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Unformatted text preview: Many scandals have occurred within the past ten years when mergers occurred, such as the merger of Travelers Group and Citicorp in 1998, which ended in an illegal deal. In 2003, Citi and 11 other Wall Street firms collectively had to pay $1.4 billion to New York State and the Securities and Exchange Commission to settle charges. Other scandals occurred, but the biggest was when Citi lost $20 billion. As a result, Citi must overcome the obstacles ahead to still remain a dominant company in the economy, both nationally and globally....
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- Spring '08