Thursday, April 8, 2010

Rubin and Prince to testify today

Ex-Citigroupers Robert Rubin and Chuck Prince will testify today before the Financial Crisis Inquiry Commission, an independent, bipartisan group looking into the reasons for the financial crisis. Citi lost more money under Prince's tenure than at any other time in its history and Rubin was right there alongside him when it did. If their narrative holds true to form they will defend themselves and not shoulder any accountability, an approach similar to the one Greenspan took yesterday. Nevertheless, when Prince resigned from Citi he said it was the only honorable thing to do given the giant losses under his stewardship.


Anonymous said...

IMHO...Rubin and Prince exemplify a derivative of the "Peter Principle"

T. T. Douglas said...

Very nice. I wish I would have thought of that one myself. BTW, is that a synthetic derivative? Thanks for the comment.