Citigroup in Trouble

The past week has been a brutal one for the bank I’ve patronized since I was a child. An uncertain market beat up the stock price all week long. The NY Times wrote a very telling article about the things Citi did to help themselves get here:

http://www.nytimes.com/2008/11/23/business/23citi.html?_r=1&hp

Among other interesting tidbits, I did not know that Robert E. Rubin, a veteran of the Clinton administration, was such a valuable advisor to Citi. It’s unclear how much he knew about their risk assessment practices, but the article makes it very clear that the cozy nature of the relationship between the traders and the risk assessment managers is in large part to blame for the current problem Citi faces.

For no other reason than nostalgia, and the fact that they have the best online bill pay software I’ve seen, I hope they make it.

About the Author

My goal in life is to fill my family’s passports with stamps, creating buckets of memories along the way. You’ll find me writing about realistic ways for normal people to travel the world, whether you’re on a budget or enjoy luxury. I also enjoy taking us on the occasional detour to explore the inner workings of the travel industry.

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1 Comment

  1. Citigroup maybe in trouble, but there is light to every dark cloud. There is more financial aid today, it just isn’t “Mainstream”. Most people don’t realize how much money there is out there. During economic times like this, there is more money to be had than ever. Because of the bailouts and economy, lenders are bending over backwards to bail you out too. Believe it or not, there is people getting tons of cheap money nowdays to start businesses, buy homes, pay off debt, and more. Bailouts for Everyone

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