Borrowed time book james freeman

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the Glass-Steagall Act , the Depression-era law separating commercial banking from investment banking, had never been repealed in The repeal allowed for the blockbuster merger of Citibank and Travelers, which owned Salomon Brothers and Smith Barney, two investment banks, and created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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