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Big Banks Still Think We're Chumps

Citigroup hasn't learned its lesson from financial crisis
By Drew Nelles,  Newser Staff
Posted Sep 13, 2010 10:42 AM CDT

(Newser) – Have the big banks learned their lesson from the financial crisis? Not a chance, writes Charlie Gasparino in the Daily Beast. Citigroup’s recent attempt to bar a well-respected financial analyst from questioning its executives about accounting practices, plus new documents proving the bank’s top brass knew about its massive risk-taking, all prove that this “behemoth” still holds “contempt for the needs of investors and the American taxpayer.”

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Since “the notion of 'too big to fail' is now established,” Gasparino writes, “once the financial crisis is forgotten, wild risk-taking will resume.” Although Citigroup is now under new leadership, the bank still closely guards financial information that should be public, resulting in “a familiar cycle that will once again, I fear, be paid for, at the end, by the U.S. taxpayer.” (Click here to read an optimistic take on the brand-new banking regulations.)

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