This has always been a fascinating story - I can't believe Slate's just now discovering it. There's a much longer, more detailed account somewhere.
http://people.duke.edu/~hpgavin/cee421/citicorp1.htm
This is much more comprehensive and interesting than the source linked in OP and elsewhere.
I discovered this a few years back while doing some reading for an ethics class, and was fascinated by it.