Borrowed time: Two centuries of booms, busts, and bailouts at Citi
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In their new book, “Borrowed Time: Two Centuries of Booms, Busts, and Bailouts at Citi” (HarperBusiness, 2018), James Freeman and Vern McKinley recount Citibank’s colorful history. Since its beginning in 1812, the bank has been led by men of outsize influence, in both banking and politics. From providing US presidents with secretaries of the Treasury to helping draft the Federal Reserve Act, it has pushed the frontiers in banking and sown the seeds for financial turmoil. But the history of Citibank also includes repeated government rescues: in the 1930s from the fallout from its securities dealings, in the 1980s from disastrous exposures to Latin American and other countries that “could not go bankrupt” but did, and most recently, from the subprime financial crisis, when Citi had multiple near-death experiences.
Join AEI as James Freeman discusses the history of Citibank, followed by commentary from an expert panel including Alex Pollock, Bert Ely, and Paul Kupiec.
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Paul H. Kupiec, AEI
James Freeman, The Wall Street Journal
Bert Ely, Ely & Company Inc
Alex Pollock, R Street Institute
Adjournment to wine and cheese reception
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