Banking

US-Citigroup's 'Very Rocky Start'

Guess who’s the junior partner in this relationship? The Wall Street Journal reports that the federal government’s relationship with Citigroup is off to “a very rocky start.” With the government on the verge of buying 40 percent of Citi’s common stock, federal officials have taken to calling the troubled bank the “Death Star” and, according to one official, they think the bank is “unmanageable.” Part of the problem is “there's no one individual or entity in charge of the federal oversight of Citigroup.”—“All these interested parties have been handing Citigroup a jumble of sometimes conflicting orders, advice and critiques.”