Published on June 9, 2016 | by LawNews
Prof. Ronald Colombo Quoted in Bloomberg Story on Citigroup and Collateralized Debt Obligations
The Alchemist Who Turned Toxic Assets Into Gold at Citigroup
Mark Tsesarsky, who fled the Soviet Union with $90, has made the bank billions by doubling down on the same subprime mortgage bonds that nearly sank the global financial system.
By Dakin Campbell and Donal Griffin
June 7, 2016
The success of the unit and its unusual mandate stuns Ronald Colombo, a law professor at Hofstra University and former counsel to Morgan Stanley. “The theatrics are horrible,” he says. “It’s impossible to imagine. You’re being bailed out with one hand, and you’re pouring money into the very same assets that precipitated the bailout with the other.”