At issue: timing of Citigroup announcement

Did Citigroup wait too long to announce its massive writedowns? That is the question posed by Fortune magazine's Carol Loomis. She suggests the delay may not have been in keeping with disclosure rules, which allows only 4 days. The delay was apparently from Saturday, October 27th through Sunday, November 4th. That's five trading days. The company says it did nothing wrong, and that all moves were vetted by lawyers and others step by step. It also said it wanted to be confident of the range. Loomis doesn't find that persuasive given the large range announced. Yet another headache for Rubin and his team.  

For more:
- here's the Fortune article