I watched a speech by Simon Johnson at UCSB and, at one point, he claimed that Citigroup has failed three times since the 1980s. For example, he claims that Citigroup failed and was saved by the government in 1982 because of "bad loans made in emerging markets". The second such failure is at the end of the 1980s because of "bad loans to commercial real estate". The third is of course the 2008/2009 financial crisis.
What strikes me as odd is that the first two alleged failures are not mentioned in Wikipedia on Citigroup! He doesn't appear to me as a crackpot as he is the former chief economist of IMF and effective whitewashing of the US's biggest bank holding company on Wikipedia is as unlikely. Does anyone know what affairs is he referencing?