International Business: of Citibank - Research Paper Example

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A paper "International Business: Research of Citibank" outlines that financial crisis they lost billions of dollars and had to be rescued by the US government with the bailouts but paid it back a year or two later. Citibank still is one of the biggest banks in the world…

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International Business: Research of Citibank

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Subject: Finance & Accounting
Type: Research Paper
Level: College
Pages: 3 (750 words)
Downloads: 2
Author: russelyundt

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They received 25 million dollars in aid than another 20 million dollar investment, both from the Treasury Department bailout package, and the FDIC will back up over 300 billion dollars of bad loans with them. Citibank is one of the big businesses that the US government didn't want to fail to result from the crisis. Like a lot of financial businesses, Citibank had to restructure after the crisis so that it would not happen again to them in the idea. Their big change was cutting the company in two and have one business for banking and the other business for different things.

After the crisis was Citicorp for the bank and Citi Holdings Inc. for brokerage and other items. The company said they did this so that the bank business could be more focused on and so that they would have fewer risks with splitting the operation up. There is evidence for the revolving door in Citibank from the past and from now. There are both examples of people coming to Citibank from government regulator jobs and people going to the government from Citibank. An old example is Robert Rubin, a chairman that joined Citibank in 1999 was Secretary of the Treasury for four years before then.

A newer time in the opposite direction is the move of Peter Orszag to join Citibank as a vice chair in 2010 after having different jobs with the government for years. These are only two of many examples; the revolving door spins a lot at Citibank. According to OpenSecrets.org Citibank is a major part of political donations even being one of what they call "heavy hitters" which are the biggest 140 donators. Since 1990 the money was given almost exactly the same to both republicans and democrats for a total of about 15 million dollars each.

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