Citi’s Massive Blunder, Vegas Resorts World First Look Scoop & Marriott CEO Passes Away

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Around the Web

Roundup: Articles From Around the Web

Here are some posts from around the web that I thought you may find interesting.  Let me know if there is anything good I missed.  Email me anything awesome that you find, or write, at Mark@milestomemories.com.

Articles

Citibank can’t get back $500 million it wired by mistake, judge rules – CNN Business

There is the Citi IT we know and love 😄.

Hell-Ton of Resorts World Scoop, A Peek Inside and Opening Date Rumors – Vital Vegas

I think any Vegas lover that has Hilton points should be excited for this property.

Arne Sorenson, First Outsider Leader of Marriott, Dies at 62 – Bloomberg

Sad news.

Conclusion

Which article did you find most interesting?  Remember to let me know of anything you come across that you want added into the next edition at Mark@milestomemories.com.

Mark Ostermann
Mark Ostermann is a father, husband and miles/points fanatic. He left the corporate world after starting a family in order to be a stay at home dad. Mark is constantly looking at ways to save money and stay within budget while also taking awesome vacations with his family. When he isn't caring for his family or taking a weekend trip, Mark is working towards his goal of visiting every Major League Baseball ballpark.

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3 COMMENTS

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3 COMMENTS

  1. @Jack – HPS won’t get the interest payments they expected, but they don’t have money out the door anymore. Citi essentially now has a $500 million larger term loan than their original share of the larger deal. That is bad for them because if they company goes bankrupt, which is a real risk, they’re holding a larger share of the default. For example, say they held 50% of a 2 billion loan. Now they’re on the hook for 75% of it.

  2. So did Citi really lose 500 million dollars, or did they just pay back a loan early and will lose the interest they would have earned on the loan but not actually lose 500 million dollars.

    • The way I read it is they have now assumed the risk on the loan when they were just the processor before so it Revlon defaults they are left holding the bag.

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