TARP and other Bank Bailouts and Bail-Ins around the World

TARP and other Bank Bailouts and Bail-Ins around the World
Author: Allen N. Berger,Raluca A. Roman
Publsiher: Academic Press
Total Pages: 476
Release: 2020-06-09
ISBN 10: 0128138653
ISBN 13: 9780128138656
Language: EN, FR, DE, ES & NL

TARP and other Bank Bailouts and Bail-Ins around the World Book Review:

Financial crises are recurring phenomena that result in the financial distress of systemically important banks, making it imperative to understand how to best respond to such crises and their consequences. Two policy responses became prominent for dealing with these distressed institutions since the last Global Financial Crisis: bailouts and bail-ins. The main questions surrounding these responses touch everyone: Are bailouts or bail-ins good for the financial system and the real economy? Is it essential to save distressed financial institutions by putting taxpayer money at risk in bailouts, or is it better to use private money in bail-ins instead? Are there better options, such as first lines of defense that help prevent such distress in the first place? Can countercyclical prudential and monetary policies lessen the likelihood and severity of the financial crises that often bring about this distress? Through careful analysis, authors Berger and Roman review and critically assess the extant theoretical and empirical research on many resolution approaches and tools. Placing special emphasis on lessons learned from one of the biggest bailouts of all time, the Troubled Asset Relief Program (TARP), while also reviewing other programs and tools, TARP and Other Bank Bailouts and Bail-Ins around the World sheds light on how best to protect the financial system on Wall Street and the real economy on Main Street. Presents a well-informed and rich account of bailouts, bail-ins, and other resolution approaches to resolve financially distressed banks. Uses TARP as a key case study of bailouts that has been thoroughly researched. Provides valuable research and policy guidance for dealing with future financial crises.

The Oxford Handbook of Banking

The Oxford Handbook of Banking
Author: Allen N. Berger,Philip Molyneux,John O. S. Wilson
Publsiher: Oxford University Press
Total Pages: 1328
Release: 2019-10-31
ISBN 10: 0192558080
ISBN 13: 9780192558084
Language: EN, FR, DE, ES & NL

The Oxford Handbook of Banking Book Review:

The Oxford Handbook of Banking, Third Edition provides an overview and analysis of developments and research in this rapidly evolving field. Aimed at graduate students of economics, banking, and finance; academics; practitioners; regulators; and policy makers, it strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material. Split into five distinct parts The Oxford Handbook of Banking is a one-stop source of relevant research in banking. It examines the theory of banking, bank operations and performance, regulatory and policy perspectives, macroeconomic perspectives in banking, and international differences in banking structures and environments. Taking a global perspective it examines banking systems in the United States, China, Japan, Australia and New Zealand, Africa, the European Union, transition countries of Europe, and Latin America. Thematic issues covered include financial innovation and technological change; consumer and mortgage lending; Islamic banking; and how banks influence real economic activity. Fully revised and now including brand new chapters on a range of geographical regions, bank bailouts and bail-ins, and behavioral economics amongst many other topics, this third edition of The Oxford Handbook of Banking provides readers with insights to seminal and contemporary research in banking and an opportunity to learn about the diversity of financial systems around the world.

Bank Liquidity Creation and Financial Crises

Bank Liquidity Creation and Financial Crises
Author: Allen Berger,Christa Bouwman
Publsiher: Academic Press
Total Pages: 294
Release: 2015-11-24
ISBN 10: 0128005319
ISBN 13: 9780128005316
Language: EN, FR, DE, ES & NL

Bank Liquidity Creation and Financial Crises Book Review:

Bank Liquidity Creation and Financial Crises delivers a consistent, logical presentation of bank liquidity creation and addresses questions of research and policy interest that can be easily understood by readers with no advanced or specialized industry knowledge. Authors Allen Berger and Christa Bouwman examine ways to measure bank liquidity creation, how much liquidity banks create in different countries, the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, the effects of bailouts, and much more. They also analyze bank liquidity creation in the US over the past three decades during both normal times and financial crises. Narrowing the gap between the "academic world" (focused on theories) and the "practitioner world" (dedicated to solving real-world problems), this book is a helpful new tool for evaluating a bank’s performance over time and comparing it to its peer group. Explains that bank liquidity creation is a more comprehensive measure of a bank’s output than traditional measures and can also be used to measure bank liquidity Describes how high levels of bank liquidity creation may cause or predict future financial crises Addresses questions of research and policy interest related to bank liquidity creation around the world and provides links to websites with data and other materials to address these questions Includes such hot-button topics as the effects of monetary policy (including interest rate policy, lender of last resort, and quantitative easing), the effects of capital, the effects of regulatory interventions, and the effects of bailouts

Bailout

Bailout
Author: Neil Barofsky
Publsiher: Simon and Schuster
Total Pages: 304
Release: 2013-02-05
ISBN 10: 1451684959
ISBN 13: 9781451684957
Language: EN, FR, DE, ES & NL

Bailout Book Review:

Reveals the mishandling of the TARP bailout fund, sharing how Geithner and his team failed to fix flaws in the homeowner relief program and that the government served Wall Street's interests over the broader public.

Connectedness and Contagion

Connectedness and Contagion
Author: Hal S. Scott
Publsiher: MIT Press
Total Pages: 440
Release: 2016-05-13
ISBN 10: 0262034379
ISBN 13: 9780262034371
Language: EN, FR, DE, ES & NL

Connectedness and Contagion Book Review:

An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively.

Bail-ins and Bank Resolution in Europe

Bail-ins and Bank Resolution in Europe
Author: Thomas Philippon,Aude Salord
Publsiher: Geneva Reports on the World Ec
Total Pages: 55
Release: 2017
ISBN 10: 9781912179008
ISBN 13: 1912179008
Language: EN, FR, DE, ES & NL

Bail-ins and Bank Resolution in Europe Book Review:

The 4th Special Report in the Geneva Reports on the World Economy series reviews the current status of bail-ins and bank resolution in Europe. It first provides a critical comparison of the US and EU bank resolution rules, including the underlying similarities, differences and enhancement points of both frameworks. It then goes on to focus on European banking failures, providing estimates of taxpayer costs and considering the hypothetical application of stronger private sector bail-in consistent with the spirit of the Bank Resolution and Recovery Directive. The report ends with a number of policy recommendations concerning governance, stress testing, cross-border issues and resolution of financial contracts.

Global Financial Development Report 2019/2020

Global Financial Development Report 2019/2020
Author: World Bank
Publsiher: World Bank Publications
Total Pages: 152
Release: 2019-11-22
ISBN 10: 1464814961
ISBN 13: 9781464814969
Language: EN, FR, DE, ES & NL

Global Financial Development Report 2019/2020 Book Review:

Over a decade has passed since the collapse of the U.S. investment bank, Lehman Brothers, marked the onset of the largest global economic crisis since the Great Depression. The crisis revealed major shortcomings in market discipline, regulation and supervision, and reopened important policy debates on financial regulation. Since the onset of the crisis, emphasis has been placed on better regulation of banking systems and on enhancing the tools available to supervisory agencies to oversee banks and intervene speedily in case of distress. Drawing on ten years of data and analysis, Global Financial Development Report 2019/2020 provides evidence on the regulatory remedies adopted to prevent future financial troubles, and sheds light on important policy concerns. To what extent are regulatory reforms designed with high-income countries in mind appropriate for developing countries? What has been the impact of reforms on market discipline and bank capital? How should countries balance the political and social demands for a safety net for users of the financial system with potentially severe moral hazard consequences? Are higher capital requirements damaging to the flow of credit? How should capital regulation be designed to improve stability and access? The report provides a synthesis of what we know, as well as areas where more evidence is still needed. Global Financial Development Report 2019/2020 is the fifth in a World Bank series. The accompanying website tracks financial systems in more than 200 economies before, during, and after the global financial crisis (http://www.worldbank.org/en/publication/gfdr) and provides information on how banking systems are regulated and supervised around the world (http://www.worldbank.org/en/research/brief/BRSS).

Earnings Management, Fintech-Driven Incentives and Sustainable Growth

Earnings Management, Fintech-Driven Incentives and Sustainable Growth
Author: Michael I. C. Nwogugu
Publsiher: Routledge
Total Pages: 408
Release: 2019-11-30
ISBN 10: 1317146557
ISBN 13: 9781317146551
Language: EN, FR, DE, ES & NL

Earnings Management, Fintech-Driven Incentives and Sustainable Growth Book Review:

Traditional research about Financial Stability and Sustainable Growth typically omits Earnings Management (as a broad class of misconduct), Complex Systems Theory, Mechanism Design Theory, Public Health, psychology issues, and the externalities and psychological effects of Fintech. Inequality, Environmental Pollution, Earnings Management opportunities, the varieties of complex Financial Instruments, Fintech, Regulatory Fragmentation, Regulatory Capture and real-financial sector-linkages are growing around the world, and these factors can have symbiotic relationships. Within Complex System theory framework, this book analyzes these foregoing issues, and introduces new behaviour theories, Enforcement Dichotomies, and critiques of models, regulations and theories in several dimensions. The issues analyzed can affect markets, and evolutions of systems, decision-making, "nternal Markets and risk-perception within government regulators, operating companies and investment entities, and thus they have Public Policy implications. The legal analysis uses applicable US case-law and statutes (which have been copied by many countries, and are similar to those of many common-law countries). Using Qualitative Reasoning, Capital Dynamics Theory (a new approach introduced in this book), Critical Theory and elements of Mechanism Design Theory, the book aims to enhance cross-disciplinary analysis of the above-mentioned issues; and to help researchers build better systems/Artificial-Intelligence/mathematical models in Financial Stability, Portfolio Management, Policy-Analysis, Asset Pricing, Contract Theory, Enforcement Theory and Fraud Detection. The primary audience for this book consists of university Professors, PHD students and PHD degree-holders (in industries, government agencies, financial services companies and research institutes). The book can be used as a primary or supplementary textbook for graduate courses in Regulation; Capital Markets; Law & Economics, International Political Economy and or Mechanism Design (Applied Math, Operations Research, Computer Science or Finance).

Banking Bailout Law

Banking Bailout Law
Author: Virág Blazsek
Publsiher: Routledge
Total Pages: 264
Release: 2020-10-27
ISBN 10: 1000208222
ISBN 13: 9781000208221
Language: EN, FR, DE, ES & NL

Banking Bailout Law Book Review:

Setting forth the building blocks of banking bailout law, this book reconstructs a regulatory framework that might better serve countries during future crisis situations. It builds upon recent, carefully selected case studies from the US, the EU, the UK, Spain and Hungary to answer the questions of what went wrong with the bank bailouts in the EU, why the US performed better in terms of crisis management, and how bailouts could be regulated and conducted more successfully in the future. Employing a comparative methodology, it examines the different bailout and bank resolution techniques and tools and identifies the pros and cons of the different legal and regulatory options and their underlying principles. In the post-2008 legal-regulatory architecture financial institution specific insolvency proceedings were further developed or implemented on both sides of the Atlantic. Ten years after the most recent financial crisis, there is sufficient empirical evidence to evaluate the outcomes of the bank bailouts in the US and the EU and to examine a number of cases under the EU’s new bank resolution regime. This book will be of interest of anyone in the field of finance, banking, central banking, monetary policy and insolvency law.

13 Bankers

13 Bankers
Author: Simon Johnson,James Kwak
Publsiher: Vintage
Total Pages: 336
Release: 2010-03-30
ISBN 10: 0307379221
ISBN 13: 9780307379221
Language: EN, FR, DE, ES & NL

13 Bankers Book Review:

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.

Dodd-Frank Wall Street Reform and Consumer Protection Act

Dodd-Frank Wall Street Reform and Consumer Protection Act
Author: Anonim
Publsiher: Government Printing Office
Total Pages: 329
Release:
ISBN 10: 9780160861109
ISBN 13: 0160861101
Language: EN, FR, DE, ES & NL

Dodd-Frank Wall Street Reform and Consumer Protection Act Book Review:

Senseless Panic

Senseless Panic
Author: William M. Isaac
Publsiher: John Wiley & Sons
Total Pages: 240
Release: 2012-06-25
ISBN 10: 1118473191
ISBN 13: 9781118473191
Language: EN, FR, DE, ES & NL

Senseless Panic Book Review:

The truth about the 2008 economic crisis from a Washingtoninsider The 1980s opened with the prime interest rate at an astonishing21.5 percent, leading to a severe recession with unemploymentreaching nearly 11 percent. Depression-like conditions befell thecountry, the entire thrift industry was badly insolvent and themajor money center banks were loaded with third world debt. Some3,000 bank and thrifts failed, including nine of Texas’ tenlargest, and Continental Illinois, which, at the time, was theseventh largest bank in the nation. These severe conditions werenot only handled without creating a panic, the economy actuallyembarked on the longest peacetime expansion in history. In Senseless Panic: How Washington Failed America,William M. Isaac, Chairman of the Federal Deposit InsuranceCorporation (FDIC) during the banking and S&L crises of the1980s, details what was different about 2008’s meltdown thatallowed the failure of a comparative handful of institutions tonearly shut down the world’s financial system. The book alsotells the rousing story of Isaac’s time at the FDIC. Details the mistakes that led to the panic of 2008 and2009 An updated paperback revision of the bestselling book on the2008 economic crisis, including a fascinating new Epilogue Demystifies the conditions America faced in 2008 Provides a road map for avoiding similar shutdowns and panicsin the future Includes a foreword by Federal Reserve Chairman PaulVolcker Senseless Panic is a provocative, quick-paced, andthoughtful analysis of what went wrong with the nation's bankingsystem, a blunt indictment of United States policy, and a road mapfor making sure it doesn’t happen again.

Systemic Banking Crises Revisited

Systemic Banking Crises Revisited
Author: Mr.Luc Laeven,Mr.Fabian Valencia
Publsiher: International Monetary Fund
Total Pages: 48
Release: 2018-09-14
ISBN 10: 1484377044
ISBN 13: 9781484377048
Language: EN, FR, DE, ES & NL

Systemic Banking Crises Revisited Book Review:

This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs, and more extensive use of bank guarantees and expansionary macro policies than crises in low- and middle-income countries. We complement the banking crises dates with sovereign debt and currency crises dates to find that sovereign debt and currency crises tend to coincide or follow banking crises.

Let Nobody Turn Us Around

Let Nobody Turn Us Around
Author: Manning Marable,Leith Mullings
Publsiher: Rowman & Littlefield
Total Pages: 676
Release: 2009
ISBN 10: 0742560570
ISBN 13: 9780742560574
Language: EN, FR, DE, ES & NL

Let Nobody Turn Us Around Book Review:

One of America's most prominent historians and a noted feminist bring together the most important political writings and testimonials from African-Americans over three centuries.

Better Banking

Better Banking
Author: Adrian Docherty,Franck Viort
Publsiher: John Wiley & Sons
Total Pages: 376
Release: 2014-01-02
ISBN 10: 1118651332
ISBN 13: 9781118651339
Language: EN, FR, DE, ES & NL

Better Banking Book Review:

Why did the financial crisis happen? Why did no one see it coming? And how did our banks lose so much of our money? What's being done to sort out the banking industry? And will it work? These are the questions that industry experts Adrian Docherty and Franck Viort cover in Better Banking: Understanding and Addressing the Failures in Risk Management, Governance and Regulation. They give a clear and thorough run-through of some of the key concepts and developments in banking, to enable the reader to understand better this vital yet perilous industry. Without excessive detail or jargon, they explain the most important issues in risk management, regulation and governance and build a comprehensive description of how failings in these areas resulted in the current financial crisis. In order to make the diagnosis clear, the authors illustrate their descriptions with a series of informative case studies. The book revolves around a critique of the current regulatory developments, which the authors feel will be ineffective in fixing the structural flaws in banking. Crucially, and as the title of the book suggests, they set out their own series of proposals to contribute to the development of a better, safer and more effective banking industry. Docherty and Viort's book fills an important gap in the literature on banking and its role in the current financial crisis. It is at once a history, a primer, a critique and a manifesto. It does not take sides but works through a constructive diagnosis towards ideas that could lead to major improvements in the quality and stability of the financial world. Better Banking: Understanding and Addressing the Failures in Risk Management, Governance and Regulation is a technical yet accessible book that seeks to engage interested readers of all kinds -- students, professionals, bankers and regulators but also politicians and the broader audience of citizens outside the banking industry, who are keen to inform themselves and understand what needs to be done to avoid a repeat of this crisis.

Crashed

Crashed
Author: Adam Tooze
Publsiher: Penguin
Total Pages: 720
Release: 2018-08-07
ISBN 10: 0525558802
ISBN 13: 9780525558804
Language: EN, FR, DE, ES & NL

Crashed Book Review:

WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. In September 2008 President George Bush could still describe the financial crisis as an incident local to Wall Street. In fact it was a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. In the United States and Europe, it caused a fundamental reconsideration of capitalist democracy, eventually leading to the war in the Ukraine, the chaos of Greece, Brexit, and Trump. It was the greatest crisis to have struck Western societies since the end of the Cold War, but was it inevitable? And is it over? Crashed is a dramatic new narrative resting on original themes: the haphazard nature of economic development and the erratic path of debt around the world; the unseen way individual countries and regions are linked together in deeply unequal relationships through financial interdependence, investment, politics, and force; the ways the financial crisis interacted with the spectacular rise of social media, the crisis of middle-class America, the rise of China, and global struggles over fossil fuels. Finally, Tooze asks, given this history, what now are the prospects for a liberal, stable, and coherent world order?

The Oxford Handbook of Economic and Institutional Transparency

The Oxford Handbook of Economic and Institutional Transparency
Author: Jens Forssbaeck,Lars Oxelheim
Publsiher: Oxford University Press
Total Pages: 624
Release: 2014-09-01
ISBN 10: 0199394830
ISBN 13: 9780199394838
Language: EN, FR, DE, ES & NL

The Oxford Handbook of Economic and Institutional Transparency Book Review:

In recent years, the term 'transparency' has emerged as one of the most popular and keenly-touted concepts around. In the economic-political debate, the principle of transparency is often advocated as a prerequisite for accountability, legitimacy, policy efficiency, and good governance, as well as a universal remedy against corruption, corporate and political scandals, financial crises, and a host of other problems. But transparency is more than a mere catch-phrase. Increased transparency is a bearing ideal behind regulatory reform in many areas, including financial reporting and banking regulation. Individual governments as well as multilateral bodies have launched broad-based initiatives to enhance transparency in both economic and other policy domains. Parallel to these developments, the concept of transparency has seeped its way into academic research in a wide range of social science disciplines, including the economic sciences. This increased importance of transparency in economics and business studies has called for a reference work that surveys existing research on transparency and explores its meaning and significance in different areas. The Oxford Handbook of Economic and Institutional Transparency is such a reference. Comprised of authoritative yet accessible contributions by leading scholars, this Handbook addresses questions such as: What is transparency? What is the rationale for transparency? What are the determinants and the effects of transparency? And is transparency always beneficial, or can it also be detrimental (if so, when)? The chapters are presented in three sections that correspond to three broad themes. The first section addresses transparency in different areas of economic policy. The second section covers institutional transparency and explores the role of transparency in market integration and regulation. Finally, the third section focuses on corporate transparency. Taken together, this volume offers an up-to-date account of existing work on and approaches to transparency in economic research, discusses open questions, and provides guidance for future research, all from a blend of disciplinary perspectives.

The Great Deformation

The Great Deformation
Author: David Stockman
Publsiher: PublicAffairs
Total Pages: 768
Release: 2013-04-02
ISBN 10: 1586489135
ISBN 13: 9781586489137
Language: EN, FR, DE, ES & NL

The Great Deformation Book Review:

A New York Times bestseller The Great Deformation is a searing look at Washington's craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America's private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the few. Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair. Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.

Bull by the Horns

Bull by the Horns
Author: Sheila Bair
Publsiher: Simon and Schuster
Total Pages: 432
Release: 2013-09-10
ISBN 10: 1451672497
ISBN 13: 9781451672497
Language: EN, FR, DE, ES & NL

Bull by the Horns Book Review:

A former FDIC chairwoman, who was among the first individuals to acknowledge the full risk of subprime loans, shares expert and insider perspectives on the economic crisis to assess contributing causes and ultimate ramifications.

Borrowed Time

Borrowed Time
Author: James Freeman,Vern McKinley
Publsiher: HarperCollins
Total Pages: 384
Release: 2018-08-07
ISBN 10: 0062669885
ISBN 13: 9780062669889
Language: EN, FR, DE, ES & NL

Borrowed Time Book Review:

The disturbing, untold story of one of the largest financial institutions in the world, Citigroup—one of the " too big to fail" banks—from its founding in 1812 to its role in the 2008 financial crisis, and the many disasters in between. During the 2008 financial crisis, Citi was presented as the victim of events beyond its control—the larger financial panic, unforeseen economic disruptions, and a perfect storm of credit expansion, private greed, and public incompetence. To save the economy and keep the bank afloat, the government provided huge infusions of cash through multiple bailouts that frustrated and angered the American public. But, as financial experts James Freeman and Vern McKinley reveal, the 2008 crisis was just one of many disasters Citi has experienced since its founding more than two hundred years ago. In Borrowed Time, they reveal Citi’s history of instability and government support. It’s not a story that either Citi or Washington wants told. From its founding in 1812 and through much of its history the bank has been tied to the federal government—a relationship that has benefited both. Many of its initial stockholders had owned stock in the Bank of the United States, and its first president, Samuel Osgood, had been a member of the Continental Congress and America’s first Postmaster General. From its earliest years, Citi took massive risks that led to crisis. But thanks to private investors, including John Jacob Astor, they survived throughout the nineteenth century. In the twentieth century, Senator Carter Glass blamed Citi CEO "Sunshine Charlie" Mitchell for the 1929 stock market crash, and the bank was actually in violation of the senator’s signature achievement, the Glass-Steagall law, in the late 1990s until then U.S. Treasury Secretary Robert Rubin engineered the law’s repeal. Rubin later became the chairman of the executive committee of Citigroup, helping to oversee the bank as it ramped up its increasing mortgage risks before the 2008 crash. The scale of the financial panic of 2008 was not, as the media and experts claim, unprecedented. As Borrowed Time shows, disasters have been relatively frequent during the century of government-protected banking—especially at Citi.