Borrowed Time

Two Centuries of Booms, Busts, and Bailouts at Citi

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The alarming, untold story of Citigroup?one of the largest financial institutions in the world?from its founding in 1812 to its role in the 2008 financial crisis, and the many near-death experiences in between. During the 2008 financial crisis, we were told that Citi was a victim of events beyond its control?the larger financial panic, unforeseen economic disruptions and a perfect storm of credit expansion and private greed. To save the economy and keep the bank afloat, the government provided huge infusions of cash through multiple bailouts that frustrated and angered the American public. But...