Monday, May 18, 2009
- In 1998, merged his Travelers insurance business with commercial banking giant Citicorp to create Citigroup -- the biggest financial services company in the world!
- Completed the Citi-Travelers merger even though the Glass-Steagall Act mandated the separation of banks and insurance companies!
- Pressed politicians to repeal the Glass-Steagall Act, keeping Citigroup intact -- and setting the stage for other institutions to get "too big to fail"!
- Introduced to Citi an aggressive take-no-prisoners corporate culture!
- Under his leadership, Citi aggressively grew its subprime mortgage lending operation -- and was repeatedly accused of predatory lending practices!
- Said to consider himself an old-fashioned, Gilded Age business tycoon -- like Andrew Carnegie!
- Since the failure of Lehman Brothers and the crash of the global financial system in 2008, propping up other too-big-to-fail institutions has cost taxpayers trillions of dollars in bailouts and guarantees!
- The cost to bail out Citigroup? $350 billion -- or $1,000 for every man, woman, and child in the United States!
- That $1,000 that used to be yours? It belongs to the same bankers who destroyed the global economy!
- The cost of the crash to society? Well, in the past year, 6 million people have lost their jobs!
- Citi's contribution to that number? 53,000 people!
- As the bank he created was being bailed out by taxpayers, took a private Citi jet -- one of the perks of his $3 million-per-year retirement package -- to Cabo San Lucas, where he and his family vacationed at a $10,000-a-night hotel!
- Saw his net worth tumble by more than a quarter in 2008 -- all the way down to $1.3 billion!
Posted by Joe Six-Pack at 7:31 PM