Dear old Citigroup – key at the formation of the deceptively named US Federal Reserve in 1913 – played its role in the 1929 and 2008 crashes – biggest ever recipient of taxpayer bailout funds – and now with its hand in taxpayers pockets again. Pam Martens reports – Meet Your Newest Legislator: Citigroup and Alasdair Macleod relates this new legislative move to the truly colossal global derivatives market which he reports amounted to $691 trillion at the end of last June, about nine times the global GDP. Digest the implications of that. I wonder what the collapse in the oil price will do to derivatives?
And I wonder how deep Citigroup is into carbon derivatives?