{"id":7747,"date":"2008-05-20T00:00:00","date_gmt":"2008-05-20T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"wachovia-fifth-third-had-losses-in-citi-hedge-fund","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2008\/wachovia-fifth-third-had-losses-in-citi-hedge-fund.html","title":{"rendered":"Wachovia, Fifth Third had losses in Citi hedge fund"},"content":{"rendered":"<p>Reuters &#8211; Wachovia Corp said on Monday it has had significant losses from a Citigroup hedge fund, joining Fifth Third Bancorp, which disclosed its loss in an April lawsuit.       <\/p>\n<p>Wachovia spokeswoman Christy Phillips-Brown said a $315 million write-down the bank disclosed earlier in May was related to investments in Citigroup&#8217;s Falcon Strategies hedge Fund. Wachovia, the fourth-largest U.S. bank, made the investments through its bank-owned life insurance portfolio.<\/p>\n<p>Fifth Third said in a lawsuit filed on April 17 that it had invested $612 million in Falcon. The bank is looking to recover $323 million in damages from the two AEGON NV subsidiaries that had been managing its bank-owned life insurance portfolio.<\/p>\n<p>Citigroup, Aegon and Fifth Third could not be immediately reached for comment.<\/p>\n<p>An unidentified third bank also took a large loss in Falcon, the Wall Street Journal reported on Monday, citing sources familiar with the matter.<\/p>\n<p>The Journal said the banks could ask Citigroup to give them some of their money back, because it has already agreed to do so for individual investors.<\/p>\n<p><a href=\"http:\/\/www.reuters.com\/article\/rbssFinancialServicesAndRealEstateNews\/idUSN1919694120080520\" target=\"_self\">Read Complete Article<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters &#8211; Wachovia Corp said on Monday it has had significant losses from a Citigroup hedge fund, joining Fifth Third Bancorp, which disclosed its loss in an April lawsuit. Wachovia spokeswoman Christy Phillips-Brown said a $315 million write-down the bank [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[140,144,145,141,139,117,142,147,143,148,146,149],"class_list":["post-7747","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news","tag-alan-greenspan","tag-citywire","tag-curbs","tag-housing-loans","tag-insurance-derivatives","tag-investment-arm","tag-investment-partner","tag-journalism","tag-mortgage-backed-bonds","tag-new-york-state","tag-person-team","tag-proceeds"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7747"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7747\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}