Just ran across this about Citicorp
Did not know this history. It just seems to reiterate that history, sadly, repeats itself. This is from Wikipedia.
When the Federal Reserve Act allowed it,[7] National City Bank became the first U.S. national bank to open an overseas banking office when it opened a branch in Buenos Aires, Argentina, in 1914. Many of Citi's present international offices are older; offices in London, Shanghai, Calcutta, and elsewhere were opened in 1901 and 1902 by the International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., which was forbidden to U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was subsequently merged into the bank. By 1919, the bank had become the first U.S. bank to have $1 billion in assets.[8]
Charles E. Mitchell was elected president in 1921 and in 1929 was made chairman, a position he held until 1933. Under Mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by historical economists as one of the prime causes of the stock market crash of 1929, which led ultimately to the Great Depression.[citation needed] In 1933 a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance. Senator Carter Glass said of him: "Mitchell, more than any 50 men, is responsible for this stock crash."[9]
= new reply since forum marked as read