While Professor David Beim believes there is a template for successfully nationalizing banks, he thinks it does not apply to Citibank.
"The problem with Citi is that it's absolutely enormous," Beim says. "Citi has a balance sheet of about $1.9 trillion. Who in the world is going to be buying that?"
To rid Citi of its bad assets, Beim suggests shrinking the bank and selling off individual pieces.
Bio
David Beim
Professor David Beim had a 25-year career in investment banking, following which he became a professor in the Finance and Economics Division of Columbia Business School. He joined Columbia as an adjunct professor in 1989 and has been a full-time professor of professional practice since 1991. His areas of teaching include corporate finance, international banking and emerging financial markets.
He graduated magna cum laude with a bachelor's in political science from Stanford, and he continued his education as a Rhodes Scholar at Oxford, earning a master's in politics.
Beim's Wall Street career included 10 years at First Boston Corporation (1966-75), where among other assignments he started and ran the project finance group. He served as executive vice president of the Export-Import Bank of the United States during 1975-77.
Following that, he joined Bankers Trust Company to start and run its investment banking business. During 1978-87, he was executive vice president and head, corporate finance department, and member of the management committee at Bankers Trust. From 1987 to 1989, he was a managing director at Dillon Read & Co.
Jane Trombley
Jane Trombley is Director of Public Relations at Columbia Business School.
During the Congress Christmas Vacation, in 1913, President Wilson and Congress handed over our money system to a private bank named the Federal Reserve Bank. Same date, Congress also OK'd what later became known as the IRS empowered to collect interest earned for that bank. What we have taken out of our pay checks by the IRS only goes towards the interest debt which is now 65 Billion. See Grace Report. Real Estate taxes build our schools and gasoline taxes pay for our roads. The Rockafellas' own Citri Bank. Do you really think they need your cash to bail them out? OOPS out of room.
Nationalizing Citibank is the right way to go for a short time frame...Put Regulation back in its place....for all these bank's....Regulation for Federal Home Loan Mortgage Corporation also....The CEO'S cant stop there GREED!!!! ALL THE CEO'S have brought shame too our Country.....Thank you