Of all the rescues mounted by the government so far this year, none carries with it more symbolism, or more irony, than that of Citigroup. Until recently, Citi was not only the largest U.S. financial institution, but the very embodiment of the new financial order. Under the relentless empire building of former chief executive Sandford Weill, it was Citi that brought down the old regulatory wall that had separated commercial banking from investment banking and insurance. The combination of Citibank with Solomon Smith Barney under the bright red umbrella of Travelers ... (more)