Word: reeding
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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...
...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...
...Sources tell TIME that Hugh was one of several lawyers who began negotiating a possible settlement with a gun-industry trade group earlier this year. Robert Ricker, former head of the group, said Hugh helped arrange a White House meeting in early May with Lindsey, domestic-policy adviser Bruce Reed and others. "He took me aside once and told me he'd...filled [the Clintons] in on the status of the talks," says Ricker. "He was a serious player." And Hugh and several of the other Castano lawyers still meet from time to time with Clinton Administration aides...
...Through Dec. 19: "David Reed: Paintings, Motion Pictures," "Contemporary Abstract Painting...