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The Giddy Messages Citi Traders Sent While Lehman Died

  • Citi is accused of inflating $2 billion bankruptcy claim
  • ‘This is the time to make a lot of money,’ Citi manager says
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As U.S. officials and bank executives scrambled to save the global financial system after Lehman Brothers’s bankruptcy in the fall of 2008, Citigroup Inc. traders were doing what traders always try to do.

"Ringing the register, homey,” Thomas Giardi, a trader in the bank’s credit derivatives trading unit, said in a chat message at 6:40 a.m. on Sept. 17, two days after Lehman’s bankruptcy. Subject line: "YOU MAKING $$$."