Word: cities
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Dates: during 2010-2019
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...proprietary trading in the fourth quarter of 2007. Goldman Sachs spent $3 billion to bail out one of its hedge funds. And Citigroup has poured more than $3 billion into fixing its problems with structured investment vehicles, investments the bank set up with its own capital. Like Merrill, Citi lost big - as much as $15 billion, on the CDOs it decided to hold rather than sell off. In fact, nearly every large financial firm that stumbled during the financial crisis had billions of dollars in proprietary-trading or hedge-fund losses. (See the worst business deals...
...even excluding the payments the banks made to the government, the fourth quarter was still a doozy. Sales at Citigroup, for instance, fell in three of its biggest units - investment banking, consumer banking and transaction processing - compared with the prior quarter. So while Citi's government-assistance repayment accounts for a big part of its losses, even without that, the bank still lost $1.4 billion in the last quarter of 2009. (See pictures of TIME's Wall Street covers...