore emily-george emily-jewel emmanuelle-pareze envy-mi erica-boyer erica-eaton erica-havens erica-idol erica-lauren erika-bella erika-cool erika-heaven erika-lockett esme-monroe eva-allen eva-angel eva-dionisio eva-gross eva-kleber eva-lux eva-uettori eve-laurence evelyne-lang evie-delatosso fabiana-venturi faith-stevens fallon fanny-garreau fanny-steel faye-runaway flame flick-shagwell flore-soller flower france-lomay france-quenie francoise frankie-leigh gabriella gabriella-mirelba gabriella-vincze gail-force gail-palmer gail-sterling georgette-saunders georgia-peach georgina-spelvin gia-givanna gianna-lynn gili-sky gina-carrera gina-gianetti gina-janssen gina-lee gina-martell gina-valentino ginger-jay ginger-lee ginger-lynn ginny-noack giovanna gisela-schwarz giselle-monet gladys-laroche gloria-leonard gloria-todd golden-jade greta-carlson greta-milos guia-lauri-filzi gwenda-farnel hare-krane harley-raine hayley-jade hazel-young heather-deeley heather-ellis heather-hart heather-lere heather-lyn heather-manfield heather-thomas heather-torrance heather-wayne heather-young helen-madigan helen-thomas helga-sven helga-wild hillary-summers holly-hollywood holly-joy holly-page holly-ryder honey-winter hottie-hollie hyapatia-lee ida-fabry ildiko-smits illana-moor ines-ridere ingrid-choray isabella-dior isabella-soprano isabelle-allay isabelle-brell isabelle-marchall isobel-wren iveta ivette-blanche jackie-right jacqueline-lorians jacy-allen jada-stevens jade-east jade-hsu jade-marcela jade-summers jade-wong jahn-gold jamie-brooks jamie-james jamie-summers jana-irrova jana-mrazkova jane-baker jane-darling jane-iwanoff jane-lindsay jane-lixx janet-jacme janey-robbins jasmine-delatori jayden-simone jaylyn-rose jayna-woods jazella-moore jazmin-luna-gold jean-afrique jeanette-littledove jeanie-marie-sullivan jean-jennings jeanna-fine jeannie-pepper jenna-jameson jenna-jane jenna-presley jenna-wells jennifer-haussmann jennifer-janes jennifer-jordan jennifer-morante jennifer-noxt jennifer-stewart jennifer-welles jennifer-west jenny jenny-feeling jenny-fields jenny-wings jersey-jaxin jesie-st-james jesse-capelli jessica-bangkok jessica-bogart jessica-darlin jessica-fiorentino jessica-gabriel jessica-laine jessica-may jessica-road jessica-wylde jessi-foster jill-ferari jill-kelly joana-redgrave joan-devlon joanna-storm joanna-sweet jody-maxwell joelle-lequement joelle-petinot johnni-black jordana-james jordan-green jordan-nevaeh jordan-star josephine-carrington joslyn-james julia-chanel julia-dal-fuoco juliana-grandi julia-paes julia-parton julia-perrin julia-swen julia-thomas julie-meadows julie-rage julie-simone juliet-anderson juliet-graham juliette-carelton kacey-jordan kagney-linn-karter kaitlyn-ashley kalena-rios kami-andrews kamila-smith kandee-licks kandi-barbour kapri-styles kara-nox karen-summer kari-foxx karine-gambier karin-schubert karli-sweet karmen-kennedy karol-castro kascha kassi-nova kat kate-frost kate-jones kathia-nobili kathleen-gentry kathleen-white kathy-divan kathy-harcourt kathy-heart kathy-kash katie-cummings katja-love kat-langer katrina-isis katrina-kraven katy-borman katy-caro kaycee-dean kayla-kupcakes kay-parker k-c-valentine keama-kim keira-moon keisha keli-richards kelli-tyler kelly-adams kelly-blue kelly-broox kelly-hearn kelly-kay kelly-kline kelly-nichols kelly-royce kelly-skyline kendra-kay kenzi-marie keri-windsor ketthy-divan kianna-dior kiley-heart kim-alexis kimber-blake kimberly-carson kimberly-kane kimberly-kyle kim-de-place kim-holland kimi-gee kimkim-de kim-kitaine kimmie-lee kimmy-nipples kina-kara kira-eggers kira-red kirsty-waay kitty-langdon kitty-lynxxx kitty-marie kitty-shayne kitty-yung kora-cummings kris-lara krista-lane krista-maze kristara-barrington kristarah-knight kristi-klenot kristina-blonde kristina-king kristina-klevits kristina-soderszk kristine-heller kristin-steen krisztina-ventura krystal-de-boor krystal-steal kylee-karr kylee-nash kylie-brooks kylie-channel kylie-haze kylie-wylde kym-wilde kyoto-sun lachelle-marie lacy-rose lady-amanda-wyldefyre lady-stephanie laetitia-bisset lana-burner lana-cox lana-wood lara-amour lara-roxx lara-stevens lataya-roxx latoya laura-clair laura-lazare laura-lion laura-may laura-orsolya laura-paouck laura-zanzibar lauren-black laurence-boutin lauren-montgomery laurien-dominique laurien-wilde laurie-smith lauryl-canyon lauryn-may leah-wilde lea-magic lea-martini leanna-foxxx lee-caroll leigh-livingston leilani lenora-bruce leslie-winston lesllie-bovee letizia-bruni lexi-lane lexi-matthews lezley-zen lia-fire liliane-gray liliane-lemieuvre lili-marlene lily-gilder lily-labeau lily-rodgers lily-valentine linda-shaw linda-vale linda-wong linnea-quigley lisa-bright lisa-de-leeuw lisa-k-loring lisa-lake lisa-melendez lisa-sue-corey lise-pinson little-oral-annie liza-dwyer liza-harper lizzy-borden logan-labrent lois-ayres lola-cait long-jean-silver loni-bunny loni-sanders loona-luxx lorelei-lee lorelei-rand lorena-sanchez lori-alexia lori-blue lorrie-lovett luci-diamond lucie-doll lucie-theodorova lucy-van-dam lydia-baum lynn-franciss lynn-lemay lynn-ray lynn-stevens lynx-canon lysa-thatcher madelina-ray madison-parker magdalena-lynn maggie-randall mai-lin mandi-wine mandy-bright mandy-malone mandy-may mandy-mistery mandy-starr marcia-minor maren margit-ojetz margitta-hofer margo-stevens margot-mahler mariah-cherry marianne-aubert maria-tortuga marie-anne marie-christine-chireix marie-christine-veroda marie-claude-moreau marie-dominique-cabannes marie-france-morel marie-luise-lusewitz marie-sharp marilyn-chambers marilyne-leroy marilyn-gee marilyn-jess marilyn-martyn marilyn-star marina-hedman marion-webb marita-ekberg marita-kemper marlena marlene-willoughby marry-queen martine-grimaud martine-schultz maryanne-fisher mary-hubay mary-ramunno mary-stuart mascha-mouton maud-kennedy mauvais-denoir maxine-tyler maya-black maya-france megan-leigh megan-martinez megan-reece mei-ling melanie-hotlips melanie-scott melba-cruz melinda-russell melissa-bonsardo melissa-del-prado melissa-golden melissa-martinez melissa-melendez melissa-monet mercedes-dragon mercedes-lynn merle-michaels mesha-lynn mia-beck mia-lina mia-smiles michele-raven michelle-aston michelle-ferrari michelle-greco michelle-maren michelle-maylene michelle-monroe micki-lynn mika-barthel mika-tan mikki-taylor mimi-morgan mindy-rae ming-toy miranda-stevens miss-bunny miss-meadow miss-pomodoro missy missy-graham missy-stone missy-vega misti-jane mistress-candice misty-anderson misty-dawn misty-rain misty-regan mona-lisa mona-page moni monica-baal monica-swinn monika-peta monika-sandmayr monika-unco monique-bruno monique-cardin monique-charell monique-demoan monique-gabrielle monique-la-belle morgan-fairlane morrigan-hel moxxie-maddron mulani-rivera mysti-may nadege-arnaud nadia-styles nadine-bronx nadine-proutnal nadine-roussial nadi-phuket nanci-suiter nancy-hoffman nancy-vee natacha-delyro natalia-wood natalli-diangelo natascha-throat natasha-skyler naudia-nyce nessa-devil nessy-grant nesty nicki-hunter nicky-reed nicole-berg nicole-bernard nicole-black nicole-grey nicole-london nicole-parks nicole-scott nicole-taylor nicolette-fauludi nicole-west nika-blond nika-mamic niki-cole nikita-love nikita-rush nikki-charm nikki-grand nikki-king nikki-knight nikki-randall nikki-rhodes nikki-santana nikki-steele nikki-wilde niko nina-cherry nina-deponca nina-hartley nina-preta oana-efria obaya-roberts olesja-derevko olga-cabaeva olga-conti olga-pechova olga-petrova olivia-alize olivia-del-rio olivia-flores olivia-la-roche olivia-outre ophelia-tozzi orchidea-keresztes orsolya-blonde paige-turner paisley-hunter pamela-bocchi pamela-jennings pamela-mann pamela-stanford pamela-stealt pandora paola-albini pascale-vital pat-manning pat-rhea patricia-dale patricia-diamond patricia-kennedy patricia-rhomberg patrizia-predan patti-cakes patti-petite paula-brasile paula-harlow paula-morton paula-price paula-winters pauline-teutscher penelope-pumpkins penelope-valentin petra-hermanova petra-lamas peyton-lafferty phaedra-grant pia-snow piper-fawn pipi-anderson porsche-lynn porsha-carrera precious-silver priscillia-lenn purple-passion queeny-love rachel-ashley rachel-love rachel-luv rachel-roxxx rachel-ryan rachel-ryder racquel-darrian rane-revere raven reagan-maddux rebecca-bardoux regan-anthony regine-bardot regula-mertens reina-leone reka-gabor renae-cruz renee-foxx renee-lovins renee-morgan renee-perez renee-summers renee-tiffany rhonda-jo-petty rikki-blake riley-ray rio-mariah rita-ricardo roberta-gemma roberta-pedon robin-byrd robin-cannes robin-everett robin-sane rochell-starr rosa-lee-kimball rosemarie roxanne-blaze roxanne-hall roxanne-rollan ruby-richards sabina-k sabre sabrina-chimaera sabrina-dawn sabrina-jade sabrina-johnson sabrina-love-cox sabrina-mastrolorenzi sabrina-rose sabrina-scott sabrina-summers sacha-davril sahara sahara-sands sai-tai-tiger samantha-fox samantha-ryan samantha-sterlyng samantha-strong samueline-de-la-rosa sandra-cardinale sandra-de-marco sandra-kalermen sandra-russo sandy-lee sandy-pinney sandy-reed sandy-samuel sandy-style sandy-summers sara-brandy-canyon sara-faye sarah-bernard sarah-cabrera sarah-hevyn sarah-mills sarah-shine sara-sloane sasha sasha-hollander sasha-ligaya sasha-rose satine-phoenix satin-summer savannah-stern savanna-jane scarlet-scarleau scarlet-windsor seka selena serena serena-south severine-amoux shana-evans shanna-mccullough shannon-kelly shannon-rush shantell-day sharon-da-vale sharon-kane sharon-mitchell shaun-michelle shawna-sexton shawnee-cates shay-hendrix shayne-ryder sheena-horne sheer-delight shelby-star shelby-stevens shelly-berlin shelly-lyons sheri-st-clair sheyla-cats shonna-lynn shyla-foxxx shy-love sierra-sinn sierra-skye sigrun-theil silver-starr silvia-bella silvia-saint silvie-de-lux silvy-taylor simone-west sindee-coxx sindy-lange sindy-shy siobhan-hunter skylar-knight skylar-price skyler-dupree smokie-flame smoking-mary-jane solange-shannon sonya-summers sophia-santi sophie-call sophie-duflot sophie-evans sophie-guers stacey-donovan stacy-lords stacy-moran stacy-nichols stacy-silver stacy-thorn starla-fox starr-wood stefania-bruni stella-virgin stephanie-duvalle stephanie-rage stephanie-renee stevie-taylor summer-knight summer-rose sunny-day sunset-thomas sunshine-seiber susan-hart susanne-brend susan-nero susi-hotkiss suzanne-mcbain suzan-nielsen suzie-bartlett suzie-carina suzi-sparks sweet-nice sweety-pie sybille-rossani sylvia-benedict sylvia-bourdon sylvia-brand sylvia-engelmann syreeta-taylor syren-de-mer syvette szabina-black szilvia-lauren tai-ellis taija-rae taisa-banx talia-james tamara-lee tamara-longley tamara-n-joy tamara-west tami-white tammy tammy-lee tammy-reynolds tania-lorenzo tantala-ray tanya-danielle tanya-fox tanya-foxx tanya-lawson tanya-valis tara-aire tasha-voux tatjana-belousova tatjana-skomorokhova tawnee-lee tawny-pearl tayla-rox taylor-wane teddi-austin teddi-barrett tera-bond tera-heart tera-joy teresa-may teresa-orlowski teri-diver teri-weigel terri-dolan terri-hall tess-ferre tess-newheart thais-vieira tia-cherry tianna tiara tiffany-blake tiffany-clark tiffany-duponte tiffany-rayne tiffany-rousso tiffany-storm tiffany-towers tiffany-tyler tiger-lily tigr timea-vagvoelgyi tina-blair tina-burner tina-evil tina-gabriel tina-loren tina-marie tina-russell tish-ambrose tommi-rose tonisha-mills topsy-curvey tori-secrets tori-sinclair tori-welles tracey-adams traci-lords traci-topps traci-winn tracy-duzit tracy-love tracy-williams tricia-devereaux tricia-yen trinity-loren trisha-rey trista-post trixie-tyler ultramax ursula-gaussmann ursula-moore uschi-karnat valentina valerie-leveau valery-hilton vanessa-chase vanessa-del-rio vanessa-michaels vanessa-ozdanic vanilla-deville velvet-summers veri-knotty veronica-dol veronica-hart veronica-hill veronica-rayne veronica-sage veronika-vanoza via-paxton vicky-lindsay vicky-vicci victoria-evans victoria-gold victoria-knight victoria-luna victoria-paris victoria-slick victoria-zdrok viper virginie-caprice vivian-valentine vivien-martines wendi-white wendy-divine whitney-banks whitney-fears whitney-wonders wonder-tracey wow-nikki xanthia-berstein yasmine-fitzgerald yelena-shieffer yvonne-green zara-whites zsanett-egerhazi zuzie-boobies

customers since most industrial customers are accustomed to purchasing insurance through a broker. The Travelers Property Casualty Corporation merged with The St. Paul Companies Inc. in 2004 forming The St. Paul Travelers Companies.[55] Citigroup retained the life insurance and annuities underwriting business; however, it sold those businesses to MetLife in 2005.[56] Citigroup still[when?] heavily sells all forms of insurance, but it no longer underwrites insurance.[citation needed] In spite of their divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St. Paul Travelers,[57] which renamed itself Travelers Companies. Citigroup also decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex. January 2008 subprime mortgage crisis[edit] Heavy exposure to troubled mortgages in the form of collateralized debt obligation (CDOs), compounded by poor risk management, led Citigroup into trouble as the subprime mortgage crisis worsened 2008. The company had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn, or the prospect that millions of mortgage holders would default on their mortgages. Trading head Thomas Maheras was close friends with senior risk officer David Bushnell, which undermined risk oversight.[58][59] As Treasury Secretary, Robert Rubin was said to be influential in lifting the regulations that allowed Travelers and Citicorp to merge in 1998. Then on the board of directors of Citigroup, Rubin and Charles Prince were said to be influential in pushing the company towards MBS and CDOs in the subprime mortgage market. Starting in June 2006, Senior Vice President Richard M. Bowen III, the chief underwriter of Citigroup's Consumer Lending Group, began warning the board of directors about the extreme risks being taken on by the mortgage operation that could potentially result in massive losses. The group bought and sold $90 billion of residential mortgages annually. Bowen's responsibility was essentially to serve as the quality control supervisor ensuring the unit's creditworthiness. When Bowen first blew the whistle in 2006, 60% of the mortgages were defective. The amount of bad mortgages began increasing throughout 2007 and eventually exceeded 80% of the volume. Many of the mortgages were not only defective, but were fraudulent. Bowen attempted to rouse the board via weekly reports and other communications. On November 3, 2007, Bowen emailed Citigroup Chairman Robert Rubin and the bank's chief financial officer, head auditor and the chief risk management officer to again expose the risk and potential losses, claiming that the group's internal controls had broken down and requesting an outside investigation of his business unit. The subsequent investigation revealed that at the Consumer Lending Group had suffered a breakdown of internal controls since 2005. Regardless of the findings of the investigation, Bowen's charges were ignored, despite the fact that withholding such information from shareholders violated the Sarbanes–Oxley Act (SOX), which he had pointed out. Citigroup CEO Charles Prince signed a certification that the bank was in compliance with SOX despite Bowen revealing this wasn't so. Citigroup eventually stripped Bowen of most of his responsibilities and informing him that his physical presence was no longer required at the bank. The Financial Crisis Inquiry Commission asked him to testify about Citigroup's role in the mortgage crisis, and he did so, appearing as one of the first witnesses before the Commission in April 2010.[60][61] As the crisis began to unfold, Citigroup announced on April 11, 2007, that it would eliminate 17,000 jobs, or about 5 percent of its workforce, in a broad restructuring designed to cut costs and bolster its long underperforming stock.[62] Even after securities and brokerage firm Bear Stearns ran into serious trouble in summer 2007, Citigroup decided the possibility of trouble with its CDO's was so tiny (less than 1/100 of 1%) that they excluded them from their risk analysis. With the crisis worsening, Citigroup announced on January 7, 2008 that it was considering cutting another 5 percent to 10 percent of its 327,000 member-workforce.[63][64] November 2008, Collapse & US Government Intervention (part of the Global Financial Crisis)[edit] By November 2008, Citigroup was insolvent, despite its receipt of $25 billion in tax-payer funded federal Troubled Asset Relief Program funds. On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010. The same day on Wall Street markets responded, with shares falling and dropping the company's market capitalization to $6 billion, down from $300 billion two years prior.[65] Eventually staff cuts totaled over 100,000 employees.[66] Its stock market value dropped to $20.5 billion, down from $244 billion two years earlier.[65] Shares of Citigroup common stock traded well below $1.00 on the New York Stock Exchange. As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value. On November 24, 2008, the U.S. government announced a massive stimulus package for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. A joint statement by the US Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy."[67][68] The arrangement calls for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. The Treasury would provide $20 billion in Troubled Asset Relief Program (TARP) funds in addition to $25 billion given in October. The Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) would cover 90% of the losses on its $335 billion portfolio after Citigroup absorbed the first $29 billion in losses.[69] The assets remain on Citigroup's balance sheet; the technical term for this arrangement is ring fencing. In return the bank would give Washington $27 billion of preferred shares and warrants to acquire stock. The government would obtain wide powers over banking operations. Citigroup agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bank, with the goal of keeping as many homeowners as possible in their houses. Executive salaries would be capped[70] As a condition of the federal assistance, Citigroup's dividend payment was reduced to one cent per share. January–February 2009: Creation of Citi Holdings[edit] On January 16, 2009, Citigroup announced its intention to reorganize itself into two operating units: Citicorp for its retail and institutional client business, and Citi Holdings for its brokerage and asset management.[71] Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "tak[e] advantage of value-enhancing disposition and combination opportunities as they emerge",[71] and eventual spin-offs or mergers involving either operating unit were not ruled out.[72] On February 27, 2009 Citigroup announced that the United States government would be taking a 36% equity stake in the company by converting $25 billion in emergency aid into common shares. Citigroup shares dropped 40% on the news. On June 1, 2009, it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, 2009, due to significant government ownership. Citigroup was replaced by Travelers Co.[73] 2010: Return to profitability, denationalization[edit] In 2010, Citigroup achieved its first profitable year since 2007. It reported $10.6 billion in net profit, compared with a $1.6 billion loss in 2009.[74] Late in 2010, the government sold its remaining stock holding in the company, yielding an overall net profit to taxpayers of $12 billion.[75] 2012–2014: Failed Federal Reserve stress tests[edit] On March 13, 2012, the Federal Reserve reported Citigroup is one of the four financial institutions, out of 19 major banks, that have failed its stress tests. The tests make sure banks have enough capital to withstand huge losses in a financial crisis like one Citigroup faced in 2008 and early 2009 when it almost collapsed. The 2012 stress tests determine whether banks could withstand a financial crisis that has unemployment at 13 percent, stock prices to be cut in half, and home prices decreased by 21 percent from current levels.[76][77] According to Citi and the Federal Reserve stress test report, Citi failed the Fed stress tests due to Citi's high capital return plan and its international loans rated by the Fed to be at higher risk than its domestic American loans.[78][79][80][81] Citi gets half their revenues from its international businesses. In comparison, Bank Of America, which passed the stress test and did not ask for a capital return to investors, gets 78% of its revenue in the United States.[82] On March 26, 2014, the Federal Reserve reported that Citigroup was one of the five financial institutions that had failed its stress tests, but that Citigroup had failed it again. Unlike in the failed stress test in 2012, the Fed failed Citigroup on qualitative concerns, which were left unresolved despite regulatory warnings, versus quantitative calculations. The report specifically states as quoted that Citigroup failed "to project revenues and losses under a stressful scenario for material parts of the firm's global operations and its ability to develop scenarios for its internal stress testing that adequately reflects its full range business activities and exposures." The Fed did not state the $400 million fraud at Oceanografia, which forced Citigroup to revise to lower earnings, as a reason.[83][84][85] 2015 onwards[edit] In May 2015, the bank announced it would be selling its margin foreign exchange business, including CitiFX Pro and TradeStream, to FXCM and Denmark’s SAXO Bank for an undisclosed amount.[86] In July 2015, Citi agreed to sell its retail and commercial banking operations in Panama and Costa Rica to Canada's Bank of Nova Scotia (Scotiabank). The operations being sold include 27 branches serving approximately 250,000 clients in the two countries. Citi will continue to offer corporate and institutional banking and wealth management in Panama and Costa Rica.[87] Businesses[edit] Citi is organized into two major segments – Citicorp and Citi Holdings.[88][89] Citicorp contains two core businesses, i.e. Global Consumer Banking[90] and Institutional Clients Group,[91] while Citi Holdings contains Citi's non-core businesses, i.e. Brokerage and Asset Management (formerly includes Smith Barney), Global Consumer Finance, and Citi's Special Asset Portfolios.[92] Consumer banking[edit] Citibank (Retail Banking)[edit] Retail banking encompasses Citi's global branch network, branded Citibank. Citibank has more than 4,600 branches in the world and holds more than $300 billion deposits. Citibank is the third largest retail bank in the United States based on deposits, and it has Citibank branded branches in countries throughout the world, with the exception of Mexico which is under a separate subsidiary called Banamex. Banamex, which serves about 20 million clients, is Mexico's largest local financial institution as measured by assets. Citibank offers Citibank/Citigold Checking and Savings accounts, Small Business and Commercial Banking and Personal Wealth Management among its services. In 2011, Citi is the first bank to introduce digitized Smart Banking branches in Washington, D.C., New York, Tokyo and Busan (South Korea) while continued renovating its entire branch network.[93][94] New sales and service centers were also opened in Moscow and St. Petersburg. Citi Express modules, 24-hour service units, were introduced in Colombia. Citi recently opened new branches in three new cities in China as part of its plan to expand Citi's presence in People's Republic of China to 13 cities. Additionally, Citibank offers Citigold services world-wide to mass affluent clients with at least $50,000 USD in liquid assets. In certain markets, Citigold Select is available for clients with at least $500,000 in liquid assets.[95] Its highest tiered service, Citigold Private Client, is for high-net-worth individuals with at least $1–$3 million in liquid assets (depending on the market region) and offers access to investments and ideas from Citi Private Bank.[96][97][98][99][100] Citi Branded Cards[edit] Citi Branded Cards is one of the world's largest credit card issuers. Citi Branded Cards is responsible for around 40% of the profits with GCB, and represents the largest issuer of credit cards across the world as well as a 3,800-point ATM network across 45 countries. Citi Branded Cards introduced several new products in 2011, including: Citi ThankYou, Citi Executive/AAdvantage and Citi Simplicity cards in the U.S.. It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe. Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks.[101] Citi Retail Services[edit] Citi Retail Services moved from Citi Holdings to become part of GCB in 2012 after expanding several existing partnerships with retail clients, and re-branding to reflect the suite of services offered to partners.[102] It is one of the largest providers of consumer and commercial credit card products, services, and retail solutions in the U.S.[103] Citi Commercial Bank[edit] Commercial Banking at Citi serves 100,000 small to medium-size companies in 32 countries.[104] CitiMortgage[edit] CitiMortgage services real estate mortgages.[105][106] Institutional Clients Group[edit] Citi's Institutional Clients Group (ICG) offers investment and corporate banking services and products for corporates, governments, institutions, and ultra high-net-worth investors. Containing Citi's most market-sensitive divisions, ICG consists of five main divisions: Citi Capital Markets Origination, Citi Markets & Securities Services (including Citi Research), Citi Corporate & Investment Banking, Citi Private Bank, and Citi Treasury and Trade Solutions. Citi Capital Markets Origination[edit] Citi's Capital Markets Origination business is focused on the capital-raising needs for institutional clients. It is a spin-off of its former Citi Markets division. Citi Markets & Securities Services[edit] Former Transactions Service unit, Securities Funds Services, was merged with Citi Markets to form Citi Markets & Securities Services. The current unit includes Investor Services and Direct Custody and Clearing, Hedge and Private Equity Servicing, and Issuer businesses. It provides financial products through underwriting, sales & trading of a range of investment assets. Products offered include equities, commodities, credit, futures, foreign exchange (FX), emerging markets, G10 rates, municipals, prime finance/brokerage services, and securitized markets, such as collateralized debt obligations and mortgage-backed securities.[107] Its Citi Research team provides equity and fixed income research, company, sector, economic and geographic market analysis, and product-specific analysis for Citi's individual and institutional clients. Its flagship research reports include the following: Portfolio Strategist, Bond Market Roundup, U.S. Economics Weekly, International Market Roundup, Global Economic Outlook & Strategy and the Global Equity Strategist.[108] Citi Corporate & Investment Banking[edit] Citi Corporate & Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions, governments, and privately held businesses in more than 160 countries. Citi Corporate & Investment Banking won several awards in 2011, including International Financing Review's Best Americas Securitization for Ford Credit, Best Emerging Asia Bond for Pertamina, Best Latin America Bond for Petrobras, Best Emerging EMEA Bond for VimpelCom, Best Yen Bond for Panasonic, Best Senior Financial Bond for Capital One and Best Americas Structure Equity Issue for AIB/MetLife.[109] Citi Private Bank[edit] A Citi Private Bank Office Citi Private Bank is an advisor to ultra high-net-worth individuals and families throughout the world. It uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities. It has about $250 billion in assets under management. The minimum net worth requirement is $25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances.[110] Formerly part of Global Wealth Management, Citi Private Bank was merged into Citi's Institutional Clients Group. Unlike many of its competitors, since 2009 Citi Private Bank no longer pays its bankers with commission for selling investment products. Former CEO of Citi Private Bank, Jane Fraser, said the move was meant to bolster Citi Private Bank as an independent wealth management adviser, as opposed to a product pusher.[111][112] Citi Treasury and Trade Solutions[edit] Citi Treasury and Trade Solutions (TTS) [113] provides cash management, trade and securities services to companies, governments, and other institutions in the U.S. and more than 140 countries. TTS intermediates more than $3 trillion in global transactions daily. It has over $13 trillion assets under custody, about $377 billion in average liability balances, serves 99% of world's Fortune 100 companies and ~85% of the world's Fortune 500 companies, and has 10 regional processing centers worldwide using global processes. Institutions use TTS to support their treasury operations with global solutions for payments, collections, liquidity and investments by working in partnership with export credit agencies and development banks. It also sells supply chain financing products as well as medium- and long-term global financing programs across multiple industries. In 2011, clients doing business with Citi in 10 or more countries generated more than 60 percent of Transaction Services' total revenues. According to the Wall Street Journal, the government aid provided to Citi in 2008/2009 was provided to prevent a world-wide chaos and panic by the potential collapse of its Global Transactions Services (now TTS) division. According to the article, former CEO Pandit said if Citigroup was allowed to unravel into bankruptcy, "100 governments around the world would be trying to figure out how to pay their employees".[114][115][116][117][118] Citi Holdings[edit] Citi Holdings consists of Citi businesses that Citi wants to sell and are not considered part of Citi's core businesses. The majority of its assets are U.S. mortgages. It was created in the wake of the financial crisis as part of Citi's restructuring plan. It consists of several business entities including remaining interests in local consumer lending such as OneMain Financial, divestitures such as Smith Barney, and a special asset pool. Citi Holdings represents $156 billion of GAAP assets, or ~8% of Citigroup; 59% represents North American mortgages, 18% operating businesses, 13% special asset pool, and 10% categorized as other. Operating businesses include OneMain Financial ($10B), PrimeRe ($7B), MSSB JV ($8B) and Spain / Greece retail ($4B), less associated loan loss reserves. While Citi Holdings is a mixed bag, its primary objective is to wind down some non-core businesses and reduce assets, and strategically "breaking even" in 2015.[119] Spin-offs[edit] Downsizing of consumer banking unit[edit] In October 2014, Citigroup announced it will exit consumer banking in 11 markets, including Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt, South Korea (consumer finance only), and Hungary.[120] Morgan Stanley Smith Barney[edit] Morgan Stanley Smith Barney was previously Citi Smith Barney, Citi's global private wealth management unit, providing brokerage, investment banking and asset management services to corporations, governments and individuals around the world. With over 800 offices worldwide, Smith Barney held 9.6 million domestic client accounts, representing $1.562 trillion in client assets worldwide.[121] Citi announced on January 13, 2009 that they would give Smith Barney to Morgan Stanley investment bank to combine their brokerage firms in exchange for $2.7 billion and 49% interest in the joint venture.[122][123] The remaining 49% stake of Smith Barney owned by Citi was later sold for $13.5 billion following an appraisal by Perella Weinberg.[124] Napier Park Global Capital[edit] Citi Capital Advisors (CCA),[125] formerly Citi Alternative Investments, was a Citi Hedge fund that offers various investment strategies across multiple asset classes, ranging from market strategies to infrastructure and private equity investing for institutional and high-net-worth investors. Due to US regulations as part of the Volcker rule to limit bank ownership in hedge funds to no more than 3%, Citi spun off its hedge fund unit with its managers owning a significant part of the new company.[126] The spin-off of CCA created Napier Park Global Capital, a $6.8 billion hedge fund with more than 100 employees in New York and London. The new company will be managed by Jim O’Brien and Jonathan Dorfman, who would serve as co-CEOs and were former Citi executives managing CCA. Citigroup will continue to retain a sizable minority position in the new firm, but will slowly withdraw its capital over time by the July 2014 deadline stipulated by the Volcker Rule.[127][128][129][130] OneMain Financial[edit] In March, 2015, Springleaf Financial entered into an agreement to acquire OneMain Financial from Citigroup.[131] Real estate[edit] Citigroup Center, Chicago Citigroup EMEA headquarters, Canary Wharf, London Citigroup Centre in Sydney Citigroup's most famous office building is the Citigroup Center, a diagonal-roof skyscraper located in East Midtown, Manhattan, New York City, which despite popular belief is not the company's headquarters building. Citigroup has its headquarters across the street in an anonymous-looking building at 399 Park Avenue (the site of the original location of the City National Bank).[132] The headquarters is outfitted with nine luxury dining rooms, with a team of private chefs preparing a different menu each day. The management team is on the second and third floors above a Citibank branch. Citigroup also leases a building in Tribeca at 388 Greenwich Street that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group.[133] All of Citigroup's New York City real estate, excluding the company's Smith Barney division and Wall Street trading division, lies along the New York City Subway's IND Queens Boulevard Line, served by the E M trains. Consequently, the company's Midtown buildings—including 787 Seventh Avenue, 666 Fifth Avenue, 399 Park Avenue, 485 Lexington, 153 East 53rd Street (Citigroup Center) in Manhattan, and Citigroup Building in Long Island City, Queens, are all on the short four-stop corridor of the Queens Boulevard Line between Court Square and Seventh Avenue.[134] Chicago also plays home to a building operated by Citigroup. Citicorp Center has a series of curved archways at its peak, and sits across the street from major competitor ABN AMRO's ABN AMRO Plaza. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center.[135] Citigroup has obtained naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, who began playing their home games there in 2009.[136] Regulatory action, lawsuits, and arbitration[edit] In 2004, Japanese regulators took action against Citibank Japan loaning to a customer involved in stock manipulation. The regulator suspended bank activities in one branch and three offices, and restricted their consumer banking division. In 2009, Japanese regulators again took action against Citibank Japan, because the bank had not set up an effective money laundering monitoring system. The regulators suspended sales operations within Citibank's retail banking for a month.[137] On March 23, 2005, the National Association of Securities Dealers, the former name of the American self-regulatory organization for broker-dealers, now known as the Financial Industry Regulatory Authority (FInRA) announced total fines of $21.25 million against Citigroup Global Markets, Inc., American Express Financial Advisors and Chase Investment Services regarding suitability and supervisory violations of their mutual fund sales practices between January 2002 and July 2003. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds.[138] On June 6, 2007, FInRA announced more than $15 million in fines and restitution against Citigroup Global Markets, Inc., to settle charges related to misleading documents and inadequate disclosure in retirement seminars and meetings for BellSouth Corp. employees in North Carolina and South Carolina. FInRA found that Citigroup did not properly supervise a team of brokers located in Charlotte, N.C., who used misleading sales materials during dozens of seminars and meetings for hundreds of BellSouth employees.[139] In July 2010, Citigroup agreed to pay $75 million to settle civil charges that it misled investors over potential losses from high-risk mortgages. The Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. In 2007, Citigroup indicated that their exposure was less than $13 billion, when in fact it was over $50 billion.[140] In April 2011, an arbitration panel ordered Citigroup Inc to pay $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008.[141] In August 2012, Citigroup agreed to pay almost $25 million to settle an investor lawsuit alleging the bank misled investors about the nature of mortgage-backed securities. The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in 2007.[142] In February 2012, Citigroup agreed to pay $158.3 million to settle claims that it falsely certified the quality of loans issued by its CitiMortgage unit over a period of more than six years, so that they would qualify for insurance from the Federal Housing Administration. The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee.[143] On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[144] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[145] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately. In 2014, Citigroup agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis. Attorney General Eric H. Holder Jr. said "The bank’s misconduct was egregious. [...] As a result of their assurances that toxic financial products were sound, Citigroup was able to expand its market share and increase profits" and that "the settlement did not absolve the bank or its employees from facing criminal charges."[146] In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services.[147] Enron, WorldCom, and Global Crossing bankruptcies[edit] On October 22, 2001, Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron-related exposure in its 2001 Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron.[148] In 2003, Citigroup paid $145 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney's office.[149] In 2004, Citigroup paid $2.65 billion to settle a lawsuit concerning their role in selling stocks and bonds for WorldCom, the second largest telecommunications company in the world, inflating the earnings for 2001 and the first quarter of 2002,[150] and paid $2.575 billion for settlement, which collapsed in 2002 in an accounting scandal.[151][152] In 2005, Citigroup paid $75 million to settle a lawsuit from investors in Global Crossing, which filed bankruptcy in 2002.[153] Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest.[154] On February 5, 2002, Citigroup Inc had a lawsuit for violating federal securities laws and misled investors by issuing false information about Global Crossing’s and Asia Global Crossing’s revenues and financial performance,[155] and paid $75 million for settlement. In 2005, Citigroup paid $2 billion to settle a lawsuit filed by investors in Enron.[156][157] On November 8, 2007, Citigroup was sued manipulating and inflating its stock price by misrepresentations and omissions of what amounted to more than two years of income and an entire line of business,[158] and paid $590 million for settlement. Class action service companies like Chicago Clearing Corporation helped many financial institutions, like hedge funds, mutual funds, and bank trust, regain this money after holding what appeared to be a seemingly safe investment.[citation needed] In 2008, Citigroup paid $1.66 billion to the Enron Bankruptcy Estate, which represented creditors of the bankrupt company.[159][160] In 2008, Citigroup paid out over $3 billion in fines and legal settlements for their role in financing Enron Corporation, which collapsed amid a financial scandal in 2001.[159] Criticism[edit] Alleged money laundering by Raul Salinas[edit] In 1998, the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari, brother of Carlos Salinas, the former president of Mexico. The report, titled "Raul Salinas, Citibank and Alleged Money Laundering," indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy.[161] Conflicts of interest on investment research[edit] In December 2002, Citigroup paid fines totaling $400 million, to states and the federal government as part of a settlement involving charges that ten banks, including Citigroup, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.[162] Citigroup proprietary government bond trading scandal of 2004[edit] Citigroup was criticized for disrupting the European bond market by rapidly selling €11 billion worth of bonds on August 2, 2004 on the MTS Group trading platform, driving down the price, and then buying it back at cheaper prices.[163] TARP funding[edit] In a New York Times op-ed, Michael Lewis and David Einhorn described the November 2008 $306 billion guarantee as "an undisguised gift" without any real crisis motivating it.[164] According to New York Attorney General Andrew Cuomo, Citigroup paid hundreds of millions of dollars in bonuses to more than 1,038 of its employees after it had received its $45 billion TARP funds in late 2008. This included 738 employees each receiving $1 million in bonuses, 176 employees each receiving $2 million bonuses, 124 each receiving $3 million in bonuses, and 143 each receiving bonuses of $4 million to more than $10 million.[165] As a result of the criticism and the U.S. Government's majority holding of Citigroup's common shares, compensation and bonuses were restricted from February 2009 until December 2010.[citation needed] Terra Securities scandal[edit] In November 2007 it became public that Citigroup was heavily involved in the Terra Securities scandal, which involved investments by eight municipalities of Norway in various hedge funds in the United States bond market.[166] The funds were sold by Terra Securities ASA to the municipalities, while the products were delivered by Citigroup. Terra Securities ASA filed for bankruptcy November 28, 2007, the day after they received a letter[167] from the Financial Supervisory Authority of Norway announcing withdrawal of permissions to operate. The letter stated, "The Supervisory Authority contends that Citigroup's presentation, as well as the presentation from Terra Securities ASA, appears insufficient and misleading because central elements like information about potential extra payments and the size of these are omitted." Allegations of theft from customer accounts[edit] American International Group, Inc. – also known as AIG – is an American multinational insurance corporation with more than 88 million customers in 130 countries. AIG companies employ over 64,000 people in 90 countries. The company operates through three businesses: AIG Property Casualty, AIG Life and Retirement and United Guaranty Corporation (UGC). AIG Property Casualty provides insurance products for commercial, institutional and individual customers. AIG Life and Retirement provides life insurance and retirement services in the United States. UGC focuses on mortgage guaranty insurance and mortgage insurance. AIG also focuses on global capital markets operations, direct investment and retained interests. AIG’s corporate headquarters are in New York City, its Europe, Middle East, and Africa (EMEA) headquarters are in London, and its Asian headquarters are in Hong Kong. The company serves 98% of the Fortune 500 companies, 96% of Fortune 1000, and 90% of Fortune Global 500, and insures 40% of Forbes 400 Richest Americans. AIG was ranked 40th largest company in the 2014 Fortune 500 list.[4] According to the 2014 Forbes Global 2000 list, AIG is the 42nd-largest public company in the world.[5] On March 31, 2015 AIG had a market capitalization of $75.04 billion.[6] Contents [hide] 1 History 1.1 The Early Years: 1919 to 1945 1.2 International and Domestic Expansion: 1946 to 1959 1.3 Reorganization and Specialization: 1960 to 1979 1.4 New Opportunities and Directions: 1980 to 1999 1.5 Further expansion and decline: 2000 to now 1.5.1 Growth 1.5.2 Accounting scandal 1.5.3 Expansion to the credit default insurance market 1.5.4 Liquidity crisis and government bailout 1.6 Court Rulings 2 Corporate governance 2.1 Board of directors 3 Business 4 Recent News 5 See also 6 References 7 Further reading 8 External links History[edit] North China Daily News Building on the Bund, Shanghai (elevation): the original home of what became AIG; now the AIA building. 70 Pine Street was known as the American International Building. The Early Years: 1919 to 1945[edit] AIG traces its roots back to 1919, when American Cornelius Vander Starr (1892-1968) established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China.[7] Business grew rapidly, and two years later, Starr formed a life insurance operation.[8] By the late 1920s, AAU had branches throughout China and Southeast Asia, including the Philippines, Indonesia, and Malaysia.[9] In 1926, Mr. Starr opened his first office in the United States, American International Underwriters Corporation (AIU).[10] He also focused on opportunities in Latin America and, in the late 1930s, AIU entered Havana, Cuba.[11] The steady growth of the Latin American agencies proved significant as it would offset the decline in business from Asia due to the impending World War II.[7] In 1939, Mr. Starr moved his headquarters from Shanghai, China, to New York City.[12][13] International and Domestic Expansion: 1946 to 1959[edit] After World War II, American International Underwriters (AIU) entered Japan[7] and Germany,[14] to provide insurance for American military personnel. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, with offices opening in France, Italy,[9] and the United Kingdom.[15] In 1952, Mr. Starr began to focus on the American market by acquiring Globe & Rutgers Fire Insurance Company and its subsidiary, American Home Fire Assurance Company.[16] By the end of the decade, C.V. Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries.[16] Reorganization and Specialization: 1960 to 1979[edit] In 1960, C.V. Starr hired Maurice R. Greenberg to develop an international accident and health business.[17] Two years later, Mr.Greenberg reorganized one of C.V. Starr’s U.S. holdings into a successful multiple line carrier.[16] Greenberg focused on selling insurance through independent brokers rather than agents to eliminate agent salaries. Using brokers, AIU could price insurance according to its potential return even if it suffered decreased sales of certain products for great lengths of time with very little extra expense. In 1967, American International Group, Inc. (AIG) was incorporated as a unifying umbrella organization for most of C.V. Starr’s general and life insurance businesses.[18] In 1968, Starr named Greenberg his successor. The company went public in 1969.[19] The 1970s presented many challenges for AIG as operations in the Middle East and Southeast Asia were curtailed or ceased altogether due to the changing political landscape. However, AIG continued to expand its markets by introducing specialized energy, transportation, and shipping products to serve the needs of niche industries.[20] By 1979, with a growing workforce and a worldwide network of offices, AIG offered clients superior technical and risk management skills in an increasingly competitive marketplace.[20] New Opportunities and Directions: 1980 to 1999[edit] During the 1980s, AIG continued expanding its market distribution and worldwide network by offering a wide range of specialized products, including pollution liability[20] and political risk.[20] In 1984, AIG listed its shares on the New York Stock Exchange (NYSE).[21] Throughout the 1990s, AIG developed new sources of income through diverse investments, including the acquisition of International Lease Finance Corporation (ILFC), a provider of leased aircraft to the airline industry.[7] In 1992, AIG received the first foreign insurance license granted in over 40 years by the Chinese government. Within the U.S., AIG acquired Sun America Inc. a retirement savings company, in 1999.[22] Further expansion and decline: 2000 to now[edit] The AIG Headquarter Building in New York City. The AIG Headquarter Building of Woodland Hills, Los Angeles. Growth[edit] The early 2000s saw a marked period of growth as AIG acquired American General Corporation, a leading domestic life insurance and annuities provider,[23] and AIG entered new markets including India.[24] In February 2000, AIG created a strategic advisory venture team with the Blackstone Group and Kissinger Associates "to provide financial advisory services to corporations seeking high level independent strategic advice."[25] AIG was an investor in Blackstone from 1998 to March 2012, when it sold all of its shares in the company. Blackstone acted as an adviser for AIG during the 2007-2008 financial crisis.[26] In November 2004, AIG reached a US$126 million settlement with the U.S. Securities and Exchange Commission and the Justice Department partly resolving a number of regulatory matters, but the company must still cooperate with investigators continuing to probe the sale of a non-traditional insurance product.[27] Accounting scandal[edit] In 2005, AIG became embroiled in a series of fraud investigations conducted by the Securities and Exchange Commission, U.S. Justice Department, and New York State Attorney General's Office. Greenberg was ousted amid an accounting scandal in February 2005.[28][29][30] The New York Attorney General's investigation led to a $1.6 billion fine for AIG and criminal charges for some of its executives.[31] On May 1, 2005, investigations conducted by outside counsel at the request of AIG's Audit Committee and the consultation with AIG's independent auditors, PricewaterhouseCoopers LLP resulted in AIG's decision to restate its financial statements for the years ended December 31, 2003, 2002, 2001 and 2000, the quarters ended March 31, June 30 and September 30, 2004 and 2003 and the quarter ended December 31, 2003.[32] On November 9, 2005, the company was said to have delayed its third-quarter earnings report because it had to restate earlier financial results, to correct accounting errors.[33] Expansion to the credit default insurance market[edit] Martin J. Sullivan became CEO of the company. He began his career at AIG as a clerk in its London office in 1970.[34] AIG then took on tens of billions of dollars of risk associated with mortgages. It insured tens of billions of dollars of derivatives against default, but did not purchase reinsurance to hedge that risk. Secondly, it used collateral on deposit to buy mortgage-backed securities. When losses hit the mortgage market in 2007-2008, AIG had to pay out insurance claims and also replace the losses in its collateral accounts.[35] AIG purchased the remaining 39% that it did not own of online auto insurance specialist 21st Century Insurance in 2007 for $749 million.[36] With the failure of the parent company and the continuing recession in late 2008, AIG rebranded its insurance unit to 21st Century Insurance.[37][38] On June 11, 2008, three stockholders, collectively owning 4% of the outstanding stock of AIG, delivered a letter to the Board of Directors of AIG seeking to oust CEO Martin Sullivan and make certain other management and Board of Directors changes. This letter was the latest volley in what the Wall Street Journal called a "public spat" between the company's board and management, on the one hand, and its key stockholders, and former CEO Maurice Greenberg on the other hand.[39] On June 15, 2008, after disclosure of financial losses and subsequent to a falling stock price, Sullivan resigned and was replaced by Robert B. Willumstad, Chairman of the AIG Board of Directors since 2006. Willumstad was forced by the US government to step down and was replaced by Ed Liddy on September 17, 2008.[40] AIG's board of directors named Bob Benmosche CEO on August 3, 2009 to replace Mr. Liddy, who earlier in the year announced his retirement.[41] Liquidity crisis and government bailout[edit] Further information: Subprime mortgage crisis and Financial crisis of 2007–08 AIG faced the most difficult financial crisis in its history when a series of events unfolded in late 2008. The insurer had sold credit protection through its London unit in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs) but they had declined in value.[42][43] The AIG Financial Products division, headed by Joseph Cassano, in London, had entered into credit default swaps to insure $441 billion worth of securities originally rated AAA. Of those securities, $57.8 billion were structured debt securities backed by subprime loans.[42][44] As a result, AIG’s credit rating was downgraded and it was required to post additional collateral with its trading counter-parties, leading to a liquidity crisis that began on September 16, 2008 and essentially bankrupted all of AIG. The United States Federal Reserve Bank stepped in, announcing the creation of a secured credit facility of up to US$85 billion to prevent the company's collapse, enabling AIG to deliver additional collateral to its credit default swap trading partners. The credit facility was secured by the stock in AIG-owned subsidiaries in the form of warrants for a 79.9% equity stake in the company and the right to suspend dividends to previously issued common and preferred stock.[45][46][47] The AIG board accepted the terms of the Federal Reserve rescue package that same day, making it the largest government bailout of a private company in U.S. history.[48][49] On March 17, 2009, AIG announced that they were paying $165 million in executive bonuses, according to news reports. Total bonuses for the financial unit could reach $450 million and bonuses for the entire company could reach $1.2 billion.[50] President Barack Obama, who voted for the AIG bailout as a Senator[51] responded to the planned payments by saying "[I]t's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?" and "In the last six months, AIG has received substantial sums from the U.S. Treasury. I've asked Secretary Timothy Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole."[citation needed] Politicians on both sides of the Congressional aisle reacted with outrage to the planned bonuses. Political commentators and journalists expressed an equally bipartisan outrage.[citation needed] Due to the Q3 2011 net loss widening, on November 3, 2011, AIG shares plunged 49 percent year to date. The insurer's board approved a share buyback of as much as $1 billion.[52] Wesley Momo Johnson Ellen Johnson Sirleaf Bhawoh Jue Francis Kateh Dr George Klay Kieh McKevin King Olubanke King Akerele Sheikh Kafumba Konneh David Kpormakor Al Haji G V Kromah L R edit Rev Benjamin Dorme Lartey Gabriel Baccus Matthews Dr Harry Fumba Moniba Bai T J Moore Lafayette K Morgan Samuel C Morrison Jr Dawn Padmore Ruth Perry Chief Justice James A A Pierre Prof Roland Tombekai Dempster S Z edit Elias Saleeby Professor Wilton Sankawulo Dr Amos Sawyer Dr Antoinette Sayeh Ophelia Hoff Saytumah Momolu Sirleaf Charles Ghankay Taylor Togba Nah Tipoteh William Richard Tolbert William Vacanarat Shadrach Tubman Winston Tubman Sultan Tucker Jerome Verdier George Wallace Educators and teachers edit Mohammed Shegewi died Zuhra Ramdan Agha Al Awji Extrajudicial prisoners of the United States edit Abdel Hamid Ibn Abdussalem Ibn Mifta Al Ghazzawi Omar Khalifa Mohammed Abu Bakr Muhammad Abd Allah Mansur Al Futuri 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Maziq Foreign minister Mahmud al Muntasir Foreign minister Dr Ali Abdulsalam Treki foreign minister Umar Mustafa al Muntasir Foreign minister Muhammad Sakizli Foreign minister Abdel Rahman Shalgham Foreign minister Jadallah Azzuz at Talhi Foreign minister Hassan Tatanaki Foreign minister Defence ministers edit Omar Faiek Shennib Minister of Defence death Prime ministers edit Abdul Ati al Obeidi Abdul Qadir al Badri Prime minister of Libya from July to October Abdul Hamid al Bakkoush Mustafa Ben Halim Abuzed Omar Dorda Mohieddin Fikini Abdessalam Jalloud Mahmud Sulayman al Maghribi Hussein Maziq Muhammad Ahmad al Mangoush Mahmud al Muntasir Umar Mustafa al Muntasir Abdul Majid al Qa'ud Wanis al Qaddafi Muhammad az Zaruq Rajab Muhammad Osman Said Muhammad Sakizli Embarek shamekh Imbarek Shamekh Jadallah Azzuz at Talhi Baghdadi Mahmudi Mahmoud Jibril Physicians edit Ehtuish Ehtuish Religious figures edit Abd As Salam Al Asmar Ahmad Zarruq Simon of Cyrene Sharif El Gariani Resistance leaders edit Sulaiman al Barouni – resistance leader against Italian colonization Omar al Mukhtar – Libyan hero and resistance leader under against Italian colonization Sayyid Ahmed Sharif es Senussi Libyan resistance leader and chief of the Senussi order Royalty edit Idris I of Libya King of Libya to and the Chief of the Senussi Muslim order Sayyid Ahmed Sharif es Senussi Chief of the Senussi Muslim order Queen Fatima – Former queen of Libya Sayyid Hassan ar Rida Muhammad as Senussi born Sayyid Muhammad bin Ali as Senussi Omar Faiek Shennib Head of the Royal Diwan Royal Court Rulers edit Idris I of Libya – King of Libya – Muammar Gaddafi – Libyan leader – Ahmed Karamanli – Pasha ruler of Tripolitania – Yusuf Karamanli died Pasha ruler of Tripolitania – Shoshenq I Libyan king of Egypt c – c BCE and founder of the Twenty second Egyptian dynasty Septimius Severus – Roman Emperor – born in Libya Battaros legendary Libyan king Zentani Muhammad az Zentani Umar Mihayshi died Libyan army officer Mustafa Abdul Jalil born Anti Gaddafi resistance leader Former Minister of Justice and President of the National Transitional Council Present Scientists and mathematicians edit Eratosthenes BC – BC Hellenistic mathematician geographer and astronomer born in Libya Adam Nass Has a Master s degree Sportspeople edit Basketball edit Suleiman Ali Nashnush died Footballers edit Samir Aboud Osama Al Hamady Muhammed Alsnany Akram Ayyad Mansour Al Borki Ehab Al Bousefi Omar Daoud Luis de Agustini Ahmed Faraj El Masli Tarik El Taib Meftah Ghazalla Khaled Hussein Abdesalam Kames Nader Kara Abdusalam Khames Mohmoud Maklouf Shafter Princely family edit Franz Joseph II Prince of Liechtenstein longest reigning monarch – in Europe from to Prince Hans Adam II current Head of State one of the world s richest royals Prince Alois of Liechtenstein regent since Sophie Hereditary Princess of Liechtenstein See also List of Princes of Liechtenstein Princely Family of Liechtenstein Politicians edit Otmar Hasler is the former Prime Minister Mario Frick was in the Guinness Book of Records as the world s youngest Prime Minister when he was elected Ernst Joseph Walch former Secretary of State Klaus Tschütscher is the current Prime Minister See also List of Liechtenstein Heads of Government Category Liechtenstein politicians Sports edit Skiers Marco Büchel born Paul Frommelt born Willi Frommelt born Ursula Konzett born Tina Weirather born Andreas Wenzel born won one bronze and one silver Olympic medal and respectively for Alpine skiing Hanni Wenzel born won two gold medals and one silver medal in the Winter Olympics and a bronze one for Alpine skiing Football players Mario Frick born not to be confused with the politician Peter Jehle born Arts edit Josef Rheinberger composer Other edit Wolfgang Haas born Archbishop of Vaduz former Bishop of Chur Peter Kaiser October February Historian statesman John Latenser Sr Architect Waled Mhadeb Rabe Al Msellati Jehad Muntasser Arafa Nakuaa Walid Ali Osman Ali Rahuma Marei Al Ramly Arts edit Architecture and sculpture edit Laurynas Gucevicius considered to be the first professional Lithuanian architectMain article List of Lithuanian architects Robertas Antinis Jr – sculptor and artist Gediminas Baravykas – one of the best known Soviet architects Vytautas Bredikis – lt Vytautas Bredikis planner of Antakalnis and Lazdynai microdistricts in Vilnius Algimantas Bublys lt Algimantas Bublys well known for his modern architecture both in Lithuania and the U S Vincas Grybas – one of the influential early monumental sculptors Laurynas Gucevicius – architect of Vilnius Cathedral Juozas Kalinauskas professional sculptor and medalist Gintaras Karosas – sculptor founder of Europos Parkas Vytautas Landsbergis Žemkalnis – lt Vytautas Landsbergis Žemkalnis one of the famous architects in the interwar Lithuania Juozas Mikenas – lt Juozas Mikenas sculptor Algimantas Nasvytis – architect Minister of Construction and Urbanism Kestutis Pempe – lt Kestutis Pempe architect chairman of the Architects Association of Lithuania Bronius Pundzius – lt Bronius Pundzius sculptor citation needed Petras Rimša – one of the first professional sculptors in Lithuania Juozas Zikaras – sculptor and designer the interwar years Lithuanian litas Literature edit First Lithuanian book The Simple Words of Catechism published in by Martynas Mažvydas Portrait of Salomeja Neris one of the best known Lithuanian female writersMain article List of Lithuanian authors Jurgis Baltrušaitis – poet and diplomat the first Symbolist poet Antanas Baranauskas – priest and poet author of The Pine Groove of Anykšciai Lithuanian Anykšciu šilelis Kazys Binkis – poet and playwright leader of Lithuanian Futurism movement Bernardas Brazdžionis – influential romantic poet Petras Cvirka – short story writer and active supporter of communism Kristijonas Donelaitis – Lithuanian Lutheran pastor and poet author of The Seasons Lithuanian Metai Juozas Glinskis – writer playwright pioneer of Lithuanian "theatre of cruelty" Leah Goldberg – Israeli poet Romualdas Granauskas – writer about the identity crisis during the Soviet times Juozas Grušas – one of the most productive writers and playwrights under the Soviet rule Jurga Ivanauskaite – the best known modern female writer Vincas Kudirka – writer and poet author of the national anthem of Lithuania Vytautas V Landsbergis – lt Vytautas V Landsbergis writer published many children s books Maironis real name Jonas Maciulis – priest and poet best known patriotic poet Justinas Marcinkevicius – one of the most prominent poets during the Soviet rule Marcelijus Martinaitis – lt Marcelijus Martinaitis writer famous for The Ballads of Kukutis a mock epic Martynas Mažvydas – author of the first book in Lithuanian language Icchokas Meras – Lithuanian Jewish writer about the Holocaust Vincas Kreve Mickevicius – writer and playwright author of major interwar plays Oskaras Milašius – French Lithuanian writer and diplomat Czeslaw Milosz – recipient of the Nobel Prize for Literature was born in Šeteniai Imperial Russia now Lithuania Vincas Mykolaitis Putinas – writer and poet one of the best known Symbolist poets author of the novel In the Shadows of the Altars Lithuanian Altoriu šešely Salomeja Neris real name Salomeja Bacinskaite Buciene – the best known female poet during the interwar period Alfonsas Nyka Niliunas – lt Alfonsas Nyka Niliunas poet living in the United States Henrikas Radauskas – poet one of the major figures of Lithuanian literature in exile Šatrijos Ragana real name Marija Peckauskaite – female writer Balys Sruoga – writer poet playwright author of the novel The Forest of Gods Lithuanian Dievu miškas about his experience in the Stutthof concentration camp Antanas Strazdas – priest and poet signed in Polish as Antoni Drozdowski the best known work was Pulkim ant Keliu Let Us Fall On Our Knees and the poem The Thrush Antanas Škema – writer in exile author of surrealistic novel The White Cloth Lithuanian Balta drobule Yemima Tchernovitz Avidar – Israeli author Judita Vaiciunaite – lt Judita Vaiciunaite modern female poet exploring urban settings Juozas Tumas Vaižgantas real name Juozas Tumas – writer Indre Valantinaite born poet Tomas Venclova – poet political activist Antanas Vienuolis real name Žukauskas – writer a major figure in Lithuanian prose Vydunas real name Vilius Storostas – Lithuanian writer and philosopher leader of Lithuanian cultural movement in the Lithuania Minor at the beginning of the th century Žemaite real name Julija Beniuševiciute Žymantiene – one of the best known female writers Theater and cinema edit See also List of Lithuanian actors Regimantas Adomaitis – theatre and film actor successful both in Lithuania and Russia Donatas Banionis – actor and star of Tarkovsky s Solaris Arturas Barysas – "counter culture" actor singer photographer and filmmaker known as the father of modern Lithuanian avant garde Šarunas Bartas – modern film director Ingeborga Dapkunaite – internationally successful actress Gediminas Girdvainis – lt Gediminas Girdvainis prolific theatre and movie actor Rolandas Kazlas – well known comedy actor Oskaras Koršunovas – best known modern theater director Jurgis Maciunas – initiator of Fluxus movement Vaiva Mainelyte – lt Vaiva Mainelyte popular actress remembered for the leading role in Bride of the Devil Lithuanian Velnio nuotaka Arunas Matelis – acclaimed documentary director Adolfas Mekas film director writer editor actor educator Jonas Mekas – filmmaker the godfather of American avant garde cinema Aurelija Mikušauskaite – television and theatre actress Juozas Miltinis – theater director from Panevežys Nijole Narmontaite – lt Nijole Narmontaite actress Eimuntas Nekrošius – theater director Algimantas Puipa – lt Algimantas Puipa film director Kostas Smoriginas – lt Kostas Smoriginas popular actor and singer Jonas Vaitkus – theater director director of Utterly Alone Adolfas Vecerskis – theatre and film actor director of theatre Arunas Žebriunas – lt Arunas Žebriunas one of the most prominent film directors during the Soviet rule Vytautas Šapranauskas – lt Vytautas Šapranauskas theater and film actor television presenter humorist Žilvinas Tratas actor and model Džiugas Siaurusaitis lt Džiugas Siaurusaitis actor television presenter humorist Sakalas Uždavinys lt Sakalas Uždavinys theater and film actor director Marius Jampolskis actor and TV host Ballet and Dance edit Egle Špokaite soloist of Lithuanian National Opera and Ballet Theatre – Actress art director Edita Daniute Professional Ballroom Dancer and World DanceSport Champion Iveta Lukosiute Professional Ballroom Dancer and World Dance Champion Music edit Soprano vocalist Violeta Urmanaviciute Urmana Pop singer Violeta RiaubiškyteSee also List of Lithuanian singers Linas Adomaitis – pop singer participant in the Eurovision Song Contest Ilja Aksionovas lt Ilja Aksionovas pop and opera singer boy soprano Osvaldas Balakauskas – ambassador and classical composer Alanas Chošnau – singer member of former music group Naktines Personos Egidijus Dragunas – lt Egidijus Dragunas leader of Sel one of the first hip hop bands in Lithuania Justas Dvarionas – lt Justas Dvarionas pianist educator Mikalojus Konstantinas Ciurlionis – painter and composer Balys Dvarionas – composer conductor pianist professor Gintare Jautakaite pop artist signed with EMI and Sony Music Entertainment in Gintaras Januševicius internationally acclaimed pianist Algirdas Kaušpedas architect and lead singer of Antis Nomeda Kazlauskaite Kazlaus opera singer dramatic soprano appearing internationally Vytautas Kernagis – one of the most popular bards Algis Kizys – long time bass player of post punk no wave band Swans Andrius Mamontovas – rock singer co founder of Foje and LT United Marijonas Mikutavicius – singer author of Trys Milijonai the unofficial sports anthem in Lithuania Vincas Niekus – lt Vincas Niekus composer Virgilijus Noreika – one of the most successful opera singers tenor Mykolas Kleopas Oginskis – one of the best composer of the late th century Kipras Petrauskas – lt Kipras Petrauskas popular early opera singer tenor Stasys Povilaitis – one of the popular singers during the Soviet period Violeta Riaubiškyte – pop singer TV show host Mindaugas Rojus opera singer tenor baritone Ceslovas Sasnauskas – composer Rasa Serra – lt Rasa Serra real name Rasa Veretenceviene singer Traditional folk A cappella jazz POP Audrone Simonaityte Gaižiuniene – lt Audrone Gaižiuniene Simonaityte one of the more popular female opera singers soprano Virgis Stakenas – lt Virgis Stakenas singer of country folk music Antanas Šabaniauskas – lt Antanas Šabaniauskas singer tenor Jurga Šeduikyte – art rock musician won the Best Female Act and the Best Album of in the Lithuanian Bravo Awards and the Best Baltic Act at the MTV Europe Music Awards Jonas Švedas – composer Michael Tchaban composer singer and songwriter Violeta Urmanaviciute Urmana opera singer soprano mezzosoprano appearing internationally Painters and graphic artists edit See also List of Lithuanian artists Robertas Antinis – sculptor Vytautas Ciplijauskas lt Vytautas Ciplijauskas painter Jonas Ceponis – lt Jonas Ceponis painter Mikalojus Konstantinas Ciurlionis – painter and composer Asteroid Ciurlionis is named for him Kostas Dereškevicius lt Kostas Dereškevicius painter Vladimiras Dubeneckis painter architect Stasys Eidrigevicius graphic artist Pranas Gailius lt Pranas Gailius painter Paulius Galaune Petronele Gerlikiene – self taught Lithuanian American artist Algirdas Griškevicius lt Algirdas Griškevicius Vincas Grybas – sculptor Leonardas Gutauskas lt Leonardas Gutauskas painter writer Vytautas Kairiukštis – lt Vytautas Kairiukštis painter art critic Vytautas Kasiulis – lt Vytautas Kasiulis painter graphic artist stage designer Petras Kalpokas painter Rimtas Kalpokas – lt Rimtas Kalpokas painter graphic artist Leonas Katinas – lt Leonas Katinas painter Povilas Kaupas – lt Povilas Kaupas Algimantas Kezys Lithuanian American photographer Vincas Kisarauskas – lt Vincas Kisarauskas painter graphic artist stage designer Saulute Stanislava Kisarauskiene – lt Saulute Stanislava Kisarauskiene graphic artist painter Stasys Krasauskas – lt Stasys Krasauskas graphic artist Stanislovas Kuzma – lt Stanislovas Kuzma sculptor Antanas Martinaitis – lt Antanas Martinaitis painter Jonas Rimša – lt Jonas Rimša painter Jan Rustem painter Antanas Samuolis – lt Antanas Samuolis painter Šarunas Sauka painter Boris Schatz – sculptor and founder of the Bezalel Academy Irena Sibley née Pauliukonis – Children s book author and illustrator Algis Skackauskas – painter Antanas Žmuidzinavicius – painter Franciszek Smuglewicz – painter Yehezkel Streichman Israeli painter Kazys Šimonis – painter Algimantas Švegžda – lt Algimantas Švegžda painter Otis Tamašauskas Lithographer Print Maker Graphic Artist Adolfas Valeška – painter and graphic artist Adomas Varnas – painter Kazys Varnelis – artist Vladas Vildžiunas lt Vladas Vildžiunas sculptor Mikalojus Povilas Vilutis lt Mikalojus Povilas Vilutis graphic artist Viktoras Vizgirda – painter William Zorach – Modern artist who died in Bath Maine Antanas Žmuidzinavicius – painter Kazimieras Leonardas Žoromskis – painter Politics edit President Valdas Adamkus right chatting with Vice President Dick Cheney left See also List of Lithuanian rulers Mindaugas – the first and only King of Lithuania – Gediminas – the ruler of Lithuania – Algirdas – the ruler together with Kestutis of Lithuania – Kestutis – the ruler together with Algirdas of Lithuania – Vytautas – the ruler of Lithuania – together with Jogaila Jogaila – the ruler of Lithuania – from to together with Vytautas the king of Poland – Jonušas Radvila – the field hetman of Grand Duchy of Lithuania – Dalia Grybauskaite – current President of Lithuania since Valdas Adamkus – President of Lithuania till Jonas Basanavicius – "father" of the Act of Independence of Algirdas Brazauskas – the former First secretary of Central Committee of Communist Party of Lithuanian SSR the former president of Lithuania after and former Prime Minister of Lithuania Joe Fine – mayor of Marquette Michigan – Kazys Grinius – politician third President of Lithuania Mykolas Krupavicius – priest behind the land reform in interwar Lithuania Vytautas Landsbergis – politician professor leader of Sajudis the independence movement former speaker of Seimas member of European Parliament Stasys Lozoraitis – diplomat and leader of Lithuanian government in exile – Stasys Lozoraitis junior – politician diplomat succeeded his father as leader of Lithuanian government in exile – Antanas Merkys – the last Prime Minister of interwar Lithuania Rolandas Paksas – former President removed from the office after impeachment Justas Paleckis – journalist and politician puppet Prime Minister after Soviet occupation Kazimiera Prunskiene – the first female Prime Minister Mykolas Sleževicius – three times Prime Minister organized

The U.S. Department of the Treasury in December 2012 published an itemized list of the loans, stock purchases, special purpose vehicles (SPVs) and other investments engaged in with AIG, the amount AIG paid back and the positive return on the loans and investments to the government.[53] Treasury said that it and the Federal Reserve Bank of New York provided a total $182.3 billion to AIG, which paid back a total $205 billion, for a total positive return, or profit, to the government of $22.7 billion. In addition, AIG sold off a number of its own assets to raise money to pay back the government. AIG since September 2008 marketed its assets to pay off its government loans. A global decline in the valuation of insurance businesses, and the weakening financial condition of potential bidders, challenged its efforts.[54] AIG closed on the sale of its Hartford Steam Boiler unit on March 31, 2009 to Munich Re for $742 million, which was announced December 22, 2008.[55][56] On April 16, 2009, AIG announced plans to sell 21st Century Insurance subsidiary to Farmers Insurance Group for $1.9 billion.[57] June 10, 2009. AIG sold down its majority ownership of reinsurer Transatlantic Re.[58] The Wall Street Journal reported on September 7, 2009 that Pacific Century Group had agreed to pay $500 million for a part of American International Group's asset management business, and that they also expected to pay an additional $200 million to AIG in carried interest and other payments linked to future performance of the business.[59] AIG agreed in March 2010 to sell its American Life Insurance Co. (ALICO) to MetLife Inc. for $15.5 billion in cash and MetLife stock.[60] Bloomberg L.P. reported on March 29 that after almost three months of delays, AIG had completed the $500 million sale of a portion of its asset management business, branded PineBridge Investments, to the Asia-based Pacific Century Group.[61] Fortress Investment Group purchased 80% of the interest in financing company American General Finance in August 2010.[62] AIG in September sold AIG Starr and AIG Edison, two of its Japan-based companies, to Prudential Financial for $4.2 billion in cash and $600 million in assumption of third party AIG debt by Prudential.[63][63] On November 1, AIG announced it has raised $36.71 billion from both the sale of ALICO and its IPO of AIA. Proceeds go specifically to pay off FRB of New York loan.[64] In October 2010 the WSJ reported that a family sued AIG for alleged complicity in a 'stranger-originated life insurance' scheme, whereby AIG managers allegedly welcomed people without an insurable interest to take out life insurance policies against others. The case involved JB Carlson and Germaine Tomlinson, and was one of many similar lawsuits in the US at the time.[65] Reported in January 2011, AIG sold its Taiwanese life insurance company, Nan Shan Life, to a consortium of buyers for $2.16 billion.[66] On May 7, 2012, the United States Department of the Treasury announced an offering of 188.5 million shares of AIG for a total of $5.8 billion. The sale reduced Treasury’s stake in AIG to 61 percent, from 70 percent before the transaction.[67] On September 6, 2012, AIG sold $2 billion of its investment in AIA to repay government loans. The board also approved a $5 billion stock repurchase of government-owned shares in AIA.[68] On September 14, 2012, the Department of Treasury completed its fifth sale of AIG common stock, with proceeds of approximately $20.7 billion, reducing the Treasury’s ownership stake in AIG to approximately 15.9 percent from 53 percent. Government commitments were fully recovered, and Treasury and the FRBNY to date had received a combined positive return of approximately $15.1 billion.[69] On December 14, 2012, the Treasury Department sold the last of its AIG stock in its sixth stock stale for a total of approximately $7.6 billion. In total, the Treasury Department realized a gain of more than $22 billion from the sale of AIG common stock and $0.9 billion from the sale of AIG preferred stock.[70][71] AIG began an advertising campaign on January 1, 2013, called "Thank You America," in which several company employees, including AIG President and CEO Robert Benmosche, talked directly to the camera and offered their thanks for the government assistance.[72] In January 2013, AIG's board discussed joining a lawsuit against the United States government because the bailout they received was unfair to their investors.[73] The idea was rejected.[74] AIG was criticized, however, when news stories soon appeared that it was considering joining a lawsuit brought by AIG shareholders and former CEO Maurice Greenberg against the New York Federal Reserve Bank for what the plaintiffs considered unfair terms imposed on AIG by the New York Fed. The AIG board announced on January 9, 2013, that the company would not join the lawsuit, and on January 9, 2013, Bob Benmosche told CNBC’s Maria Bartiromo that it would not be “socially acceptable” for AIG to sue the government, continuing that while people may be angry, "a deal’s a deal."[75][76] The specific issue was whether the New York Federal Reserve transferred $18 billion in litigation claims on troubled mortgage debt to Maiden Lane II, an entity created by the Fed in 2008, and thus prevented AIG from recouping losses from insured banks. On May 7, 2013, Los Angeles U.S. District Judge, Mariana Pfaelzer, ruled that $7.3 billion of the disputed claims had, in fact, not been assigned. AIG withdrew the case "with prejudice" on May 28, 2013. Praelzer was overseeing a suit between AIG and Bank of America (BAC-US) concerning possible misrepresentations by Merrill Lynch and Countrywide as to the quality of the mortgage portfolio. In signing the order closing the case, U.S. District Judge Lewis Kaplan who also adjudicated the Maiden Lane case, American International Group Inc. et al. v. Maiden Lane II LLC, U.S. District Court, Southern District of New York, No. 13-00951 admonished the Fed saying, "On the face of it" some of its actions "perhaps are unattractive and, indeed, wrongful.”[77] Court Rulings[edit] On June 15, 2015, Judge Thomas Wheeler of the United States Court of Federal Claims ruled that the bailout actions by the Federal Government were illegal, The Court finds that the first plaintiff class prevails on liability because of the Government’s illegal exaction.[78] In contrast to other major bailouts of the Great Recession, the Federal Government took control of 79.9% percent of the company and expelled the chief executive of the company. Judge Wheeler ruled that these conditions were draconian and therefore illegal. The weight of the evidence demonstrates that the Government treated AIG much more harshly than other institutions in need of financial assistance. In September 2008, AIG’s international insurance subsidiaries were thriving and profitable, but its Financial Products Division experienced a severe liquidity shortage due to the collapse of the housing market. Other major institutions, such as Morgan Stanley, Goldman Sachs, and Bank of America, encountered similar liquidity shortages. Thus, while the Government publicly singled out AIG as the poster child for causing the September 2008 economic crisis (Paulson, Tr. 1254-55), the evidence supports a conclusion that AIG actually was less responsible for the crisis than other major institutions.[79][80][81] However, Judge Wheeler did not award monetary compensation to the plaintiffs ruling that they did not suffer economic damage because 'if the government had done nothing, the shareholders would have been left with 100 percent of nothing.'[82] Corporate governance[edit] Board of directors[edit] Peter D. Hancock – President and Chief Executive Officer, American International Group, Inc. W. Don Cornwell – Former Chairman of the Board and Chief Executive Officer, Granite Broadcasting Corporation Peter R. Fischer - Former Head of Fixed Income Portfolio Management, Blackrock Inc. John H. Fitzpatrick – Chairman, Oak Street Management Co., LLC Christopher S. Lynch – Former Partner, KPMG LLP George L. Miles, Jr. – President and Chief Executive Officer, WQED Multimedia Henry S. Miller – Chairman and Managing Director, Miller Buckfire & Co., LLC Robert S. Miller – Non-Executive Chairman of the Board, American International Group, Inc. Linda A. Mills - Former Vice President of Operations, Northrop Grumman Corporation Suzanne Nora Johnson – Former Vice Chairman, The Goldman Sachs Group, Inc. Ronald A. Rittenmeyer – Former Chairman, Chief Executive Officer and President, Electronic Data Systems Corporation Douglas Steenland – Former President and Chief Executive Officer, Northwest Airlines Corporation Theresa M. Stone - Former Executive Vice President and Treasurer, Massachusetts Institute of Technology William G. Jurgensen - Former Chief Executive Officer Nationwide Insurance As of July 15, 2015[83] INTL FCStone Inc is a Fortune 500[1] financial services firm specializing in commodity trading (primarily base and precious metals, energy, textiles, and grains) in addition to foreign currency exchange and treasury services, securities execution, fixed income, and asset management.[2][3][4][5][6][7][8] It is headquartered in New York City, New York. FCStone serves mid-sized commercial clients and its activities are divided into five functional areas: Commodity and Risk Management Services, Foreign Exchange, Securities, Clearing and Execution Services, and Other. INTL FCStone is the result of a 2009 merger between the International Assets Advisory Corporation and FCStone Group Inc. The current CEO is Sean O’Connor[9] who has been with the company since Oct. 2002. Contents [hide] 1 History 1.1 FCStone Group Inc. 1.2 International Assets Holding Corporation 1.3 Merger 2 References History[edit] FCStone Group Inc.[edit] Founded in 1978, the firm was known as the Farmers Commodities Corporation until 2002. FCStone Group provided integrated risk management services such as market intelligence and analysis to help commodity traders in industries like agriculture, renewable fuels, energy, food service, carbon credits, and forest products. In 2007, the company went public raising $95 million. FCStone executed more than 100 million derivative contracts in 2008 and was a clearing member on all major US future exchanges. The Group served commercial commodity intermediaries, end-users, and producers around the world. As of Sept. 30th, 2009, FCStone Group operates as a subsidiary of International Assets Holding Corp.[3][10][11] International Assets Holding Corporation[edit] IAHC began as the International Assets Advisory Corporation in 1981. The company started in Winter Haven, Florida in 1981 and was headed by Diego J. Veitia, a graduate of the Thunderbird School of Global Management. The firm’s initial focus was the private placements of stocks and bonds of foreign companies. IAAC then turned its attention to high-net-worth clients, including individuals and financial institutions, and diversifying their investment portfolios through the sales of equity securities and global debt. In 1987, Veitia created a holding company called International Assets Holding Corporation and went public in 1994. IAHC transitioned into becoming a market maker of international equity securities in the early 2000s and is now a global financial services provider operating through wholly owned subsidiaries in the US, Dubai, Singapore, Argentina, the UK, Brazil, and Uruguay.[12] Merger[edit] FCStone Group Inc. and the International Assets Holding Corporation merged in 2009. FCStone operates as an independent business unit of IAHC, ceased trading stock on Sept. 30th, and brings over $229.3 million in operation revenues. IAAC officially became INTL FCStone in Feb. 2011.[12] INTL FCStone Inc. serves more than 10,000 customers in more than 100 countries through a network of 30 offices around the world. Its combined market capitalization is $285 million. Within a month of the merger, IAHC expanded operations to the Pacific Rim with a new office in Sydney, Australia.[12] Business[edit] In the United States, AIG is the largest underwriter of commercial and industrial insurance.[84] AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services.[85] In the third quarter of 2012, the global property-and-casualty insurance business, Chartis, was renamed AIG Property Casualty. SunAmerica, life-insurance and retirement-services division, was renamed AIG Life and Retirement, other existing brands continue to be used in certain geographies and market segments.[85][86] Recent News[edit] On October 12, 2012, AIG announced a 5 ½ year agreement to sponsor six New Zealand-based rugby teams, including world champion All Blacks. The AIG logo and the Adidas logo, the league’s primary sponsor, will be displayed on the league’s team jerseys.[87] In June 2015, Taiwan’s Nan Shan Life Insurance acquired a stake in AIG’s subsidiary in Taiwan for a fee of $158 million.[88] On June 15, 2015, the U.S. Federal Court of Claims ruled that the Federal Reserve's bailout of AIG was illegal and not authorized by the Federal Reserve Act.[89] The court also ruled that no damages were due Starr Int'l as without the Federal Reserve bailout, AIG equity would have gone to zero, so Starr and other shareholders suffered no damages. See also[edit] Portal icon Companies portal Holdings of American International Group AIG Advisor Group In August 2008, Citigroup agreed to pay nearly $18 million in refunds and fines to settle accusations by California Attorney General Jerry Brown that it wrongly took funds from the accounts of credit card customers. Citigroup would pay $14 million of restitution to roughly 53,000 customers nationwide. A three-year investigation found that Citigroup from 1992 to 2003 used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders.[168] Brown said that Citigroup "knowingly stole from its customers, mostly poor people and the recently deceased, when it designed and implemented the sweeps...When a whistleblower uncovered the scam and brought it to his superiors [in 2001], they buried the information and continued the illegal practice."[168] Potential restructuring and liquidation by regulators[edit] In September 2011, former Wall Street reporter Ron Suskind stated that Treasury Secretary Timothy Geithner ignored a 2009 order from President Barack Obama to break up Citigroup in an enormous restructuring and liquidation process.[169][page needed] According to Suskind, Obama wanted to restructure the bank into several leaner and smaller companies while Geithner was executing stress tests of American financial institutions. Robert Kuttner wrote in his 2010 book A Presidency in Peril that in spring 2009, Geithner and chief economic adviser Larry Summers believed that they could not seize, liquidate and break up Citigroup because they lacked the legal authority or the tools to do so.[page needed] The Treasury Department denied Suskind's account in an e-mail to the media stating "This account is simply untrue. The directive given by the president in March 2009, was to develop a contingency plan for tough restructurings if the government ended up owning large shares of institutions at the conclusion of the stress tests that Secretary Geithner worked aggressively to put in place as part of the Administration's Financial Stability Plan. While Treasury began work on those contingency plans, there was fortunately never a need to put them in place."[170][171] Shareholder rejection of executive compensation plan[edit] At Citi's 2012 annual shareholders' meeting on April 17, Citi's executive compensation package was rejected, with approximately 55% of the votes being against approval. The non-binding vote was required under the Dodd-Frank Act, which requires corporations to hold advisory shareholder votes on their executive compensation plans. Many shareholders expressed concerns about Citi's failed 2012 Fed stress test and lack of long-term performance-based metrics in its executive compensation plan. One of the largest and most activist of the shareholders voting no, the California Public Employees' Retirement System, stated Citi "has not anchored rewards to performance".[172] A Citigroup shareholder filed a lawsuit days after the vote, claiming Citi executives breached their fiduciary duties.[173] In response, Richard Parsons, former chairman of Citigroup, called the vote a "serious matter". A spokeswoman for Citi said "Citi's Board of Directors takes the shareholder vote seriously, and along with senior management will consult with representative shareholders to understand their concerns" and that the Compensation committee of the Board "will carefully consider their (shareholder) input as we move forward".[174][175][176][177] Communications[edit] Lobbying[edit] Between 1998 and 2014, Citigroup spent nearly $100 million lobbying the federal government.[178] As of 2008, Citigroup was the 16th largest political campaign contributor in the US, out of all organizations, according to the Center for Responsive Politics. From 1989 to 2006, members of the firm donated over $23,033,490, 49% of which went to Democrats and 51% of which went to Republicans.[179] Matthew Vadum, a senior editor at the conservative Capital Research Center, acknowledged these figures, but pointed out that Citigroup had been "a longtime donor to left-wing pressure groups", and referred to a Capital Research Center Foundation Watch 2006 study of Fortune 100 foundation giving, where Citigroup's foundation gave "20 times more money to groups on the left than to groups on the right" during tax year 2003.[180] In 2014 Citigroup’s PAC contributed $804,000 to campaigns of various members of Congress, i.e. 162 members of the House, including 72 Democrats, where donations averaged about $5,000 per candidate. Of the 57 Democrats supporting the 2015 Spending bill, 34 had received campaign cash from Citigroup’s PAC at some point since 2010.[181] Citigroup’s 2014 donations favored Republicans only slightly. The bank’s PAC had been nearly as generous to Democrats as Republicans – $30,000 to the Democratic Congressional Campaign Committee (the maximum) and $10,000 to the 'New Democrat Coalition', a group of moderate Democrats most of whom voted for the 2015 spending package. Citibank’s PAC made donations to both the campaigns and the leadership PACs of many top Democrats who voted for the 2015 spending bill, including Steny Hoyer (Md.) House Democratic Whip and Representatives Jim Himes (D-Conn.) and Debbie Wasserman Schultz (D-Calif.).[181] Public and governmental relations[edit] In 2009, former chairman Richard Parsons hired long-time Washington, D.C. lobbyist Richard F. Hohlt to advise him and the company about relations with the U.S. government, though not to lobby for the company. While some speculated anonymously that the Federal Deposit Insurance Corporation (FDIC) would have been a particular focus of Hohlt's attention, Hohlt said he'd had no contact with the government insurance corporation. Some former regulators found room to criticize Hohlt's involvement with Citigroup, because of his earlier involvement with the financial-services industry during the savings and loan crisis of the 1980s. Hohlt responded that though mistakes were made in the earlier episode he'd never been investigated by any government agency and his experience gave him reason to be back in the "operating room" as parties address the more recent crisis.[182] In 2010, the company named Edward Skyler, formerly in New York City government and at Bloomberg LP, to its senior public and governmental relations position.[183] Before Skyler was named and before he began his job search, the company reportedly held discussions with three other individuals to fill the position: NY Deputy Mayor Kevin Sheekey, Mayor Michael Bloomberg's "political guru ... [who] spearheaded ... his short-lived flirtation with a presidential run ..., who will soon leave City Hall for a position at the mayor's company, Bloomberg L.P. .... After Mr. Bloomberg's improbable victory in the 2001 mayor's race, both Mr. Skyler and Mr. Sheekey followed him from his company to City Hall. Since then, they have been a part of an enormously influential coterie of advisers"; Howard Wolfson, the former communications director for Hillary Rodham Clinton's presidential campaign and Mr. Bloomberg's re-election bid; and Gary Ginsberg, now at Time Warner and formerly at News Corporation.[184] Portal icon Companies portal Credit default swap: History 2012 JPMorgan Chase trading loss Palladium Card Alayne Fleischmann Index products[edit] JPMorgan EMBI JPMorgan GBI-EM Index Flipside Stories (#NeverSettle)[edit] Verizon launched its Flipside Stories ad campaign in February 2015 featuring the #NeverSettle hashtag. The ads show dramatized "testimonials" of people with and without Verizon Wireless or Verizon FiOS services.[116][117][118] Get Out of the Past, Get FiOS[edit] Similar to the Flipside Stories ad campaign, Verizon's mid-2015 ad campaign features dramatized "testimonials" of people without FiOS. The ads end with a voiceover of someone saying "Get Out of the Past, Get FiOS". Corporate responsibility[edit] The Verizon Foundation is the philanthropic arm of Verizon Communications, donating about $70 million per year to nonprofit organizations, with a focus on education, domestic violence prevention, and energy management.[119] Verizon's educational initiatives have focused on STEM fields,[120] including: a national competition for students to develop mobile application concepts;[120] the Verizon Innovative Learning Schools program, providing professional development for teachers in underserved areas;[121] and providing students with wireless hardware and services as part of President Obama's ConnectED program.[122] The company also runs HopeLine, which has provided mobile phones to approximately 180,000 victims of domestic violence,[123][124] and a program that offers grants for victims of domestic violence to start or grow home-based businesses.[125] As part of an initiative to reduce the company's carbon intensity metrics by 50 percent by 2020, Verizon announced planned investment in solar panels and natural gas fuel cells at its facilities.[126] The increased capacity would make Verizon the leading solar power producer among U.S. communications companies.[127] Sponsorships and venues[edit] Verizon is the title sponsor of several large performance and sports venues as well as a sponsor of several major sporting organizations. National Hockey League[edit] In January 2007 Verizon secured exclusive marketing and promotional rights with the National Hockey League.[128] The deal was extended for another three years in 2012 and included new provisions for the league to provide exclusive content through Verizon's GameCenter app.[129] IndyCar Series[edit] In 2010 Verizon chose to opt out of a two-year-old NASCAR team sponsorship with Penske Racing in order to pursue an expanded presence with the IndyCar Series.[130] In March 2014 Verizon signed a multiyear deal making them the title sponsor of the IndyCar Series, now called the Verizon IndyCar Series.[131] National Football League[edit] MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company, or MetLife for short, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.[2][3] The firm was founded on March 24, 1868.[4] On January 6, 1915, MetLife completed the mutualization process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders.[5] The company went public in 2000.[6] Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia’s Pacific region, Europe, and the Middle East.[7] MetLife serves 90 of the largest Fortune 500 companies.[8] The company’s principal offices are located at 1095 Avenue of the Americas in Midtown Manhattan, New York City, though it retains some executive offices and its boardroom in the MetLife Building, located at 200 Park Avenue, New York City, which it sold in 2005.[9] Contents [hide] 1 History 1.1 Early years 1.2 Postwar 1.2.1 De-mutualization and IPO 1.2.2 Acquisitions, sales, and major deals 1.3 Current era 1.4 "Too big to fail" 1.5 Fines 2 Products and services 2.1 Life insurance 2.2 Dental 2.3 Disability 2.4 Annuities 2.5 Auto & Home 2.6 Other products 3 International presence 4 MetLife Foundation 5 Relationship with Peanuts 6 Blimp and sports sponsorship 7 MetLife and the “Ideal weight” 8 Awards 9 Subsidiary and affiliate companies 10 See also 11 References 12 External links History[edit] Early years[edit] Home office of the New England Mutual Life Insurance Co. one of the predecessor companies of MetLife. see [10] The predecessor company to MetLife began in 1863 when a group of New York City businessmen raised $100,000 to found the National Union Life and Limb Insurance Company. The company insured Civil War sailors and soldiers against disabilities due to wartime wounds, accidents, and sickness. On March 24, 1868, it became known as Metropolitan Life Insurance Company and shifted its focus to the life insurance business.[11][12] The Metropolitan Life Insurance Company tower, which previously served as company headquarters, was featured in its advertising for many years. A severe business depression that began with the Panic of 1873 forced the company to contract, until it reached its lowest point in the late 1870s. After observing the insurance industry in Great Britain in 1879, MetLife President Joseph F. Knapp brought “industrial” or “workingmen’s” insurance programs to the United States – insurance issued in small amounts on which premiums were collected weekly or monthly at the policyholder’s home. By 1880, sales had exceeded a quarter million of such policies, resulting in nearly $1 million in revenue from premiums. In 1909, MetLife had become the nation’s largest life insurer in the U.S., as measured by life insurance in force (the total value of life insurance policies issued).[11][13] In 1907, the Metropolitan Life Insurance Company tower was commissioned to serve as MetLife’s 23rd Street headquarters in Lower Manhattan. Completed two years later, the building was the world's tallest until 1913 and remained the company's headquarters until 2005. For many years, an illustration of the building (with light emanating from the tip of its spire and the slogan, "The Light That Never Fails") featured prominently in MetLife’s advertising.[14] By 1930, MetLife insured every fifth man, woman, and child in the United States and Canada.[15] During the 1930s, it also began to diversify its portfolio by reducing the percentage of individual mortgages in favor of public utility bonds, investments in government securities, and loans for commercial real estate.[15] The company financed the construction of the Empire State Building in 1929 as well as provided capital to build Rockefeller Center in 1931. During World War II, MetLife placed more than 51 percent of its total assets in war bonds, and was the largest single private contributor to the Allied cause.[15] Postwar[edit] Company president Leroy Lincoln in 1947 Metropolitan Life logo, ca. 1970. During the postwar era, the company expanded its suburban presence, decentralized operations, and refocused its career agency system to serve all market segments. It also began to market group insurance products to employers and institutions. By 1979, operations were segmented into four primary businesses: group insurance, personal insurance, pensions, and investments.[15] In 1981, MetLife purchased what became known as the MetLife building for $400 million from a group that included Pan American World Airways.[16][17] MetLife building at 200 Park Ave in New York City. The building is no longer owned by MetLife De-mutualization and IPO[edit] In 2000, MetLife converted from a mutual insurance company operated for the benefit of its policyholders to a for-profit public company. The de-mutualization process allowed MetLife to enter unrelated insurance businesses and increase executive compensation. Policyholders received some stock in the new company in this process.[18] MetLife was accused of breaching federal securities laws by misrepresenting and omitting information in materials given to policyholders during this process, resulting in years of litigation ending with a $50 million settlement in 2009.[19] Acquisitions, sales, and major deals[edit] 1992 - merged with Mutual Life Insurance Company, the only African-American life insurer in New York, in 1992.[20] 1992.. -- [21] acquired Executive Life's single premium deferred annuity business, which was worth approximately $1.2 billion. MetLife also acquired the firm's life insurance business, valued at about $260 million.[22] 1995 - purchased New England Mutual Life Insurance Company. 1997 - acquired Security First Group in 1997 for $377 million.[23][24] 1999 - acquired Lincoln National Corporation's individual disability income unit.[25] 1999 - bought out reinsurance provider GenAmerica Corporation for $1.2 billion, as well as its subsidiaries, Reinsurance Group of America and Conning Corporation.[26][27] That year, the company had grown to serve 7 million policyholders.[28] 2000 - de-mutualization and IPO.[29][30] The initial public offering was valued at $6.5 billion, which was the largest IPO to that date in U.S. financial history.[29][30] MetLife policyholders were asked to choose a cash or stock stake. This IPO made MetLife the most widely owned stock in the United States, and it raised MetLife's value to over $4 billion.[31][32] By 2000, MetLife's reported number of policyholders had risen to 11 million,[32] and that year it had become the United States' number one life insurer, surpassing Prudential, according to The New York Times.[33] 2000 - $470 million voice and data network management deal with AT&T Solutions.[34] 2001 - acquired Grand Bank of Kingston, New Jersey, which was renamed MetLife Bank[35][36] 2001 - invested $1 billion in the U.S. stock market during 2001, immediately after the September 11th terrorist attacks.[37] 2005 - acquired Citigroup’s Travelers Life & Annuity and all of Citigroup’s international insurance businesses for $11.8 billion.[38][39] At the time of the deal, which was completed on July 1, 2005, the Travelers acquisition made MetLife the largest individual life insurer in North America based on sales.[40] 2006 - opened joint-venture insurance company in Shanghai, in May 2006.[41][42] 2006 - sold Peter Cooper Village, or Stuyvesant Town, the largest apartment complexes in New York City at the time, for $5.4 billion.[43][44] MetLife had developed the apartment complexes between 1945 and 1947, to house veterans returning home from serving in World War II.[45] 2010 - bought Alinco Health Insurance from AIG for $15.5 billion.[38] 2011 - sold MetLife bank to GE Capital, exiting banking business.[46] Current era[edit] In 2004, MetLife continued to hold its position as the largest life insurer in the United States, according to The San Francisco Gate.[47] The company had $2.5 trillion in policies written, $350 billion in assets under management, over 12 million customers in the United States, 8 million customers outside the United States, and a net income in 2003 of $2.2 billion.[47] That year, Barron's reported that 13 million American households owned at least one product from MetLife.[48] MetLife named Robert H. Benmosche as chairman and CEO in July 1999. Benmosche occupied the position until 2006, when he was replaced by C. Robert Henrikson.[49][50] The company's sales grew 11.5% between 2008 and 2009, despite the national recession.[51] In 2011, CEO Robert Henrikson was replaced by Steven A. Kandarian, a former private-equity executive.[52] In 2015, MetLife was ranked as number one on Fortune magazine's list of World's Most Admired Companies in the Insurance: Life and Health category.[53] "Too big to fail"[edit] In 2012, MetLife failed the Federal Reserve’s Comprehensive Capital Analysis and Review stress test, intended to predict the potential failure of the company in a recession. The Fed stated that the minimum total risk-based capital ratio should be 8% and it estimated that MetLife at only 6%. The company had requested approval for a $2 billion share repurchase to prop up the stock price, along with an increased dividend.[54] Because MetLife owned MetLife Bank, it was subject to stricter financial regulation. To escape that level of regulation, MetLife announced the sale of its banking unit to GE Capital.[55][56] On November 2, 2012, MetLife said it is selling its $70 billion mortgage servicing business to JPMorgan Chase for an undisclosed amount.[57] Both sales were part of its strategy to focus on the insurance side of its business. The attempt to escape "too big to fail" regulation was not successful. In September 2014, the U.S. government observed the 2010 Dodd-Frank financial reform law by proposing the application of an official label to MetLife as "systemically important" to the American economy.[58] If implemented, MetLife would be subject to different sets of rules and regulations, with increased oversight from the Federal Reserve.[58][59] The company appealed this proposal in November 2014.[60] In December 2014, federal regulators decided that MetLife required the special regulations reserved for financial companies and organizations deemed "systemically important," or "too big to fail".[61] Other companies already designated as "systemically important" included AIG, General Electric and Prudential.[61] MetLife announced in January 2015 that it would file a lawsuit against the District of Columbia to overturn the federal regulators' decision.[58] MetLife continues to litigate this issue as of mid-2015, with the US Government asking that their challenge be dismissed.[62] Fines[edit] On August 7, 2012, it was announced that MetLife will pay $3.2 million in fines after the Federal Reserve charged it used unsafe and unsound practices in handling its mortgage servicing and foreclosure operations.[63] In 2014, MetLife paid $23 million to settle multiple lawsuits over junk fax operations used to generate leads for life insurance sales. [64] "MetLife Bank took advantage of the FHA insurance program by knowingly turning a blind eye to mortgage loans that did not meet basic underwriting requirements, and stuck the FHA and taxpayers with the bill when those mortgages defaulted." U.S. Attorney John Walsh In 2015, MetLife Home Loans LLC paid $123.5 million to the U.S. Department of Justice to resolve allegations it knowingly made mortgages insured by the U.S. government that didn’t meet federal underwriting requirements.[65] Products and services[edit] This article contains content that is written like an advertisement. Please help improve it by removing promotional content and inappropriate external links, and by adding encyclopedic content written from a neutral point of view. (September 2013) MetLife Hall of Records, Yonkers, New York. Insurance products accounted for 53% of MetLife’s 2009 $49 billion of revenue.[66] MetLife is the largest life insurer in the United States and Mexico[66] and is the second-largest foreign provider of insurance in Japan and worldwide its customers total 90 million individuals.[2][7] Life insurance[edit] MetLife’s individual life insurance products and services comprise term life insurance and several types of permanent life insurance, including whole life, universal life, and final expense whole life insurance.[67][68] These services vary in regards to the duration and amount of coverage available and whether a medical exam is required for coverage. The company also offers group life insurance, provided through employers, which consists of term life, permanent life, and accidental death and dismemberment coverage.[69][70] MetLife is the largest life insurer in the United States, based on life insurance in-force.[8][66] Dental[edit] MetLife offers group dental benefit plans for individuals, employees, retirees and their families and provides dental plan administration for over 20 million people.[71][72] Plans include MetLife’s Preferred Dentist Program (PPO) and the SafeGuard DHMO (available for both individuals and employees in CA, FL, and TX). As of May 2010, MetLife’s dental PPO network included over 135,000 participating dentist locations nationwide while the dental HMO network included more than 13,000 participating dentist locations in California, Florida and Texas.[73] MetLife also administers dental continuing education program for dentists and allied health care professionals, which are recognized by the American Dental Association (ADA) and the Academy of General Dentistry (AGD).[74] Disability[edit] MetLife provides disability products for individuals as well as employee and association groups who receive them through their employer.[75][76] For individuals, the company’s individual disability income insurance can replace a portion of lost income if an individual is unable to work due to sickness or injury.[77] MetLife offers several individual disability income policies, including MetLife Income Guard, OMNI Advantage, OMNI Essential, Business Overhead Expense, and Buy-Sell.[78] The policy options provided by the company vary in terms of eligibility and the provided coverage. For groups, MetLife offers short term disability insurance and long term disability insurance.[79] Short term disability insurance is structured to replace a portion of an individual’s income during the initial weeks of a disabling illness or accident.[80] Long term disability Insurance serves to replace a portion of an individual’s income during an extended period of a disabling illness or accident.[81][82] The company also maintains an absence management product which allows employers to track and manage both planned and unplanned employee absences. The product, which MetLife calls MetLife Total Absence Management, is structured for businesses with 1,000 or more employees.[83] Annuities[edit] MetLife is among the largest providers of annuities in the world, recording $22.4 billion in sales during 2009.[84] MetLife offers annuities which consist of fixed annuities, variable annuities, deferred annuities and immediate annuities.[85] In 1921, MetLife was the first company to issue a group annuity contract.[86] More recently in 2004, it was the first insurer to introduce a longevity insurance product.[87] As of December 31, 2009, MetLife globally managed group annuity assets of $60 billion with $34 billion of transferred pension liabilities and provided benefit payments to over 600,000 annuitants per month.[88] Auto & Home[edit] MetLife Auto & Home is the brand name for MetLife’s nine affiliate personal lines insurance companies.[89] Collectively these companies offer personal lines property and casualty insurance policies in all 50 states and the District of Columbia.[90] The flagship company in the MetLife Auto & Home group, Metropolitan Property and Casualty Insurance Company, was founded in 1972.[89] MetLife Auto & Home companies presently have over 2.7 million active policies and service 58 of the Fortune 100 companies.[91][92] MetLife's home insurance solutions include homeowners insurance, condo insurance, renters insurance, insurance for landlords, and mobile home insurance.[93][94] The available policies for MetLife's home insurance provide coverage for possessions, property damage from natural disaster or theft, and various legal expenses incurred resulting from injuries sustained on an individual's property.[95] The companies also sell RV, ATV, boat, mobile home, collectible vehicle, and motorcycle policies[96] and offers flood insurance policies as a participant in the National Flood Insurance Program (NFIP), which is managed by the federal government.[97][98] MetLife's various types of coverage for auto insurance include liability protection, collision and comprehensive coverage, personal injury protection, rental car coverage, and uninsured and underinsured motorists coverage.[99][100] Through an arrangement with Hyatt Legal Plans, a subsidiary of MetLife, MetLife Auto & Home underwrites group legal plans in many states.[101] It was the first national insurer in the U.S. to offer identity-theft resolution services at no extra premium and as of 2012 continues to do so today in most U.S. states.[102][103] In 2010, MetLife Auto & Home began offering their GrandProtect plan in most states. This GrandProtect policy simplifies complex insurance needs by combining a client's home, valuable items, autos, RVs, and boats into one comprehensive policy package. The ultimate benefits to the consumer are having one bill, only one deductible, comprehensive coverage, and typically lower rates than trying to get each policy individually.[104] Other products[edit] MetLife’s products also include critical illness insurance.[105] Financial services include fee-based financial planning, retirement planning, wealth management, 529 Plans, banking, and commercial and residential mortgages.[106] The company also provides retirement plan and other financial services to healthcare, education, and not-for-profit organizations.[107] The MetLife Center for Special Needs Planning is a group of planners which serve families and individuals with special needs.[108] In 2014, MetLife launched MetLife Defender, a digital identity theft protection product.[109] International presence[edit] Outside of the U.S., MetLife operates in Latin America, Europe, Asia’s Pacific region, and the Middle East, with leading market positions in Mexico, Japan, South Korea and Chile.[7] On March 8, 2010, Met Life announced its intent to purchase the international leader life-insurance business, American Life Insurance Company (Alico), from American International Group (AIG). MetLife, which completed the deal on November 1, 2010, paid approximately $7.2 billion in cash and $9.0 billion in MetLife equity and other securities.[110][111] The securities portion of the deal consisted of 78.2 million shares of MetLife common stock, 6.9 million shares of contingent convertible preferred stock and 40 million equity units.[112] The values of the common and preferred stock were based on the closing price of MetLife’s common stock on October 29.[112] Upon completion of the purchase, MetLife became a leading competitor in Japan, the world’s second-largest life insurance market, and moved into a top 5 market position in many high growth emerging markets in Central and Eastern Europe, such as Romania, the Middle East and Latin America.[113] The deal added 20 million customers to MetLife’s 70 million and according to Barron's more than doubled the percentage of operating profits that MetLife gets abroad to 40%.[66] In India MetLife has an affiliate company India Insurance Company Limited (MetLife) which has operated in India since 2001. This company has its headquarters in Bangalore and Gurgaon and was jointly owned by MetLife and a few local Indian financial companies. In 2012 an agreement was made with local Indian bank, the Punjab National Bank to establish a strategic alliance and for it to take a 30% share in MetLife India.[114] The state owned bank would in return sell MetLife insurance products in its branches. MetLife Foundation[edit] MetLife Foundation is MetLife's independent charitable and grant-awarding foundation. It was founded in 1976[115] and had provided over $650 million in grants by January 2015.[115]The foundation has partnered with and donated to a variety of organizations, including Habitat for Humanity since 2010[116] and the Martin Luther King, Jr. National Memorial Project Foundation since 2008.[117][118] In 2013, the MetLife Foundation announced a new focus on financial inclusion,[119] including educational programs on basic financial planning for disadvantaged children[120][121] and financial services aimed at low-income communities.[121][122][123] Relationship with Peanuts[edit] MetLife licenses Snoopy and other Peanuts characters for promotional purposes from the Iconix Brand Group, which owns the promotional rights to the works of Charles M. Schultz. In 2010, Iconix formed a joint venture with Schulz’s heirs, buying out E.W. Scripps Co. and United Features Syndicate for $175 million. MetLife is reported to pay $12 million per year to Iconix for licensing rights.[124] Prior to the Iconix deal, MetLife had licensed the characters from other rights-holders. The Peanuts-based campaign was developed by the advertising agency Young and Rubicam. MetLife also has used Foote Cone & Belding to develop Peanuts-related promotions.[125][126] Blimp and sports sponsorship[edit] The Metlife 'Snoopy Two' blimp. The MetLife blimp program began in 1987 with the “Snoopy 1” airship and, in 1994, expanded to include the “Snoopy 2” airship.[127] The program provides aerial coverage to over 80 major sporting events every year and is currently the official aerial coverage provider of the PGA Tour.[128] “Snoopy 1” and “Snoopy 2” also provide overhead television coverage for the NFL, CBS College Football, the LPGA, the NBA Finals, Copa Chile, the Preakness Stakes, and the Kentucky Derby.[128][129][130][131] On August 23, 2011, MetLife agreed to a 25-year sponsorship deal to rename New Meadowlands Stadium in East Rutherford, New Jersey, home of the NFL's New York Giants and New York Jets to MetLife Stadium.[132] MetLife and the “Ideal weight”[edit] In 1959, The Metropolitan Life Insurance Company (as it was known at the time) released tables of the best weight for each height for longevity, based on their collected insurance data. These tables showed the “desirable weights”. In 1983, they released tables showing the “ideal” weights for greatest longevity; this information was based on data collected in the Build Study of 1979 collected by the Society of Actuaries. This data followed patients for 18 years (from 1954-1972) and was collected from 25 life insurance companies in Canada and the USA, representing 4.2 million people. These “ideal” weights were higher than the prior “desirable” weights, this was attributed to an increase in muscle mass due to improved fitness levels among the population. This study is still the largest available pool of data for this purpose. It was noticed that the average weights in the population are higher than the ideal weights for survival. The ‘’’Metropolitan Tables’’’ included ‘’small’’, ‘’medium’’ and ‘’large’’ frames, based on elbow-girth measured using calipers, as the elbows do not develop adipose tissue. They presented weight ranges for height, sex and body frame (again associated with the lowest mortality) The mid-point of the ideal weight for the medium frames for each height was selected as the “ideal” weight used for calculations of “excess weight” (initial weight-ideal weight). This led to a formula to calculate the ideal weight used by bariatric surgeons, but it had lost considerable accuracy by 2007, again due to improvements in medical care and in public health.[133] Awards[edit] MetLife was named the “Best Managed Insurance Company for 2008” by Forbes magazine.[134] For three consecutive years (2008–2010) the company has also appeared on FORTUNE’s list of the most-admired companies.[135][136][137] MetLife was recognized by Diversity MBA magazine as one of its “Top 50 Companies for Diverse Managers” in 2007, 2008, 2009 and 2010.[138] The magazine highlighted MetLife’s Enterprise Diversity Council and noted how the council helps “set direction, communicate strategy and ensure consistency of the diversity message across MetLife.”[138] For eleven consecutive years (1999–2009) MetLife has been named by Working Mother magazine as one of the “100 Best Companies for Working Mothers,” specifically for offering flexible schedules, remote working capabilities and various child care options.[139][140] MetLife has also been awarded a perfect score for seven consecutive years (2004–2010) by the Human Rights Campaign Foundation for its “Corporate Equality Index-Best Companies for People who are Gay, Lesbian, Bisexual, or Transgendered.”[141][142] Subsidiary and affiliate companies[edit] Other MetLife subsidiaries and affiliates include MetLife Investors, MetLife Bank, MetLife Securities, Metropolitan Property and Casualty Insurance Company and its subsidiaries, General American, Hyatt Legal, MetLife Insurance Company of Connecticut, MetLife Resources, New England Financial, Walnut Street Securities, Inc., Safeguard Health Enterprises, Inc., and Tower Square Securities, Inc., Cigna [101][143][144][145][146][147][148][149][150] See also[edit] Portal icon New York City portal Pfizer, Inc. /'fa?z?r/ is an American multinational pharmaceutical corporation headquartered in New York City, New York,[3] with its research headquarters in Groton, Connecticut. It is among the world's largest pharmaceutical companies by revenues.[4] Pfizer develops and produces medicines and vaccines for a wide range of medical disciplines, including immunology, oncology, cardiology, diabetology/endocrinology, and neurology. Pfizer's products include the blockbuster drug Lipitor (atorvastatin), used to lower LDL blood cholesterol; Lyrica (pregabalin for neuropathic pain/fibromyalgia); Diflucan (fluconazole), an oral antifungal medication; Zithromax (azithromycin), an antibiotic; Viagra (sildenafil, for erectile dysfunction); and Celebrex/Celebra (celecoxib), an anti-inflammatory drug. Pfizer was founded by cousins Charles Pfizer and Charles F. Erhart in New York City in 1849 as a manufacturer of fine chemicals. Pfizer's discovery of Terramycin (oxytetracycline) in 1950 put it on a path towards becoming a research-based pharmaceutical company. Pfizer has made numerous acquisitions, including Warner–Lambert in 2000, Pharmacia in 2003 and Wyeth in 2009. The Wyeth acquisition was the largest of the three at US$68 billion.[5][6] Pfizer is listed on the New York Stock Exchange, and its shares have been a component of the Dow Jones Industrial Average since April 2004.[7] In September 2009, Pfizer pleaded guilty to the illegal marketing of the arthritis drug Bextra for uses unapproved by the U.S. Food and Drug Administration (FDA), and agreed to a $2.3 billion settlement, the largest health care fraud settlement at that time.[8] Pfizer also paid the U.S. government $1.3 billion in criminal fines related to the "off-label" marketing of Bextra, the largest monetary penalty ever rendered for any crime. Called a repeat offender by prosecutors, this was Pfizer's fourth such settlement with the U.S. Department of Justice in the previous ten years.[9][10] Contents [hide] 1 History 1.1 19th century 1.2 20th century 1.3 2000–2010 1.3.1 Warner–Lambert acquisition 1.3.2 Pharmacia acquisition 1.3.3 Wyeth acquisition 1.3.4 King Pharmaceuticals acquisition 1.4 2011 to present 1.4.1 Zoetis 1.4.2 Attempted AstraZeneca acquisition 1.4.3 Hospira 1.5 Acquisition history 2 Operations 2.1 Partnerships 2.2 Research and development 2.3 Board of directors 2.4 Senior management 3 Products 3.1 Pharmaceutical products 3.2 Consumer healthcare products 4 Promotional practices 5 Litigation 5.1 Kelo case 5.2 Quigley Co. 5.3 Bjork–Shiley heart valve 5.4 Abdullahi v. Pfizer, Inc. Claude Lenners born composer Georges Lentz born composer Michel Lentz – poet Nicolas Liez – lithographer painter Marianne Majerus born photographer Michel Majerus born – artist Laurent Menager – composer Antoine Meyer – poet and mathematician Bady Minck born artist & filmmaker Alexander Mullenbach born composer Jean Muller born pianist Joseph Alexandre Müller – composer Désirée Nosbusch born actress Joseph Probst – artist Harry Rabinger – painter Pierre Joseph Redouté – painter Michel Reis born jazz pianist Business edit George Atanasoski John Bitove John Bitove Sr Andy Peykoff Mike Ilitch Founder of Little Caesars and owner of Detroit Red Wings and Detroit Tigers Mike Zafirovski President and C E O of Nortel Networks Steve Stavro Sport edit Soccer players edit Zoran Baldovaliev ????? ??????????? Boško Gjurovski ????? ???????? Mario Gjurovski ????? ???????? Milko Gjurovski ????? ???????? Dragi Setinov ????? ??????? ?or?i Hristov ????? ??????? Cedomir Janevski ??????? ???????? Marek Jankulovski ????? ??????????? Jovan Kirovski Goran Maznov ????? ?????? Igor Mitreski ???? ???????? Ilco Naumoski ???? ???????? Oka Nikolov ??? ??????? Jane Nikolovski J??? ?????????? Darko Pancev ????? ?????? Goran Pandev ????? ?????? Saško P?ndev ????? ?????? Robert Petrov ?????? ?????? Goran Popov ????? ????? Robert Popov ?????? ????? Stevica Ristic ??????? ?????? Goce Sedloski ???? ???????? Goran Slavkovski ????? ?????????? Vujadin Stanojkovic ??????? ??????????? Mile Šterjovski ???? ?????????? Velice Šumulikoski ?????? ??????????? Goce Toleski ???? ??????? Vanco Trajanov ????? ???????? Jovica Trajcev ?????? ??????? Ivan Trickovski ???? ?????????? Aleksandar Vasoski ?????????? ??????? Blagoja Vidinic ??????? ??????? Peter Daicos Handball edit Kiril Lazarov ????? ??????? Swimming edit Atina Bojadži Hockey edit Steve Staios Ed Jovanovski Dan Jancevski Steven Stamkos José Théodore Christopher Tanev Boxing edit Ace Rusevski ??? ???????? Redžep Redžepovski ????? ?????????? Basketball edit Petar Naumoski ????? ???????? Todor Gecevski ????? ???????? Vrbica Stefanov ?????? ???????? Vlado Ilievski ????? ???????? Pero Antic ???? ????? Baseball edit Kevin Kouzmanoff Football edit Pete Stoyanovich Art edit Architects edit Miroslav Grcev ???????? ????? Painters edit Dimitar Avramovski–Pandilov ??????? ?????????? ???????? Nikola Martinovski ?????? ??????????? Dimitar Kondovski ??????? ????????? Lazar Licenoski ????? ????????? Petar Mazev ????? ????? Tomo Vladimirski ???? ??????????? Vangel Kodžoman ?????? ??????? Rahim Blak Gavril Atanasov ?????? ???????? Maja Hill Sculptors edit Gligor Stefanov ?????? ???????? Film edit Actors edit Touriya Haoud Meto Jovanovski ???? ?????????? Labina Mitevska ?????? ???????? Tony Naumovski ???? ????????? Naum Panovski ???? ???????? Igor Džambazov ???? ???????? Petre Prlicko ????? ??????? Vlado Jovanovski ????? ?????????? ?or?i Kolozov ????? ??????? Toni Mihajlovski ???? ??????????? Editors edit Filmmakers edit Petar Gligorovski ????? ??????????? Milco Mancevski ????? ????????? Apostol Trpeski ??????? ??????? Stole Popov ????? ????? Showbiz edit Ziya Tong television producer TV host Academia edit Scientists edit Georgi Efremov ?????? ??????? Ratko Janev ????? ????? Zoran T Popovski ????? ? ???????? Social academics edit Dimitrija Cupovski ????????? ???????? Gjorgji Pulevski ????? ???????? Mihail Petruševski ?????? ??????????? State edit Politicians edit Metodija Andonov Cento ???????? ??????? ????? Stojan Andov ?????? ????? Strašo Angelovski ?????? ?????????? Ljupco Arsov ????? ????? Ljube Boškoski ???? ???????? Vlado Buckovski ????? ????????? Branko Crvenkovski ?????? ??????????? Ljubco Georgievski ????? ??????????? Kiro Gligorov ???? ???????? Nikola Gruevski ?????? ???????? Gjorge Ivanov ????? ?????? Gordana Jankuloska ??????? ?????????? Zoran Jolevski ????? ???????? Srgjan Kerim ????? ????? Lazar Koliševski ????? ?????????? Hari Kostov ???? ?????? Trifun Kostovski ?????? ????????? Ilinka Mitreva ?????? ??????? Lazar Mojsov ????? ?????? Tito Petkovski ???? ????????? Lui Temelkovski ??? ??????????? Boris Trajkovski ????? ?????????? Vasil Tupurkovski ????? ??????????? Zoran Zaev ????? ???? Partisans World War II freedom fighters edit Mirce Acev ????? ???? Mihajlo Apostolski ????j?? ?????????? Cede Filipovski Dame ???? ?????????? ???? Blagoj Jankov Muceto ?????? ?????? ?????? Orce Nikolov ???? ??????? Strašo Pindžur ?????? ?????? Hristijan Todorovski Karpoš ????????? ?????????? ?????? Revolutionaries edit Yordan Piperkata ?????? ???????? ????????? Goce Delcev ???? ????? Petar Pop Arsov ????? ??? ????? Dame Gruev ???? ????? Jane Sandanski ???? ????????? Dimitar Pop Georgiev Berovski ??????? ??? ???????? ???????? Ilyo Voyvoda ???? ??? ?????????? Pere Tošev ???? ????? Pitu Guli ???? ???? Dimo Hadži Dimov ???? ???? ????? Hristo Uzunov ?????? ?????? Literature edit Gjorgji Abadžiev ????? ??????? Petre M Andreevski ????? ? ?????????? Maja Apostoloska ???? ??????????? Dimitrija Cupovski ????????? ???????? Jordan Hadži Konstantinov Džinot ?????? ???? ???????????? ????? Vasil Iljoski ????? ?????? Slavko Janevski ?????? ???????? Blaže Koneski ????? ??????? Risto Krle ????? ???? Vlado Maleski ????? ??????? Mateja Matevski ?????? ???????? Krste Misirkov ????? ????????? Kole Nedelkovski ???? ??????????? Olivera Nikolova Anton Panov ????? ????? Gjorche Petrov ????? ?????? Vidoe Podgorec ????? ???????? Aleksandar Prokopiev ?????????? ????????? Koco Racin ???? ????? Jovica Tasevski Eternijan ?????? ???????? ????????? Gane Todorovski ???? ?????????? Stevan Ognenovski ?????? ?????????? Music edit Classical music edit Composers edit Atanas Badev ?????? ????? Dimitrije Bužarovski ????????? ?????????? Kiril Makedonski ????? ?????????? Toma Prošev ???? ?????? Todor Skalovski ????? ????????? Stojan Stojkov ?????? ??????? Aleksandar Džambazov ?????????? ???????? Conductors edit Borjan Canev ?????? ????? Instrumentalists edit Pianists Simon Trpceski ????? ???????? Opera singers edit Blagoj Nacoski ?????? ??????? Boris Trajanov ????? ???????? Popular and folk music edit Composers edit Darko Dimitrov ????? ???????? Slave Dimitrov ????? ???????? Jovan Jovanov ????? ??????? Ilija Pejovski ????? ???????? Musicians edit Bodan Arsovski ????? ???????? Goran Trajkoski ????? ????????? Ratko Dautovski ????? ????????? Kiril Džajkovski ????? ????????? Tale Ognenovski ???? ?????????? Vlatko Stefanovski ?????? ??????????? Stevo Teodosievski ????? ???????????? Aleksandra Popovska ?????????? ???????? Singers and Bands edit Lambe Alabakoski ????? ?????????? Anastasia ????????? Arhangel ???????? Kristina Arnaudova ???????? ????????? Kaliopi Bukle ??????? Dani Dimitrovska ???? ??????????? Riste Tevdoski ????? ???????? Karolina Goceva ???????? ?????? Vaska Ilieva ????? ?????? Andrijana Janevska ????????? ???????? Vlado Janevski ????? ???????? Jovan Jovanov ????? ??????? Leb i sol ??? ? ??? Aleksandar Makedonski ?????????? ?????????? Elvir Mekic ????? ????? Mizar ????? Jasmina Mukaetova ??????? ????e???? The Malagasy French Malgache are the ethnic group that forms nearly the entire population of Madagascar They are divided into two subgroups the "Highlander" Merina Sihanaka and Betsileo of the central plateau around Antananarivo Alaotra Ambatondrazaka and Fianarantsoa and the "coastal dwellers" elsewhere in the country This division has its roots in historical patterns of settlement The original Austronesian settlers from Borneo arrived between the third and tenth centuries and established a network of principalities in the Central Highlands region conducive to growing the rice they had carried with them on their outrigger canoes Sometime later a large number of settlers arrived from East Africa and established kingdoms along the relatively unpopulated coastlines The difference in ethnic origins remains somewhat evident between the highland and coastal regions In addition to the ethnic distinction between highland and coastal Malagasy one may speak of a political distinction as well Merina monarchs in the late th and early th century united the Merina principalities and brought the neighboring Betsileo people under their administration first They later extended Merina control over the majority of the coastal areas as well The military resistance and eventual defeat of most of the coastal communities assured their subordinate position vis à vis the Merina Betsileo alliance During the th and th centuries the French colonial administration capitalized on and further exacerbated these political inequities by appropriating existing Merina governmental infrastructure to run their colony This legacy of political inequity dogged the people of Madagascar after gaining independence in candidates ethnic and regional identities have often served to help or hinder their success in democratic elections Within these two broad ethnic and political groupings the Malagasy were historically subdivided into specifically named ethnic groups who were primarily distinguished from one another on the basis of cultural practices These were namely agricultural hunting or fishing practices construction style of dwellings music hair and clothing styles and local customs or taboos the latter known in the Malagasy language as fady citation needed The number of such ethnic groups in Madagascar has been debated The practices that distinguished many of these groups are less prevalent in the st century than they were in the past But many Malagasy are proud to proclaim their association with one or several of these groups as part of their own cultural identity "Highlander" ethnic groups Merina Sihanaka Betsileo Zafimaniry Coastal ethnic groups Antaifasy or Antefasy Antaimoro or Temoro or Antemoro Antaisaka or Antesaka Antambahoaka Antandroy or Tandroy Antankarana Antanosy or Tanosy Academia edit Afifi al Akiti Khasnor Johan historian Khoo Kay Kim Jomo Kwame Sundaram Danny Quah Harith Ahmad Architects edit Main article List of Malaysian architects Artists edit Main article List of Malaysian artists Business edit Tan Sri Syed Mokhtar Al Bukhary born Tan Sri Dato Loh Boon Siew – Tan Sri Jeffrey Cheah Tan Sri William Cheng Dato Choong Chin Liang born Tan Sri Dato Tony Fernandes born Lim Goh Tong – Tan Sri Tiong Hiew King Tan Sri Teh Hong Piow born Chung Keng Quee – Tan Sri Ananda Krishnan born Robert Kuok born Tan Sri Quek Leng Chan born Shoba Purushothaman Shah Hakim Zain Halim Saad Tan Sri Mohd Saleh Sulong Tan Sri Vincent Tan born Lillian Too born Tan Sri Dr Francis Yeoh Tun Daim Zainuddin born Tan Sri Kong Hon Kong Designers edit Bernard Chandran fashion designer Jimmy Choo born shoe designer Poesy Liang born artist writer philanthropist jewellery designer industrial designer interior architect music composer Inventors edit Yi Ren Ng inventor of the Lytro Entertainers edit Yasmin Ahmad – film director Stacy Angie Francissca Peter born Jamal Abdillah born Sudirman Arshad – Loganathan Arumugam died Datuk David Arumugam Alleycats Awal Ashaari Alvin Anthons born Asmawi bin Ani born Ahmad Azhar born Ning Baizura born Kasma Booty died Marion Caunter host of One In A Million and the TV Quickie Ella born Erra Fazira born Sean Ghazi born Fauziah Latiff born Angelica Lee born Daniel Lee Chee Hun born Fish Leong born Sheila Majid born Amy Mastura born Mohamad Nasir Mohamad born Shathiyah Kristian born Meor Aziddin Yusof born Ah Niu born Dayang Nurfaizah born Shanon Shah born Siti Nurhaliza born Misha Omar born Hani Mohsin – Aziz M Osman born Azmyl Yunor born P Ramlee born Aziz Sattar born Fasha Sandha born Ku Nazhatul Shima Ku Kamarazzaman born Nicholas Teo born Pete Teo Penny Tai born Hannah Tan born Jaclyn Victor born Chef Wan Adira Suhaimi Michael Wong born Victor Wong born Dato Michelle Yeoh Hollywood actress born James Wan director of Hollywood films like several Saw films Insidious The Conjuring Fast and Furious born Ziana Zain born Zee Avi Shila Amzah Yunalis Zarai Zamil Idris born Military edit Leftenan Adnan – Warrior from mainland Malaya Antanum Warrior from Sabah Borneo Rentap Warrior from Sarawak Syarif Masahor Warrior from Sarawak Monsopiad Warrior from Sabah Borneo Haji Abdul Rahman Limbong Warrior from Telemong Terengganu Mat Salleh Warrior from Sabah Borneo Rosli Dhobi Warrior from Sarawak Politicians edit Parameswara founder of Sultanate of Malacca Tunku Abdul Rahman Putra Al Haj st Prime Minister of independent Malaya Tun Abdul Razak nd Prime Minister V T Sambanthan Founding Fathers of Malaysia along with Tunku Abdul Rahman and Tan Cheng Lock Tun Dato Sir Tan Cheng Lock Founder of MCA Tun Hussein Onn rd Prime Minister Mahathir Mohammad th Prime Minister Father of Modernisation Abdullah Ahmad Badawi th Prime Minister since Najib Tun Razak Current Prime Minister since Dato Seri Ong Ka Ting Dato Seri Anwar Ibrahim Dato Wan Hisham Wan Salleh Nik Aziz Nik Mat Raja Nong Chik Zainal Abidin Federal Territory and Urban Wellbeing Minister Wan Azizah Wan Ismail Karpal Singh Lim Kit Siang Lim Guan Eng Tengku Razaleigh Hamzah Religious edit Antony Selvanayagam Roman Catholic Bishop of the Diocese of Penang Anthony Soter Fernandez Archbishop Emeritus of the Roman Catholic Archdiocese of Kuala Lumpur and Bishop Emeritus of the Diocese of Penang Gregory Yong – Second Roman Catholic Archbishop of Singapore Tan Sri Datuk Murphy Nicholas Xavier Pakiam Metropolitan archbishop of the Roman Catholic Archdiocese of Kuala Lumpur president of the Catholic Bishops Conference of Malaysia Singapore and Brunei and publisher of the Catholic weekly newspaper The Herald Datuk Ng Moon Hing the fourth and current Anglican Bishop of West Malaysia Sportspeople edit Squash edit Datuk Nicol Ann David Ong Beng Hee Azlan Iskandar Low Wee Wern Badminton edit Chan Chong Ming men s doubles Dato Lee Chong Wei Chew Choon Eng men s doubles Wong Choong Hann Chin Eei Hui women s doubles Hafiz Hashim Roslin Hashim Wong Pei Tty women s doubles Choong Tan Fook men s doubles Lee Wan Wah men s doubles Koo Kien Keat men s doubles Tan Boon Heong men s doubles Retired edit Tan Aik Huang Eddy Choong Punch Gunalan Yap Kim Hock Foo Kok Keong Jalani Sidek Misbun Sidek Rashid Sidek Razif Sidek Cheah Soon Kit Lee Wan Wah Football soccer edit Brendan Gan Sydney FC Shaun Maloney Wigan Athletic Akmal Rizal Perak FA Kedah FA RC Strasbourg FCSR Haguenau Norshahrul Idlan Talaha Kelantan FA Khairul Fahmi Che Mat Kelantan FA Mohd Safiq Rahim Selangor FA Mohd Fadzli Saari Selangor FA PBDKT T Team FC SV Wehen Rudie Ramli Selangor FA PKNS F C SV Wehen Mohd Safee Mohd Sali Selangor FA Pelita Jaya Baddrol Bakhtiar Kedah FA Mohd Khyril Muhymeen Zambri Kedah FA Mohd Azmi Muslim Kedah FA Mohd Fadhli Mohd Shas Harimau Muda A FC ViOn Zlaté Moravce Mohd Irfan Fazail Harimau Muda A FC ViOn Zlaté Moravce Wan Zack Haikal Wan Noor Harimau Muda A FC ViOn Zlaté Moravce F C Ryukyu Nazirul Naim Che Hashim Harimau Muda A F C Ryukyu Khairul Izuan Abdullah Sarawak FA Persibo Bojonegoro PDRM FA Stanley Bernard Stephen Samuel Sabah FA Sporting Clube de Goa Nazmi Faiz Harimau Muda A SC Beira Mar Ahmad Fakri Saarani Perlis FA Atlético S C Chun Keng Hong Penang FA Chanthaburi F C Retired edit Serbegeth Singh owner founder of MyTeam Blackburn Rovers F C Global dvisor Mokhtar Dahari former Selangor FA and Malaysian player Lim Teong Kim former Hertha BSC player