WHEN: Tuesday, November 25th at 7:10 PM ET
WHERE: "CNBC Reports"
Following is the unofficial transcript of an EXCLUSIVE report by CNBC's Michelle Caruso-Cabrera on the Citigroup investment by Billionaire Carlos Slim Helú, airing on "CNBC Reports"
All references must be sourced to CNBC.
MICHELLE CARUSO-CABRERA: WE HAVE CONFIRMED THAT CARLOS SLIM HELÚ, THE INVESTMENT BANK CONTROLLED BY, WHAT IS BELIEVED TO THE SECOND OR THIRD RICHEST MAN IN THE WORLD, HAS BEEN BUYING SHARES OF CITIGROUP. APPROXIMATELY 26 MILLION SHARES, WHICH THESE DAYS ONLY WORKS OUT TO BE ABOUT $134 MILLION. HE BEGAN BUYING LAST WEEK. MY UNDERSTANDING IS THEY BOUGHT FOUR DAYS LAST WEEK, ONE DAY THIS WEEK, SO THEY BOUGHT BEFORE THE BAILOUT AND AFTER THE BAILOUT.
IT IS FOR CLIENTS OF THE BANK, BUT ALSO FOR THE FUNDS CONTROLLED BY THE BANK. THAT WOULD SUGGEST THAT THE SLIM FAMILY BELIEVES THAT CITIGROUP IS A GOOD BUY AT THESE LEVELS. REMEMBER, CARLOS SLIM MADE HIS FIRST ROUND OF MONEY, HIS FIRST FORTUNE WHEN HE STARTED BUYING DISTRESSED ASSETS IN MEXICO BACK IN 1982. THIS IS SOMETHING HE KNOWS ABOUT. IT'S ONLY $134 MILLION, WHICH FOR THEM IS A VERY SMALL AMOUNT OF MONEY, BUT CERTAINLY THEY WOULDN'T BE BUYING IT IF THEY DIDN'T THINK THE SHARES WERE A GOOD BUY. ONCE AGAIN, THE INVESTMENT BANK CONTROLLED BY CARLOS SLIM AND HIS FAMILY, BUYING 26 MILLION SHARES OF CITIGROUP BEGINNING LAST WEEK AND CONTINUING ON MONDAY OF THIS WEEK.
ONCE AGAIN, THE INVESTMENT BANK CONTROLLED BY CARLOS SLIM HELÚ AND HIS FAMILY BUYING 26 MILLION SHARES OF CITIGROUP BEGINNING LAST WEEK AND CONTINUING OF MONDAY THIS WEEK. WE KNOW THAT HIS SON MARCO ANTONIO SLIM SITS ON THE COMMITTIE FOR SOME OF THOSE FUNDS SO HE WOULD HAVE HAD TO GIVE APPROVAL FOR THOSE PURCHASES. BUT THAT'S THE LATEST THERE. SO IT'S AN ENDORSEMENT FOR CITIGROUP.
CNBC is the recognized world leader in business news, providing real-time financial market coverage and business information to more than 340 million homes worldwide, including more than 95 million households in the United States and Canada. The network's Business Day programming (weekdays from 5:00 a.m.-7:00 p.m. ET) is produced at CNBC's headquarters in Englewood Cliffs, N.J., and also includes reports from CNBC news bureaus worldwide. Additionally, CNBC viewers can manage their individual investment portfolios and gain additional in-depth information from on-air reports by accessing http://www.cnbc.com.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://nbcumv.com/cnbc/.