Hans Angermueller, a former vice chairman of Citicorp, made a speech 20 years ago accusing MasterCard and Visa of becoming "Frankenstein's monsters," usurping power and privileges that rightfully belonged to the card associations' bank owners.

That was tame compared with the havoc caused in recent days and weeks by John S. Reed, who in 1984 elbowed Mr. Angermueller aside for the top job at Citicorp and who is now co-chairman of Citigroup.

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