EXCLUSIVE: Citigroup's Embarrassing Emails
Newly uncovered emails and documents from Citigroup (C: 27.14, -1.62, -5.65%) that FOX Business has obtained reveal that Citi executives were in open insurrection against top management over risky, speculative investments that failed in spectacular fashion in early 2008, even though Citi's sales force had touted them as plain-vanilla, safe funds to its richest clients.
What's more, Citi's internal emails and confidential documents show Citi's own private bankers and financial advisors felt they themselves were duped by their fellow workers about the riskiness of these investments.
That means investors could not possibly know the risks involved because even Citi's salespeople themselves did not have the complete picture.
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