Playing the Money Game

Questions about Citibank's profits from overseas branches

Has New York's Citicorp, the second largest bank holding company in the U.S., improperly diverted some $46 million in profits from foreign-currency transactions? Or was one of the biggest dealers in world money markets simply shifting funds between countries in generally accepted, legal ways in order to reduce the amount of taxes it paid? Bankers and federal officials were hotly debating such questions last week, after the Securities and Exchange Commission overruled its staff and decided not to bring any legal action against Citibank for questionable...