La Grande Illusion: Citigroup Seeks Freedom From Tarp

Gordon Brown may have spelled the end of the City after imposing a 50% tax on banker bonuses in his Pre-Budget Report for 2010, thereby risking a mass exodus of City bankers to Wall Street. But what is on offer on the other side of the Atlantic? Has Wall Street managed to rid itself of government interference? After Bank of America's recent commitment to repay the US$45bn it received from the government, Citigroup is in talks with regulators to raise more than US$15bn in an equity offering, so as to repay US$20bn in Troubled Asset Relief Programme (Tarp) funds. Yet

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