re: #414 garhighway

OT: some scary stuff is coming out regarding how close Citi was to failure back in 2008. The article includes links to e-mails between some of the regulators. Fascinating stuff.

[Link: dealbook.nytimes.com…]

“That Sunday, documents show, Ms. Bair chaired a closed-door meeting of F.D.I.C. directors to discuss Citigroup’s rapidly deteriorating financial position. Directors gathered in person and by phone to determine whether Citigroup’s ailing health posed a systemic risk.

“In hindsight, I think there have been some systemic situations prior to this one that were not classified as such,” said John M. Reich, an F.D.I.C. director, according to a transcript of the meeting. “The failure of IndyMac pointed the focus to the next weakest institution, which was WaMu, and its failure pointed to Wachovia, and now we’re looking at Citi, and I wonder who’s next.””

that just about made me shudder….