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:
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.