THE $900 MILLION MISTAKE; Citigroup's latest gaffe is one in a long series of missteps that has diminished this once high-flying bank's reputation
In mid-August Citigroup made a blunder heard around the world when a clerk mistakenly sent $900 million-100 times more than intended-to a dozen hedge funds. Citi demanded its money back, but some of the funds invoked the finders-keepers defense. At a trial next month, U.S. District Judge Jesse Furman will decide what happens to the cash.
Every giant bank does things it regrets sometimes. Goldman Sachs
last month pleaded guilty to wrongdoing by its Malaysian subsidiary and agreed to p...