Citicorp

Federal Reserve Grants Citigroup Temporary Waiver for Glass-Steagall Violation

1998-09-01 00:00:00 +0000 UTC | Importance: 8/10

In September 1998, the Federal Reserve Board granted Citicorp a temporary waiver allowing its merger with Travelers Group, effectively circumventing the Glass-Steagall Act and Bank Holding Company Act. This strategic regulatory maneuver created Citigroup, the first ‘universal bank’ since …

Federal Reserve Alan Greenspan Citicorp Travelers Group Sandy Weill +4 more federal-reserve citigroup glass-steagall-violation regulatory-waiver systemic-corruption +3 more

Citigroup Merger Violates Glass-Steagall, Forces Deregulation

1998-04-06 00:00:00 +0000 UTC | Importance: 10/10

Citicorp CEO John Reed and Travelers Group CEO Sanford Weill announce on April 6, 1998, the merger of their companies to form Citigroup, a $140 billion conglomerate combining banking, securities, and insurance services under brands including Citibank, Smith Barney, Primerica, and Travelers. The …

Sanford Weill John Reed Citicorp Travelers Group Federal Reserve +3 more deregulation regulatory-capture neoliberalism banking-deregulation corporate-power +2 more