Word: reede
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Dates: during 1990-1999
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They didn't happen fast enough to prevent Ali Asif Zardari from dumping millions of dollars into Citi accounts. The husband of Benazir Bhutto, a former Prime Minister of Pakistan, Zardari faced corruption allegations. In fact, the report says, Reed was advised by bank staff to "stay away from him." But a year later, Citi opened three accounts for him. According to the report, when Reed finally learned of the Zardari accounts, Reed "thought the account officer must have been 'an idiot...
Citigroup's specialized private banking division, which has 40,000 clients, each holding more than $3 million in assets, has produced a wealth of headaches in recent years. And this week's migraine could be especially severe for John Reed, Citigroup's co-chairman. He's being hauled before the Senate's Permanent Subcommittee on Investigations to explain the bank's oversight of accounts controlled by a gallery of international reprobates and dictators. All kept tidy sums in Citi vaults; some of it was rightfully theirs...
...Reed did not shake up the private bank, say investigators, until after being warned by a Citigroup board member. Says Reed in a statement prepared to deliver to Senators this week: "Changes did not occur overnight, and in retrospect, one could take issue with whether they happened fast enough...
...Federal Reserve, the main bank regulator, quickly granted Weill and his new partner, co-CEO John Reed from Citi, a grace period to sort things out. Long before they would have to do any actual sorting, though, Congress is now fixing things for good. President Clinton is expected to soon sign a bill repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed...
...after nearly four months off for family time and recreation, Rubin has re-emerged for another high-wattage star turn. Smiling alongside Sanford Weill and John Reed, the co-chairmen of Citigroup, the 61-year-old financier confirmed that he would help them run the nation's largest financial conglomerate (1998 assets: $669 billion). Rubin's timing, as usual, is perfect. Just as the former Goldman Sachs investment banker climbs back into the spotlight, Congress is preparing to vote on a historic bill that plays legislative catch-up with Citi's 1998 merger with Travelers, the insurance outfit that also...