Monday, May 20, 2013

Wall Street Legend Sues Citigroup

Very old rich people stand a significant chance of being robbed or swindled by younger people. A recent example, as we noted last year, is Wall Street legend William Salomon:

In January Salomon's secretary, provided by Citigroup and accused of stealing over $l million, was found guilty of bank fraud, wire fraud, money laundering and tax evasion. She is to be sentenced June 5.

The 99-year-old Salomon puts his losses at $3 million. He isn't likely to get his money back from the unfaithful secretary, so he's suing Citigroup. 

Perhaps Sandy Weill should not have been so generous to Salomon. To understand why he was, see The Spectacular Rise And Fall of Salomon Brothers.

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