Frankly, Paramount Global should also have known better than to try to sell the third largest book publisher to the industry’s biggest player. I’m sure the $2.2 billion purchase price—incredibly, nearly one quarter of Paramount’s now anemic $10.5 billion market value—must have been more than a little enticing, and therefore worth the risk, along... See more

The market took Whitney's skeptical argument and ran with it. On the first day of trading after her report, Citigroup's shares tanked. Four days later, Citigroup Chief Executive Officer Charles Prince resigned. In January, Citigroup slashed its dividend and set out to raise more capital.