iLander
Ideal_Rock
- Joined
- May 23, 2010
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I've been reading Empty Mansions by Bill Dedman, a history of Huguette Clark, the millionairess that died alone in a NYC hospital. In the book there is an account of 2 acts of blatant thievery by Citibank:
In 1994, Huguette had $10 million dollars worth of jewelry in a safe deposit box at Citibank. The box fee was paid for by the Citibank trust department from the pile of Huegette's money that they had (and she paid them huge fees to hold this money). An interoffice mailing address, between the 2 Citibank departments, was changed and the trust department no longer got the bill, so it went unpaid. The result was that the box fee went unpaid and it was SAWED open and the jewelry inside was sold for pennies on the dollar!
The items lost were
Cartier 2 strand pearl necklace with 7-carat diamond clasp
3 strand pearl and jade bead necklace
Two 4 carat Cartier diamonds
Bracelet with 36 sapphires and 126 diamonds
Cartier diamond and rock crystal hairpin with 64 diamonds
3 stone diamond ring
18 carat gold mesh purse with 5 emeralds
Cartier gold watch with 30 carats of diamonds
Cartier bracelet with 22 carats of diamonds
Cartier necklace with 60 carats of diamonds and 40 carats of emeralds
Plus 30 other pieces.
All gone. Huguette was afraid of publicity and declined to sue the bank for the 10 million that her jewelry was worth. She offered to take 6 million. But John S Reed, the chairman of Citibank, wrote a note of apology, but said he was willing to pay no more than 3.5 million. Over 90 years old, and alone, she took what they offered.
This was AFTER a blue diamond and other pieces of Huguette's jewelry disappeared from the securities department at Citibank in the 1980's. Citibank paid 3 million, about half what the jewelry was worth at the time.
So, if you ever have to depend on Citibank to do right by you, forget it. They are obviously not the type to do the right thing.
And make sure your safe deposit box bills are paid on time.
In 1994, Huguette had $10 million dollars worth of jewelry in a safe deposit box at Citibank. The box fee was paid for by the Citibank trust department from the pile of Huegette's money that they had (and she paid them huge fees to hold this money). An interoffice mailing address, between the 2 Citibank departments, was changed and the trust department no longer got the bill, so it went unpaid. The result was that the box fee went unpaid and it was SAWED open and the jewelry inside was sold for pennies on the dollar!
The items lost were
Cartier 2 strand pearl necklace with 7-carat diamond clasp
3 strand pearl and jade bead necklace
Two 4 carat Cartier diamonds
Bracelet with 36 sapphires and 126 diamonds
Cartier diamond and rock crystal hairpin with 64 diamonds
3 stone diamond ring
18 carat gold mesh purse with 5 emeralds
Cartier gold watch with 30 carats of diamonds
Cartier bracelet with 22 carats of diamonds
Cartier necklace with 60 carats of diamonds and 40 carats of emeralds
Plus 30 other pieces.
All gone. Huguette was afraid of publicity and declined to sue the bank for the 10 million that her jewelry was worth. She offered to take 6 million. But John S Reed, the chairman of Citibank, wrote a note of apology, but said he was willing to pay no more than 3.5 million. Over 90 years old, and alone, she took what they offered.
This was AFTER a blue diamond and other pieces of Huguette's jewelry disappeared from the securities department at Citibank in the 1980's. Citibank paid 3 million, about half what the jewelry was worth at the time.
So, if you ever have to depend on Citibank to do right by you, forget it. They are obviously not the type to do the right thing.
And make sure your safe deposit box bills are paid on time.
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