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Krugman on Income Distribution

Krugman on Income Distribution.  Kaplan and Rauh's paper is here.  NYT's article on Citi is www-nytimes-com_2008_11_23_business_23citi-html_lbm5prea.pdf, which says:

In 2005, as Citigroup began its effort to expand from within, Mr. Rubin peppered his colleagues with questions as they formulated the plan. According to current and former colleagues, he believed that Citigroup was falling behind rivals like Morgan Stanley and Goldman, and he pushed to bulk up the bank’s high-growth fixed-income trading, including the C.D.O. business.

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