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Citigroup: A Case Study In Managerial And Regulatory Failures, Arthur E. Wilmarth Jr.
Citigroup: A Case Study In Managerial And Regulatory Failures, Arthur E. Wilmarth Jr.
GW Law Faculty Publications & Other Works
Citigroup has served as the poster child for the elusive promises and manifold pitfalls of universal banking. When Citicorp merged with Travelers to form Citigroup in 1998, Citigroup’s leaders and supporters asserted that the new financial conglomerate would offer unparalleled convenience to its customers through “one-stop shopping” for banking, securities and insurance services. They also claimed that Citigroup would have a superior ability to withstand financial shocks due to its broadly diversified activities.
During its early years, Citigroup was embroiled in a series of high-profile scandals, including tainted transactions with Enron and WorldCom, biased research advice, corrupt allocations of shares …
Turning A Blind Eye: Why Washington Keeps Giving In To Wall Street, Arthur E. Wilmarth Jr.
Turning A Blind Eye: Why Washington Keeps Giving In To Wall Street, Arthur E. Wilmarth Jr.
GW Law Faculty Publications & Other Works
As the Dodd–Frank Act approached its third anniversary in mid-2013, federal regulators failed to meet statutory deadlines for more than 60% of the required implementing rules. The financial industry has undermined Dodd–Frank by lobbying regulators to delay or weaken rules, by suing to overturn completed rules, and by pushing for legislation to freeze agency budgets and to repeal Dodd–Frank’s key mandates. The financial industry did not succeed in its efforts to prevent President Obama’s re-election in 2012. Even so, the Obama Administration has continued to court Wall Street’s leaders and has not placed a high priority on implementing Dodd–Frank.
At …