Earlier today Citigroup put out a press release touting a deal in which it sold three credit card portfolios with approximately $1.3 billion in assets.
But what caught the eye of the New York Times’ Floyd Norris wasn’t the thin facts disclosed in the release but how much was left out. DealBook calls it the “least informative deal announcement ever.”
Norris prints the full press release then points out that it leaves out the following information.
1. Who is the buyer?
2. Which card portfolios are being sold?
3. What is the price?
4. Is there a profit or loss?
“I can’t remember a deal announcement when a company said it had sold undisclosed assets to an undisclosed buyer for an undisclosed price, resulting in an undisclosed profit or loss,” Norris writes.
But maybe this is unfair to Citigroup.
Should they really be held accountable for knowing what they were selling, who they were selling it to, and whether they made or lost money on the deal. That seems like asking a lot, given their history of cluelessness about their own holdings. Maybe they just gave us everything they knew.
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