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The Financial Crisis Inquiry Commission requested him to testify about Citigroup’s position in the mortgage disaster, and he did so, showing as one of the first witnesses before the Commission in April 2010. Travelers Group, on the time of the merger, was a various group of monetary concerns that had been brought collectively underneath CEO Sandy Weill. Its roots got here from Commercial Credit, a subsidiary of Control Data Corporation that was taken non-public by Weill in November 1986 after taking cost of the corporate earlier that 12 months. Two years later, Weill mastered the buyout of Primerica Financial Services—a conglomerate that had already bought life insurance coverage company A L Williams in addition to brokerage agency Smith Barney. The new firm took the Primerica name, and employed a “cross-selling” technique such that each of the entities throughout the mother or father firm aimed to sell each other’s services.
