Sheila Bair

Sheila Bair

Andrew Harrer/Bloomberg

“Many people” at Citigroup opposed the proposal, even after the bank’s stock price plunged below $5, companies started pulling deposits and trading partners demanded collateral, according to the top U.S. bailout watchdog. Federal Deposit Insurance Corp. Chairman Sheila Bair worried the bank wouldn’t be able to open on Monday, Nov. 24, the next business day.