Borrowed Time
Two Centuries of Booms, Busts, and Bailouts at Citi
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Narrated by:
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Fred Sanders
About this listen
The alarming, untold story of Citigroup - one of the largest financial institutions in the world - from its founding in 1812 to its role in the 2008 financial crisis, and the many near-death experiences in between.
During the 2008 financial crisis, we were told that Citi was a victim of events beyond its control - the larger financial panic, unforeseen economic disruptions, and a perfect storm of credit expansion and private greed. 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 Wall Street Journal writer James Freeman and financial expert Vern McKinley reveal, the 2008 crisis was just one of many disasters Citi has experienced since its founding more than 200 years ago. In Borrowed Time they reveal Citi’s disturbing history of instability and government support. It’s a story that neither Citi nor Washington wants told.
Citi has long been tied to the federal government in a relationship that has benefited both. From its earliest years, its well-connected leadership - most of its initial stockholders had owned stock in the Bank of the United States - took massive risks that led to crisis. But thanks to a rescue by private investors, including John Jacob Astor, the bank survived throughout the 19th century.
This is just the tip of the iceberg. The scale of the financial panic of 2008 was hardly unprecedented. As Borrowed Time shows, crisis and outright disasters have been surprisingly common during the century of government-protected banking - especially at Citi.
©2018 James Freeman and Vern McKinley (P)2018 HarperCollins PublishersListeners also enjoyed...
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- By: Neil Irwin
- Narrated by: Walter Dixon
- Length: 14 hrs and 15 mins
- Unabridged
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Neil Irwin’s The Alchemists is a gripping account of the most intense exercise in economic crisis management we’ve ever seen, a poker game in which the stakes have run into the trillions of dollars. The book begins in, of all places, Stockholm, Sweden, in the 17th century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast influence over our world, from its troubled beginnings to the age of Greenspan, bringing the listener into the present with a marvelous handle on how these figures and institutions became what they are.
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Couldn't Listen to this narrator
- By Donald on 07-23-13
By: Neil Irwin
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13 Bankers
- The Wall Street Takeover and the Next Financial Meltdown
- By: Simon Johnson, James Kwak
- Narrated by: Erik Synnestvedt
- Length: 8 hrs and 59 mins
- Unabridged
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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage.
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Easy to Understand and Comprehend
- By Kyle on 04-11-10
By: Simon Johnson, and others
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Fool's Gold
- By: Gillian Tett
- Narrated by: Stephen Hoye
- Length: 10 hrs and 7 mins
- Unabridged
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Gillian Tett brings to life in gripping detail how the Morgan team's bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalated wildly out of control. The deeply reported and lively narrative takes readers behind the scenes, to the inner sanctums of elite finance and to the secretive reaches of what came to be known as the "shadow banking" world.
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Outstanding narrative about the financial crisis
- By D. Littman on 07-17-09
By: Gillian Tett
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Bought and Paid For
- The Unholy Alliance Between Barack Obama and Wall Street
- By: Charles Gasparino
- Narrated by: Lloyd James
- Length: 9 hrs and 32 mins
- Unabridged
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According to business reporter Charles Gasparino, President Obama is faking his outrage at Wall Street, and his calls for new policies to rein in banks that are "too big to fail" are just pabulum. In reality, Obama has climbed into bed with Wall Street CEOs, giving them what they want so they will support his liberal, big-government agenda.
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Revealing and Convincing
- By Walter on 10-24-11
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The House of Dimon
- How JP Morgan's Jamie Dimon Rose to the Top of the Financial World
- By: Patricia Crisafulli
- Narrated by: Suzanne Toren
- Length: 9 hrs and 39 mins
- Unabridged
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Jamie Dimon is Wall Street's biggest player. Following the 11h-hour rescue of Bear Stearns by JPMorgan, his profile has reached stratospheric levels. And while the deals and decisions he's made have usually turned out to be the right ones, his journey to the top of the financial world has been anything but easy. Now, in The House of Dimon, business writer Patricia Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon's career.
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Intriguing
- By Jean on 08-28-16
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A First-Class Catastrophe
- The Road to Black Monday, the Worst Day in Wall Street History
- By: Diana B. Henriques
- Narrated by: Gabra Zackman
- Length: 9 hrs and 43 mins
- Unabridged
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Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell 22.6% - almost twice as bad as the worst day of 1929 - equal to a one-day loss of nearly 5,000 points today. Black Monday was more than seven years in the making and threatened nearly every US financial institution. Drawing on superlative archival research and dozens of original interviews, Diana B. Henriques weaves a tale of missed opportunities, market delusions, and destructive actions.
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Financial History Rhymes
- By David Larson on 10-07-17
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The Ascent of Money
- A Financial History of the World
- By: Niall Ferguson
- Narrated by: Simon Prebble
- Length: 11 hrs and 27 mins
- Unabridged
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Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. Niall Ferguson shows that finance is in fact the foundation of human progress.
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A mostly successful and interesting history
- By A reader on 02-24-09
By: Niall Ferguson
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Volcker
- The Triumph of Persistence
- By: William L. Silber
- Narrated by: Ross Douglas
- Length: 9 hrs and 51 mins
- Unabridged
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Over the course of nearly half a century, five American presidents - three Democrats and two Republicans - have relied on the financial acumen, and the integrity, of Paul A. Volcker. During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s, Volcker did nothing less than restore the reputation of an American financial system on the verge of collapse.
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Required Reading for 2022 Economy
- By Marc Uknis on 11-19-22
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The Bank That Lived a Little
- Barclays in the Age of the Very Free Market
- By: Philip Augar
- Narrated by: Jonathan Keeble
- Length: 15 hrs and 32 mins
- Unabridged
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Based on unparalleled access to those involved, and told with compelling pace and drama, The Bank That Lived a Little is the story of one of the most familiar names on the British high street since Big Bang in 1986. Philip Augar describes in detail three decades of boardroom intrigue driven by ruthless ambition, grandiose dreams and a desire for wealth. It is a tale of a struggle for long-term supremacy between rival strategies and their adherents.
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Global superstar bankers under light-touch gov
- By Philo on 12-21-18
By: Philip Augar
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More Money Than God
- Hedge Funds and the Making of a New Elite
- By: Sebastian Mallaby
- Narrated by: Alan Nebelthau
- Length: 16 hrs and 4 mins
- Unabridged
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The Paul Volker Senior Fellow in International Economics at the Council on Foreign Relations, Washington Post journalist Sebastian Mallaby has garnered New York Times Editor’s Choice and Notable Book honors for his enthralling nonfiction. Bolstered by Mallaby’s unprecedented access to the industry, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007–2009.
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Valiant effort but lacking analytic horsepower...
- By ND on 01-10-11
What listeners say about Borrowed Time
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Philo
- 09-18-18
Far-away best US banks-finance story I've seen
Citi becomes a sort of prism through which to view the whole history of US banks, their fortunes, and their entanglements with the federal government. (It ranges into broader history, but still centers on its story. If you want a still wider, systematic explanation of the banking system, and other topics lateral from that, the clearest explanations I have found are in another recent release here, Crashes and Crises: Lessons from a History of Financial Disasters, by Great Courses/Connell Fullenkamp. This at one point really maps the earlier US banking system brilliantly.) But back to this one: The portraits of bankers and politicians are incredible, for better and worse. We start with Moses Taylor, first City Bank leader and a banker of amazing probity and stature, building City into a private safe haven for savers in times of panic and financial stress (when various governmental props weren't there). His methods provide a perfect textbook case of sound banking business and risk management. There follows the succession of Stillman, Sunshine Charlie Mitchell, and onward through Wriston and so on, a succession of leaders increasingly picked apparently through blue-chip leaders' "man-crushes" on young proteges who lost the art and science of banking in increasing favor of charm and cronyism with government. Along the way, some detail is given to Citi's funding some awful, ill-timed, vainglorious and idiotic deals of one Donald J. Trump. This train of fiascos and blue-chip bungling comes to its final pratfall (to date) in the 2008 crash, with a massive taxpayer bailout to a company in execrably bad condition. The whole story is magnificently told, sharply-etched in well-chosen details. I appreciate the author's having paid closer attention to some critics of the Fed and elite bankers, I had dismissed. My opinion of many major public figures in our recent times was altered by this book, and not for the better. In all, USA's large-scale financial story is told here, often with the best compact descriptions of big events and turning-points I have seen (e.g., the 1907 panic, the Fed's creation, and the Pecora hearings in the Depression in which National City's Charlie Mitchell was the stage villain). If financial history has any interest for you, I cannot highly enough recommend this book.
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- Daniel Mosca
- 09-15-18
frantic
great book, go through the entire banking system! it's worth the listen. shocking actually how the system props to the bank
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- Anonymous User
- 11-30-18
Great research, great writing.
Great and very educational review of Citi. Never read the business's history before. Fascinating. The authors pull no punches in their criticism of the bank and various supporting actors, but the book presents both sides as well, in a balanced fashion.
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- CF
- 08-09-19
Biased
I just listened to the introduction. The supporting rationale for some of the criticism (particularly around bail outs in 2008) seems very shallow and biased. Very strong conclusions with quite shallow reasoning. Such a deep research providing such biased conclusions seems a waste for both authors’ time and readers as well. I don’t understand why the book is rated so highly.
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2 people found this helpful