Extra Credit, Friday Edition

The Leveling of Citigroup: A wonderful, must-read brief history of Citigroup from a former insider. What a way to succed in leveling the playing field! "The playing field is now level. Bear Sterns, Lehman Brothers, Merrill Lynch, and Citi have all been leveled by their gambles in the same lousy securities."

What’s Wrong With Hedge Fund Operational Risk

Ratings and Certifications? A good short overview from Jason Scharfman, who literally wrote the book on this subject.

Why hasn’t the government nationalized Citigroup? Hank Paulson’s sort of answer: Isn’t a very good one.

Bank of America’s Lewis Has to Pay for Blunders: Says David Reilly.

AQR Takes a Leap Into Mutual Funds: I wonder how worried they are about cannibalizing their hedge-fund investors. Why buy a high-fee AQR hedge fund when you can buy a modest AQR mutual fund instead?

Actively Managed ETFs Are (Finally) Here: Yet another bunch of funds which will quietly fail when nobody buys them.

Sovereign Defaults, Greece, etc. — A Live Chat: Between me, Paul Kedrosky, and you, if you fancy joining in at noon on Monday. Technology permitting, the chat will be posted both here and chez Paul.

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