Baseball

Is Securities Lending Starting to Dry Up a Little?

I have to laugh at a quote from the Citibank Head of Securities Lending. The highest paid executive of any bank, who ran the place into the ground ,and whose major initiates were to do Conduit Lending,and have customer reinvestment proceeds invested in SIVs. In other words enrich Citi bank through self dealing. In addition, this person appointed more Managing Directors and directors than people to do the function properly.Junkets back and forth accross the pond were set up for employee vacations, and his own office was in a different location so as not to be close with the people who worked for him. He was there only to provide liquidity for his Bank Dealer buddies and could care less about his Customers. A joke and the major reason why management of that firm has failed.