Citigroup (C) 10-Q2008 Q1 Quarterly report

Filed: 2 May 08, 12:00am

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Legalese
Litigous
Readability	H.S. freshman Bad

New words: abetting, ABX, ADIA, affordable, agent, aiding, AIPCPA, allegedly, annum, APA, arrangement, ASF, ASTA, Attorney, auction, Avoidance, Baa, box, breached, breaching, breakout, brought, Bulletin, bundling, calibrated, California, captionIn, Carlo, CDSC, Chancery, Chapter, choice, choose, CitiCapital, claim, clarified, Clayton, Cleveland, CMB, CMVA, confidential, Connecticut, contemplated, contemplation, contemporaneously, conveyance, counter, counterclaim, Countrywide, creation, CreditWatch, deal, dealing, declaratory, Department, depositary, desired, deviation, diminished, Discovery, discretion, downgrade, downgraded, downturn, DSC, DTI, duty, Eastern, encountered, Equator, exam, excellence, expiration, Extinguishment, face, facing, Falcon, fed, fewer, FHA, Fitch, Floater, Florida, foridentical, forma, fraud, fraudulent, frequency, GHG, GIC, hand, hearing, human, InBondi, indenture, India, ineligible, infrequently, ING, InIn, injunctive, inquiry, instance, interbank, intermediation, introductory, investee, Italy, Korean, land, larceny, likelihood, lira, literature, load, lock, lose, loyalty, LP, macroeconomic, magistrate, marketplace, MAT, mismatch, modification, monoline, monopoly, Monte, moratorium, movement, MTM, municipal, negotiated, nonconsolidated, noncontractual, noncontrolling, nonpublic, notably, nuisance, numerator, occurrence, OCI, Ohio, older, Omni, onexpected, organizational, overnight, partner, passive, payout, peak, penalty, perfectly, perpetual, persist, placement, predefined, preempted, pretrial, priority, proactively, proceeding, prudence, purported, pursue, QSPE, rank, reallocate, reconsider, recover, reengineering, referenced, referencing, rehabilitation, remarketing, removed, repaid, repudiation, reset, restraint, role, roll, SAB, settleConnecticut, Sherman, shortfall, side, SIFMA, simpler, SPG, split, stale, statute, Straight, Street, subpoena, substantive, suggest, surety, tabulated, technique, text, theAlternative, TheClient, themed, TheProprietary, thepurchase, thinly, threshold, TOB, today, top, toTransaction, tranche, tranched, transformation, trough, Turkish, tying, unamortized, undrawn, unenhanced, unhedged, unilaterally, unlawful, unlimited, unwind, unwound, upcoming, upfront, upward, verified, vi, vii, vintage, violated, violation, waive, weekly, weighted, withdrawn, won

Removed: ABN, Accumulation, accurately, Adam, AI, allocate, amortize, AMRO, Annuity, APB, binding, CAP, Casualty, centralized, certainty, chart, Chief, collective, commensurate, compare, competitive, conformed, confuse, contingency, controlled, credicard, credited, critical, deteriorate, discontinued, distributing, diversify, domestic, duration, earliest, electronic, ensuring, expand, expensing, extremely, filing, globally, grant, greatly, Handlowy, hereinafter, improved, integration, Latin, led, legally, low, mentioned, MetLife, moving, obtaining, officer, operate, Pandit, personnel, phase, Poland, postponed, preceding, presence, pressure, procurement, pronouncement, provision, rationalize, rebate, reconciled, redeemed, reevaluate, Refer, released, remeasure, renewed, repackage, replaced, rounding, salesforce, selling, shared, spun, staffing, superseded, syndicate, taxing, TPC, underwritten, unexpected, unrecognized, unregistered, unusually, utilization, vesting, Vikram, workforce, working

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Exhibit 12.01

CITIGROUP INC.
CALCULATION OF RATIO OF INCOME TO FIXED CHARGES

											Three Months Ended March 31,
	Year ended December 31,
In millions of dollars, except for ratios	Year ended December 31,
In millions of dollars, except for ratios	2007		2006(1)(2)		2005(1)(2)		2004(1)(2)		2003(1)(2)		2008			2007
EXCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest expense (other than interest on deposits)	$	49,622	$	35,682	$	23,120	$	13,271	$	9,942	$	10,235		$	11,192
Interest factor in rent expense		681		570		516		487		460		194			154

Total fixed charges	$	50,303	$	36,252	$	23,636	$	13,758	$	10,402	$	10,429		$	11,346

Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	1,701	$	29,639	$	29,433	$	22,736	$	25,170	$	(9,023	)	$	6,921
Fixed charges (excluding preferred stock dividends)		50,303		36,252		23,636		13,758		10,402		10,429			11,346

Total income	$	52,004	$	65,891	$	53,069	$	36,494	$	35,572	$	1,406		$	18,267

Ratio of income to fixed charges excluding interest on deposits		1.03		1.82		2.25		2.65		3.42		0.13			1.61

INCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest expense	$	77,531	$	56,943	$	36,676	$	22,004	$	17,184	$	16,477		$	17,562
Interest factor in rent expense		681		570		516		487		460		194			154

Total fixed charges	$	78,212	$	57,513	$	37,192	$	22,491	$	17,644	$	16,671		$	17,716

Income
Income from continuing operations before taxes, minority interest and cumulative effect of accounting changes	$	1,701	$	29,639	$	29,433	$	22,736	$	25,170	$	(9,023	)	$	6,921
Fixed charges (excluding preferred stock dividends)		78,212		57,513		37,192		22,491		17,644		16,671			17,716

Total income	$	79,913	$	87,152	$	66,625	$	45,227	$	42,814	$	7,648		$	24,637

Ratio of income to fixed charges including interest on deposits		1.02		1.52		1.79		2.01		2.43		0.46			1.39

(1): On December 1, 2005, Citigroup completed the sale of substantially all of Citigroup's Asset Management Business to Legg Mason, Inc. Citigroup reports these businesses separately as discontinued operations in the Company's Consolidated Statement of Income. The calculation of the ratio of income to fixed charges excludes discontinued operations. Prior periods have been restated on a comparable basis.
(2): On July 1, 2005, Citigroup completed the sale of Citigroup's Travelers Life & Annuity and substantially all of Citigroup's international insurance businesses to MetLife, Inc. Citigroup reports these businesses separately as discontinued operations in the Company's Consolidated Statement of Income.

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Exhibit 12.01