Citigroup

  • Citibank
  • 1988 – Primerica
    • A L Williams
    • Smith Barney
      • Morgan Stanley
  • 1998 – Citicorp +Travelers Group = Citigroup
  • 2002 – Travelers spun off from the company 
  • Richard M. Bowen III, Senior Vice President  the chief underwriter of Citigroup’s Consumer Lending Group
  • John C. Dugan, Chairman – 2010-Current (as of 2023)
    • 1985-1989 – minority counsel and minority general counsel for the United States Senate Committee on Banking, Housing, and Urban Affairs
    • 1989-1993 – served in Department of the Treasury
    • 1993-2005 – Lobbyist for the Banking Industry
    • 2005-2010 – OCC – Comptroller of the Currency, from August 2005 to August 14, 2010
      • 2007-2009 – chairman of the Joint Forum on the Basel Committee on Banking Supervision 
  • Vikram Pandit, Chief Executive Officer, Citigroup
  • Charles Prince, Chairman and CEO, Citigroup`
  • Robert E. Rubin, Chair, Citigroup, Executive Committee
  • Sandy Weill
  • The segment of the CDS market that experienced large losses and the greatest difficulties involved CDS related to asset backed securities linked to the subprime real estate market.
    • Although the asset backed CDS market is a relatively small segment of the overall CDS market, large leveraged exposures in this segment magnified losses in the subprime real estate market.
    • The root causes of the problems experienced with this segment of the CDS market arose from a number of sources, including primarily:
      • ⇒ … the failure of sellers of credit protection, most notably monoline insurance companies, to collateralize their commitments as is customary in the corporate CDS market;
      • … an historic collapse in housing prices accompanied by soaring rates of mortgage delinquency and default;
      • … and a market-wide failure to appreciate the scope of the risk represented by exposure to the subprime real estate sector.  (p251)

—  Submitted Statement of Citigroup

2008 1014 – GOV (Senate) – The Role of Financial Derivatives in the Current Financial Crisis, aka Hearing to Review the Role of Credit Derivatives in the U.S. Economy –  [PDF-135p,   VIDEO-CSPAN]

OCTOBER 15, NOVEMBER 20, DECEMBER 8, 2008 – Serial No. 110-49
  • 2003 0729 – FCIC – Letter – From FRBNY Frank P Sabato to Michelle Sims, Re report conducted by examiners for the Federal Reserve Bank of New York – 40p
    • Some annuity products. however, contain benefit guarantees for which reserving practices are not well established.
  • 2004 – FCIC – Letter – From FRBNY Joan Johnson to Michelle Sims, Re inspection report – 25p 
  • 2010 0304 – COP – Hearing – Citigroup and The Troubled Asset Relief Program Congressional Oversight Panel
    • DOTT – Herb Allison, Assistant Treasury Secretary for Financial Stability
    • Citigroup – Vikram Pandit, Chief Executive Officer – 12p
    • [PDF-121p,  VIDEO-CSPAN]
  • 2010 0408 – FCIC – Hearing – Financial Crisis Inquiry Commission
    • [PDF-p, VIDEO-CSPAN]
    • Citigroup – Robert E. Rubin, Chair, Executive Committee
    • Citigroup – Charles Prince, Chairman and CEO