Citigroup

Sandy Weill repudiates his pre-crisis "financial supermarket" legacy in suggesting that banks were too big and too leveraged. He openly advocates re-instituting Glass-Steagall. He also supports mark to market.

Bill Moyers talks to former Citicorp and Citigroup head John Reed about what's wrong in the banking sector. John Reed readily acknowledges his role in bringing down the Glass-Steagall Act (Hat tip finance Addict).

Judge Jed S. Rakoff of the United States District Courts of the Southern District of New York struck a blow against the Securities and Exchange Commission and in support of the "public interest." The Securities and Exchange Commission had…

The Finance Addict writes : "We need to put our cynic hats on and start questioning why it is that the SEC isn’t getting any. My guess–it’s no accident."

This blurb from Paul Krugman and Robin Wells' review of Jeff Madrick's book on the credit crisis sums up why the busts keep getting bigger

Here's the question: Can sovereignty and effective international supervision be reconciled when it comes to complex large financial institutions? Simon Johnson lays out a compelling case that they cannot. As he has said time and again,…

Short clip below. Regarding the comments about Citi, see this article here. This is not new news because Bowen testified in April (see here). Yet, nothing was done in the intervening six months until the foreclosure crisis precipitated…

Former Citigroup CEO Chuck Prince made what could be considered the most infamous statement of this credit crisis when he said: "as long as the music is playing, you've got to get up and dance. We're still dancing." -Citi…

Apparently, some of the ‘best reforms’ now being instituted in the U.S. to prevent a liquidity crisis in the future include limitations on demand deposits (hat tip Karl Denninger). What financial institutions are trying to prevent is a bank…

CNBC's Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now.  See Big Banks Accused of Short Sale Fraud - Realty Check with Diana Olick at CNBC’s website.…