During the 2008 financial crisis, Citigroup was presented as the victim of events beyond its control – 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 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 200 years ago. In Borrowed Time, they reveal Citi’s history of instability and government support. Freeman and McKinley discussed insights from their book and offered students a chance to learn how prepared the federal government is for the next financial crisis.
Sponsored by the Global Financial Markets Center.