SEC wanted valuation proof of Citi, Morgan Stanley brokerage

02/25/2013 | Reuters

In August, while Citigroup and Morgan Stanley were before an arbitrator to set the price for a brokerage they co-owned, the Securities and Exchange Commission sought proof of Citi's stated valuation of $23 billion. Citi eventually agreed to an arbitrator's value of less than half of what they originally estimated.

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