Citibank Scammed
If you thought things were bad for Citibank you haven’t heard the icing on the cake. According to a story in the New York Times, Citibank fell for a version of the famed “Nigerian scam” when a swindler tried to get money from an account held by the National Bank of Ethiopia at the bank. Citi apparently approved $27 million worth of transfers that ended up being fraudulent. How confident can we be in the ability of a bank to get back on it’s feet after receiving federal aid when it falls for a scam like this?
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