Citigroup CEO to D.C. Economic Club: Before more regulation, let's talk trust
People might want to remember that Citigroup was caught rigging international markets and was charged with a felony for doing so.
No. No one went to jail. Yes. Government agencies adjusted current laws to allow bank felons to do business with the U.S. government almost immediately after Citigroup receiving the felony charge.
Citigroup CEO to D.C. Economic Club: Before more regulation, let's talk trust
By Andy Medici - Oct 29, 2015, 2:40pm EDT
Citigroup Inc. CEO Michael Corbat wants politicians and the American public to think twice before further regulating banks — especially big banks.
He spoke about the current regulatory environment at The Economic Club of Washington, D.C., Wednesday, saying demands for more regulation are growing louder.
“What’s clearly needed, they say, is even stronger and stricter regulation of financial institutions, particularly large global ones, like my own,” Corbat said.
Citigroup (NYSE: C) struggled in the wake of the Great Recession, laying off tens of thousands of employees. It also received $476 billion in cash and guarantees from federal government assistance programs.
~Snip~
Corbat defended the role larger banks play in everyday life, including financing infrastructure projects, providing loans to innovative businesses, and working with governments at all levels to manage their funds and pay their employees.
Full article:
http://www.bizjournals.com/washington/news/2015/10/29/citigroup-ceo-to-d-c-economic-club-no-need-for.html
= new reply since forum marked as read
