Borrowed Time

Borrowed Time

Two Centuries of Booms, Busts, and Bailouts at Citi

Book - 2018
Rate this:
"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, as Wall Street Journal writer James Freeman and financial expert Vern McKinley reveal, the 2008 crisis was just one of many disasters Citi has experienced since its founding more than two hundred years ago. In Borrowed Time they reveal Citi's disturbing history of instability and government support. It's a story that neither Citi nor Washington wants told. Citi has long been tied to the federal government in a relationship that has benefited both. From its earliest years, its well-connected leadership--most of its initial stockholders had owned stock in the Bank of the United States--took massive risks that led to crisis. But thanks to a rescue by private investors, including John Jacob Astor, the bank survived throughout the nineteenth century. This is just the tip of the iceberg. The scale of the financial panic of 2008 was hardly unprecedented. As Borrowed Time shows, crisis and outright disasters have been surprisingly common during the century of government-protected banking--especially at Citi." -- From Amazon summary.
Publisher: New York, NY :, HarperCollinsPublishers,, [2018]
Edition: First edition.
Copyright Date: ©2018
ISBN: 9780062669872
0062669877
Branch Call Number: 332.10973 FR
Characteristics: xiv, 365 pages : illustrations ; 24 cm
Additional Contributors: McKinley, Vern - Author

Opinion

From the critics


Community Activity

Comment

Add a Comment

There are no comments for this title yet.

Age

Add Age Suitability

There are no ages for this title yet.

Summary

Add a Summary

There are no summaries for this title yet.

Notices

Add Notices

There are no notices for this title yet.

Quotes

Add a Quote

There are no quotes for this title yet.

Explore Further

Browse by Call Number

Recommendations

Subject Headings

  Loading...

Find it at APL

  Loading...
[]
[]
To Top