Borrowed Time by James Freeman audiobook

Borrowed Time: Two Centuries of Booms, Busts, and Bailouts at Citi

By James Freeman  and Vern McKinley
Read by Fred Sanders

HarperAudio, HarperCollins 9780062669872

Unabridged

Format : Library CD (In Stock)
  • ISBN: 9781982538880

  • ISBN: 9781982538873

  • ISBN: 9781982538897

Runtime: 11.86 Hours
Category: Nonfiction/Business & Economics
Audience: Adult
Language: English

Summary

Summary

The alarming, untold story of Citigroup—one of the largest financial institutions in the world—from its founding in 1812 to its role in the 2008 financial crisis, and the many near-death experiences in between.

During the 2008 financial crisis, we were told that Citi was a victim of events beyond its control—the larger financial panic, unforeseen economic disruptions and a perfect storm of credit expansion and private greed. To save the economy and keep the bank afloat, the government provided huge infusions of cash through multiple bailouts that frustrated and angered the American public.

But, as Wall Street Journal writer James Freeman and financial expert Vern McKinley reveal, the 2008 crisis was just one of many disasters Citi has experienced since its founding more than two hundred years ago. In Borrowed Time they reveal Citi’s disturbing history of instability and government support. It’s a story that neither Citi nor Washington wants told.

Citi has long been tied to the federal government in a relationship that has benefited both. From its earliest years, its well-connected leadership—most of its initial stockholders had owned stock in the Bank of the United States—took massive risks that led to crisis. But thanks to a rescue by private investors, including John Jacob Astor, the bank survived throughout the nineteenth century.

This is just the tip of the iceberg. The scale of the financial panic of 2008 was hardly unprecedented. As Borrowed Time shows, crisis and outright disasters have been surprisingly common during the century of government-protected banking—especially at Citi.

Editorial Reviews

Editorial Reviews

“At the next banking crisis, Citi likely will be there, once again. Borrowed Time explains why.” Bartly Dzivi, Financial Crisis Inquiry Commision
“The first book to focus on Citigroup’s handling of the 2008 financial crisis, and readers looking for new insight on the Great Recession will find much here.” Publishers Weekly

Reviews

Reviews

Author

Author Bio: James Freeman

Author Bio: James Freeman

James Freeman is assistant editor of the Wall Street Journal’s editorial page. He previously served as investor advocate at the US Securities and Exchange Commission.

Titles by Author

Author Bio: Vern McKinley

Author Bio: Vern McKinley

Vern McKinley, a visiting scholar at the George Washington University Law School, is a consultant and attorney who specializes in diagnosing financial instability in banking systems.

Titles by Author

Details

Details

Available Formats : CD, Library CD, MP3 CD
Category: Nonfiction/Business & Economics
Runtime: 11.86
Audience: Adult
Language: English