Borrowed Time by James Freeman / Vern McKinley - English Book Buy online at AkshardharaGoodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book.
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Harper Business. It is now fourth largest, by assets. After all, there have been many books about the financial crisis and how various Wall Street banks did, or did not, survive it. Except, of course, for Lehman Brothers, which was not rescued and then failed in spectacular fashion. Recognizing that different types of institutions ended up with different outcomes contrasts with the views of political progressives like Senators Elizabeth Warren and Sherrod Brown that none of this would have happened if only the Glass-Steagall Act , the Depression-era law separating commercial banking from investment banking, had never been repealed in The repeal allowed for the blockbuster merger of Citibank and Travelers, which owned Salomon Brothers and Smith Barney, two investment banks, and created Citigroup in the first place.
Thank you! During the early decades of the United States, after the colonies broke away from the British, the Founding Fathers engaged in lengthy, heated debates about the wisdom of creating a central bank under the aegis of the government. One of the entities that eventually emerged from these debates was what we call Citibank or Citigroup. Moving the story along, the authors salt the narrative with colorful characters who have controlled the institution from top to bottom—e. Throughout the book, the authors also profile members of Congress, Federal Reserve Bank governors, and others outside Citi. Unfortunately for millions of investors, even the smart, well-intentioned regulators turned out to be ineffectual at ameliorating the widespread chaos caused by Citi and similar financial institutions.
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This book can be summed up in two sentences: In the 19th Century, Citibank was a good bank. After graduation, he served as investor advocate at the U. During the financial crisis, we were told that Citi was a victim of. The alarming, untold story of Citigroup— one of the largest financial institutions in the world— from its founding in to its role in the financial crisis, and the many near- death experiences in between. From its founding in and through much of its history the bank has been tied to the federal government— a relationship that has benefited both. James Freeman has 53 books on Goodreads with ratings.
Simply link your Qantas Frequent Flyer membership number to your Booktopia account and earn points on eligible orders. Either by signing into your account or linking your membership details before your order is placed. Your points will be added to your account once your order is shipped. Click on the cover image above to read some pages of this book! The alarming, untold story of Citigroup-one of the largest financial institutions in the world-from its founding in to its role in the financial crisis, and the many near-death experiences in between. During the 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.