Bulls, not pigs

Citigroup is lucky that Muammar el-Gaddafi was killed when he was. The Libyan leader’s death diverted attention from a lethal article involving Citigroup, saying it had to pay a $285 million fine to settle a case in which, with one hand, Citibank sold a package of toxic mortgage-backed securities to unsuspecting customers — securities that it knew were likely to go bust — and, with the other hand, shorted the same securities — that is, bet millions of dollars that they would go bust.

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