Which raises one possibility. Might Citi have accidentally set a whole pan-European programme trade to go through in euros, thereby trashing everything priced in a Nordic currency?
https://www.ft.com/content/3089d32b-1535-4f13-9411-c31b12486e4d
No, every US citizen did. Via TARP. No bankers hurt except Lehman, because Goldman, I mean, Sec. Paulson, felt it best.
A few more than that, and you have it backwards, the TBTFs run the Fed. Just read the Board of Directors of the NY Fed, sometime, where the Open Markets Desk is run out of, only to the Primary Dealer list, members only, you know.
He bought way earlier than that. Before Sandy Weil got involved.
He no longer owns these, MBS does, FBO KSA, but it was '91, when Citi was I think was exposed on one of the SE Asia FX currency crises, before the board schemes were set up by the IMF.
Citi was always competing with HSBC as to who could launder the most back then before getting caught. Barings, HSBC, Citi, all the good stuff of legend.
Oh, Sauce!
Alwaleed is one of the world's richest people and worth about $21 billion, according to Forbes. The Saudi prince first acquired a stake in Citicorp, which later became Citigroup, in 1991. According to filings, Alwaleed also is a big investor in media company News Corp and online travel site Priceline.com.
Saudi prince buys, but Citi stock plunges - Nov. 20, 2008
money.cnn.com/2008/11/20/news/companies/citi_stake/
money.cnn.com/2008/11/20/news/companies/citi_stake/
I recall reading something like that when it came out, but using some of the Mark To Market data, especially the blatantly fraudulent stuff made it all a bit ephemerous. I still think using TARP is accurate, in that you still can't see what's going on under a Tarp anyway. It was all a scam to hide what they'd stuffed into Fannie and Freddy, Sallie , and all the GSEs as part of the Grand Leveraged Fleece.
The MERS problem alone should've sent most of the bankers to jail, but not a one. Lived through it (I was inside at one of those surviving TBTFs so I know it better than most, and forgotten moar than that.)