"in a deal that could raise about 600 billion yen"
"Citigroup spent about 1.5 trillion yen to acquire the Nikko Cordial franchise"
So Citi (and other financial institutions) won't sell off their "toxic assets" because they don't want to take pennies on the dollar but they're not afraid to auction themselves off for pennies on the dollar? Nice net loss there Citi.
They will continue to find ways to earn.
Goldman is sweating today because of the delay in the conversion of preferred to common...the delay is a very eerie situation if you are involved in this trade.