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Bailout
: Calculated RiskReport: Near Failure of Citigroup in 2008
By Anonymous
"We were on the verge of having to close this institution [Citigroup] 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.We all knew it was close ...
"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.
Full post as published by Calculated Risk on January 13, 2011 (boomark / email).
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