by Bill McBride on 1/13/2011 09:13:00 PM
Thursday, January 13, 2011
From Shahien Nasiripour at the HuffPo: Citigroup Was On The Verge Of Failure, New Report Finds; Rescue Was Based On 'Gut Instinct'
"We were on the verge of having to close this institution [Citigroup] because it can't meet its liquidity Monday morning," said Sheila Bair, chairman of the Federal Deposit Insurance Corporation, during a meeting the previous Sunday night, according to the report by the Special Inspector General for the Troubled Asset Relief Program.We all knew it was close ...
"Without substantial government intervention," said another FDIC official, bank regulators and Citigroup "project that Citibank will be unable to pay obligations or meet expected deposit outflows next week," according to the report.
Posted by Bill McBride on 1/13/2011 09:13:00 PM