>>3297611 4177

Citigroup had issues in 2008 when the wheels came off, I can't find the sauce that made the analysis that WaMu was better off than Citi, but here's this one for starters.

https://m.huffpost.com/us/entry/us_808721“We were on the verge of having to close this institution because it can’t meet its liquidity Monday morning,” said Sheila Bair, chairman of the Federal Deposit Insurance Corporation, during a meeting the previous Sunday night, according to the report by the Special Inspector General for the Troubled Asset Relief Program.

“Without substantial government intervention,” said another FDIC official, bank regulators and Citigroup “project that Citibank will be unable to pay obligations or meet expected deposit outflows next week,” according to the report.

Yet while policy makers unanimously agreed that Citigroup needed additional help — this was after the megabank had already received $25 billion in TARP funds — the “strikingly ad hoc” nature of the response was troubling, notes the inspector general, known as SIGTARP.

Citigroup’s problems were well known to regulators. In May 2008 — six months before the second multi-billion dollar infusion of taxpayer cash into the lender — regulators at Geithner’s New York Fed forced the bank to create a plan to strengthen its risk-monitoring practices so it could better judge the bank’s exposures.

I'd wager Sheila didn't cause them to tu out of political presurre. WaMu just wasn't in the club. Their CEO said as much during the dog pony show when Jamie D. flashed his presidential cuff links.