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« Of Bailouts, Bonuses, and Generational Responsibility | Main | His Name Is Congressman Hank Johnson, And He Is An Imbecile (Absolute Must See Clip) »
Thursday
Apr082010

Attention Federal Prosecutors: Did Citigroup Executives Illegally Conceal Their True Subprime Exposure? (Prince, Rubin Video)

Yesterday we covered Greenspan's testimony before the Financial Crisis Inquiry Commission, which you can read here, here, here and here.  Today it's Robert Rubin and former Citigroup CEO Chuck Prince.

Prince is one of the few who has apologized directly for his role in the failure of Citi, and he repeated his apology in testimony today.  But that's merely a distraction from the important revelation that Citiroup lied to shareholders about it's subprime exposure.  Seriously, Mary Schapiro, wtf do you do all day at the SEC besides scheme to get Mark Cuban?!?

When you tell the Street your exposure is $13 billion, and it's really more than $50 billion, then your arse deserves to sit in prison and be dressed in inmate orange. 

Are there any federal prosecutors even paying attention?!?

Commission chairman Phil Angelides grilled Rubin and Prince about Citigroup's holdings of toxic securities related to the subprime market. In the below clip, Angelides asks them why the banking behemoth gave conflicting information on the same day to the public and to its own board of directors about its exposure to subprime mortgages.

On October 13, 2008, analysts and the public were told that Citi had $13 billion in subprime exposure -- but Citi's board and audit committee were told that the bank's exposure was more than $50 billion, Angelides said.

Prince's response, if you can call it that, was essentially non-committal and evasive.

Continue reading (there's much more) at the Huffington Post

 

 

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Reader Comments (66)

Financial Crisis Commission Questions Former Citigroup Chiefs Robert Rubin, Chuck Prince (LIVEBLOG, VIDEO)

http://www.huffingtonpost.com/2010/04/08/financial-crisis-commissi_n_529841.html
Apr 8, 2010 at 4:10 PM | Registered CommenterDailyBail
Congress's FCIC Nearly Nailed Former Citigroup Executives to the Wall -- Then Blew It (By Janet Tavakoli)

http://www.huffingtonpost.com/janet-tavakoli/congresss-fcic-nearly-nai_b_530341.html
Apr 8, 2010 at 4:57 PM | Registered CommenterDailyBail
Prince, Rubin Say They Didn’t Recognize Citi’s CDO Risk in Time

http://www.bloomberg.com/apps/news?pid=20601087&sid=ajcf4vUJgjwI&pos=1
Apr 8, 2010 at 5:01 PM | Registered CommenterDailyBail
"Attention Federal Prosecutors: Did Citigroup Executives Illegally Conceal Their True Subprime Exposure? (Prince, Rubin Video)"

(Ringing) 'Thank you for calling the U.S. Federal Prosecutors Office. Your call is very important to us. We are experiencing an unusually high volume of calls and cannot answer yours right now. You may continue to hold or call back at a later time. The current estimated wait time is: 234,678,456 minutes.

This was NOT a recording.

BEEP!!! '
Apr 8, 2010 at 10:02 PM | Unregistered CommenterRecoverylessRecovery
LA mayor backs down, says shutdown a last resort

http://news.yahoo.com/s/ap/20100407/ap_on_bi_ge/us_la_city_budget_6
Apr 8, 2010 at 11:43 PM | Registered CommenterDailyBail
Gasoline hits $9 per gallon in the uk

http://www.dailyexpress.co.uk/posts/view/168128
Apr 8, 2010 at 11:44 PM | Registered CommenterDailyBail
Fed Reviews Find Errors in Oversight of Citigroup

http://www.nytimes.com/2010/04/08/business/08panel.html?src=me&ref=business
Apr 8, 2010 at 11:46 PM | Registered CommenterDailyBail
The Associated Depressed and other left wing media outlets want the 2012 campaign to start today, why is that? I think that they want it to start because they know that raising funds this time around for Obama will be difficult if they don't start demonizing the opposing candidates. They should focus more on Obama's failures and not on helping him get four more years to screw up this great nation. They also know that campaigning is Obamas only skill.
Apr 9, 2010 at 12:26 AM | Unregistered CommenterZarathustra
Or perhaps they are writing about the GOP in 2012 because of this little event happening this weekend...

Potential Palin Rivals Cede the Spotlight to the Superstar

Former Govs. Mitt Romney and Tim Pawlenty Skip Southern Republican Leadership Conference

http://abcnews.go.com/Politics/potential-palin-rivals-cede-spotlight-superstar/story?id=10317887
Apr 9, 2010 at 12:27 AM | Registered CommenterDailyBail
Bawny Fwank was on Leno. He was angry, what's new.
Apr 9, 2010 at 12:29 AM | Unregistered CommenterZarathustra
barney frank's financial reform bill is preferrable to what's happening in the senate...but frank deserves blame for decades of pushing fannie & freddie where they should not have gone...

watch out...or greece is going to blow....

http://in.reuters.com/article/marketsNewsUS/idINLDE6370QK20100408?sp=true

WRAPUP 4-Greece plunges deeper into crisis, banks, euro hit
Apr 9, 2010 at 12:32 AM | Registered CommenterDailyBail
This one is an interesting read....

--------

Minute-by-Minute, the Qatari Shoe Bomber Who Wasn't

http://www.theatlantic.com/international/archive/2010/04/minute-by-minute-the-qatari-shoe-bomber-who-wasnt/38622/
Apr 9, 2010 at 12:34 AM | Registered CommenterDailyBail
Sorry DB but the is BS. The left likes Romney because he was beat by McCain and he is a Mormon. The left (guys like you) will consider his faith one more reason to rock the vote. I am not a fan of Romney, as you know, I was for Rudy last time around.
Apr 9, 2010 at 12:34 AM | Unregistered CommenterZarathustra
DB...I wish you would go ask Bawny Fwank what happened to David Kellermann. He may know something.
Apr 9, 2010 at 12:36 AM | Unregistered CommenterZarathustra
one day gobias...one day you might actually get me...how after close to a year you could think i side with the left is beyond me...one more time...i support ron paul...he would shrink the government and our military presence...this is what i want...

here's an example...current FY 2010 budget is close to $3.8 trillion (give or take $100 billion)...i think it should be about $2 trillion....that's close to a 45% cut....i think we could get there in 5 years...shrink it by $300 billion per year...no one outside of Washington would even notice gradual cuts such as these...

so now you let me know how this makes me a leftist...

and as for rudy...trust me, we all know you supported rudy...which doesn't surprise me in the least given your focus on terrorism and related issues...i honestly can't stand the sight of him...or the sound...his voice is so freaking annoying...and his speeches bore the shit out of me...status quo with more focus on terrorism...that is what he represents...

as for romney..hate him to the core...much more than i despise rudy, even...and it has nothing to do with is mormon faith...while it does have something to do with his being an amorphous weasel...
Apr 9, 2010 at 12:44 AM | Registered CommenterDailyBail
So, who on the right do you like?
Apr 9, 2010 at 12:55 AM | Unregistered CommenterZarathustra
ok, besides ron paul...

i tend to like fiscal conservatives who are socially moderate...i think our only real threat is from within...bankruptcy, default, implosion of the dollar...our fiscal path is unsustainable...and could destroy us...al qaeda will never destroy us but our national debt and unfunded future liabilities could...

i like parts of many candidates...but most are flawed in my view...so my ideal candidate for 2012 does not exist...

gary johnson is interesting....but i don't think he could win...

http://www.politico.com/news/stories/1209/30714.html

we'll never elect anyone named gary, rudy or mitt...
Apr 9, 2010 at 1:05 AM | Registered CommenterDailyBail
look at the choices for 2012 on the right...

pawlenty

romney

jindal

palin

ron paul

it's not the greatest group outside of ron paul and i seriously doubt he will stand a chance in the republican primaries given that he's an outsider in his own party...but stranger things have happened and maybe he could get some traction this time...otherwise the msm will just ignore him...just like they did in 2008
Apr 9, 2010 at 1:08 AM | Registered CommenterDailyBail
you have any other names on the right for me to consider...

gun to my head right now i would say it will be pawlenty against obama...with an outside chance that hillary might be the democratic candidate if obama and the economy completely fall apart...odds are against this though obviously...

so the question becomes can pawlenty beat obama and i think probably so...51-49 or 52-48 in the popular vote and a very close electoral count...with allegations of voter fraud everywhere...it could be a mess...

the caveat...not sure the southern states will get behind pawlenty...
Apr 9, 2010 at 1:10 AM | Registered CommenterDailyBail
DB..."we'll never elect anyone named gary, rudy or mitt"... hmmmm...Barack Hussein Obama II.

Did you answer who on the right that you like? Let's just put all the Libertarians on the back burner on this question.

I mean please, you did vote for (I can't say it) in the last election. Painful huh.

So, who on the right do you like? Gingrich, Bachmann, Perry, need any more help let me know.
Apr 9, 2010 at 1:16 AM | Unregistered CommenterZarathustra
Jeb Bush, Schwarzenegger, Huckabee...
Apr 9, 2010 at 1:23 AM | Unregistered CommenterZarathustra
DB..."we'll never elect anyone named gary, rudy or mitt"... hmmmm...Barack Hussein Obama II.

you're missing a few points...first off less than 20% of the country knows his middle name...saw that recently...to the masses he was Barack Obama...which phonetically is actually a very cool sounding name....

we would never elect someone named barry soetero...with this i agree...

and i was being tongue in cheek about the name thing...gary, rudy, mitt...

gingrich flawed...

bachmann straight up idiot...

perry is a buffoon...

you are giving me only social conservatives with weak records of fiscal restraint...basically as bad as a very liberal democrat in my view...

i want social moderates who enjoy thinking about massive federal budget cuts...
Apr 9, 2010 at 1:24 AM | Registered CommenterDailyBail
Social moderates, why, you are not a social moderate.
Apr 9, 2010 at 1:29 AM | Unregistered CommenterZarathustra
jeb bush was and is a much better candidate than gw...but there won't be a 3rd bush...

arnold can't be president by law but he makes me laugh...

huckabee is another social conservative...

not scott brown but someone like him who doesn't talk about god every 5th sentence...as the others do...
Apr 9, 2010 at 1:30 AM | Registered CommenterDailyBail
i think abortion is murder but i support roe vs. wade...why...because women would have abortions anyway only they would be unsafe, back-alley style...i do support a ban on late term abortion....that makes me a social moderate....

stop the drug wars...social moderate...

i could give a shit about what anyone does in their bedroom or who anyone chooses to marry...social moderate...
Apr 9, 2010 at 1:34 AM | Registered CommenterDailyBail
So you want a godless liberal libertarian. How many are out there?
Apr 9, 2010 at 1:34 AM | Unregistered CommenterZarathustra
there's a theme to my politics which you should be getting by now...i explained it above...our only threat is fiscal...therefore fiscal issues are the ONLY THING i really care about...
Apr 9, 2010 at 1:36 AM | Registered CommenterDailyBail
Stop the drug wars??? How?
Apr 9, 2010 at 1:36 AM | Unregistered CommenterZarathustra
Godless Liberal Libertarian Idealist? Okay, you should run for President.
Apr 9, 2010 at 1:37 AM | Unregistered CommenterZarathustra
Or very simply, run as a Democrat with Conservative Fiscal Values.
Apr 9, 2010 at 1:39 AM | Unregistered CommenterZarathustra
You are like Liebarman but not Jewish and not concerned with foreign affairs.
Apr 9, 2010 at 1:40 AM | Unregistered CommenterZarathustra
i didn't say godless...i said someone who doesn't invoke god every 5 sentences...

i want a budget-slashing bad-ass who will take on special interests on both sides who rarely mentions god regardless of his or her belief status....religion should be personal and not universal...each person should be free to believe or not to believe without feeling pressure anyone else...

you could say that i hate the rise of the religious right...i think they infiltrated and destroyed the republican party...i used top be an absolute republican until the late 80s early 90s when falwell and those idiotic bastards started to take over the gop...
Apr 9, 2010 at 1:41 AM | Registered CommenterDailyBail
So, why were you so turned on by Obama?
Apr 9, 2010 at 1:44 AM | Unregistered CommenterZarathustra
You are describing Obama. All but the fiscal conservative but he would claim he is one. All his spending is Bush's fault.
Apr 9, 2010 at 1:45 AM | Unregistered CommenterZarathustra
if i run for office one day it could be for either party...but i would be shunned by both because i love to tell the truth and i would enjoy trashing whichever party i was a part of...in other words, if i ran as a repub, i would give speeches talking about how both parties are the same...neither side reallly ever cuts anything and how i would be different...whichever party i joined would hate me as a candidate for their side....i'm way too honest for politics...
Apr 9, 2010 at 1:45 AM | Registered CommenterDailyBail
I know you won't admit voting for him but he seems to be your wet dream, the myth not the reality.
Apr 9, 2010 at 1:45 AM | Unregistered CommenterZarathustra
You think Obama likes Pelosi, Biden, Fwank. He needs them. He doesn't respect them.
Apr 9, 2010 at 1:47 AM | Unregistered CommenterZarathustra
So, why were you so turned on by Obama?

for heaven's sake i wasn't....i supported ron paul...he didn't win so i had to choose between mccain or obama...i was going to vote mccain (even though he's an idiot) until he announced palin...my hatred of palin and everything about her forced me to vote obama...i've explained it countless times...

and you must not pay attention because i've mentioned voting for obama many times...

now i wish i had simply voted for ron paul as a write-in in the general election...palin drove me to obama...and as i've written here several times, the same happened to millions of others...palin lost the election for mccain...independents ran screaming from her when they saw just how painfully stupid she is...

don't forget, the only folks who support palin were already going to vote gop no matter what...she shrunk the base but energized it...a horrible trade-off...
Apr 9, 2010 at 1:48 AM | Registered CommenterDailyBail
You are perfect for politics, you always think that you are above the fray.
Apr 9, 2010 at 1:48 AM | Unregistered CommenterZarathustra
So, you didn't vote in the last election.
Apr 9, 2010 at 1:49 AM | Unregistered CommenterZarathustra
AHHHHHH, YOU VOTED FOR OBAMA.
Apr 9, 2010 at 1:50 AM | Unregistered CommenterZarathustra
Who do you think Ron Paul voted for?
Apr 9, 2010 at 1:51 AM | Unregistered CommenterZarathustra
So, why were you so turned on by Obama?

----------------

for heaven's sake i wasn't....i supported ron paul...he didn't win so i had to choose between mccain or obama...i was going to vote mccain (even though he's an idiot) until he announced palin...my hatred of palin and everything about her forced me to vote obama...i've explained it countless times...

and you must not pay attention because i've mentioned voting for obama many times...

now i wish i had simply voted for ron paul as a write-in in the general election...palin drove me to obama...and as i've written here several times, the same happened to millions of others...palin lost the election for mccain...independents ran screaming from her when they saw just how painfully stupid she is...

don't forget, the only folks who support palin were already going to vote gop no matter what...she energized the base but frightened independents...a horrible trade-off...

-----------

read that again...it's all explained...you love sarah but you won't admit she cost mccain the election...she was the worst vp choice since spiro agnew...
Apr 9, 2010 at 1:55 AM | Registered CommenterDailyBail
Palin didn't hurt McCain, not one bit.
Apr 9, 2010 at 1:55 AM | Unregistered CommenterZarathustra
I know many more Republicans than you and none of them liked McCain.
Apr 9, 2010 at 1:56 AM | Unregistered CommenterZarathustra
You have put yourself in a very little box. A Ron Paul supporter that voted for Obama.
Apr 9, 2010 at 1:58 AM | Unregistered CommenterZarathustra
we both know the numbers...

40% vote dem

40% vote gop

and the remaining 20% independents decide the presidential race...you also have seen the numbers showing that independents voted heavily for obama over mccain...palin cost him the race...
Apr 9, 2010 at 1:58 AM | Registered CommenterDailyBail
Palin didn't hurt McCain, not one bit.

------------

you aren't paying attention...no she didn't hurt him with the 40% of absolute gop voters...but she hurt him badly with the 20% independent voters who could go either way...i've seen countless articles, polls, studies that show this...it can't be denied...she fired up the gop base but scared the shit out of everyone else...it's a fact gobias...
Apr 9, 2010 at 2:00 AM | Registered CommenterDailyBail

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