From the publisher: The disturbing, untold story of one of the largest financial institutions in the world, Citigroup—one of the "too big to fail" banks -- from its founding in 1812 to its role in the 2008 financial crisis, and the many disasters in between.
During the 2008 financial crisis, Citi was presented as the victim of events beyond its control -- the larger financial panic, unforeseen economic disruptions, and a perfect storm of credit expansion, private greed, and public incompetence. 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 financial experts James Freeman and 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 history of instability and government support. It's not a story that either Citi or Washington wants told.