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Investment bankingSeptember 1 2004
Citigroup rivals should stop bleating
In 2004, markets cannot operate on the basis of a gentleman’s agreement. That’s why – love it or hate it – Citigroup’s e11bn sale of eurozone sovereign paper that sent prices down, allowing the bank to buy back €4bn-worth at a lower price half an hour later, should not be the subject of an outcry from banks that lost money.
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