[Pen-l] a little history lesson

["Jim Devine" <jdevine03@xxxxxxxxx>]

from SLATE, 11/24/2008:
>The [Washington POST] adds a little historical gem by pointing out that Citi's origins can be traced back to a firm called First National City Bank that, in the 1920s, repackaged and sold bad loans from Latin America and billed them as safe securities. After the scheme collapsed, it became Citibank. Decades later, repackaging bad loans as safe securities is at least part of the reason why Citigroup is suffering so much heartache. Curious about how Citigroup got into the predicament it's in today? If so, be sure to read yesterday's [Sunday, Nov. 24's] detailed NYT piece that explains how the company went from being worth $244 billion two years ago to $20.5 billion today. The story is particularly interesting, considering that Robert Rubin, Treasury secretary under President Clinton and an economic adviser in Obama's transition team, plays a starring role in the saga.<
-- 
Jim Devine /  "Nobody told me there'd be days like these / Strange
days indeed -- most peculiar, mama." -- JL.
_______________________________________________
pen-l mailing list
pen-l@xxxxxxxxxxxxxxxxxx
https://lists.csuchico.edu/mailman/listinfo/pen-l