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
Apr 8, 2010 at 4:02 PM
Reader Comments (66)
rubin testimony
http://www.huffingtonpost.com/2010/04/08/financial-crisis-commissi_n_529841.html
http://www.huffingtonpost.com/janet-tavakoli/congresss-fcic-nearly-nai_b_530341.html
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajcf4vUJgjwI&pos=1
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http://news.yahoo.com/s/ap/20100407/ap_on_bi_ge/us_la_city_budget_6
http://www.dailymail.co.uk/news/worldnews/article-1264535/Muslim-woman-strangled-burkha-freak-kart-accident.html#ixzz0kZT2j8ne
http://www.dailyexpress.co.uk/posts/view/168128
http://www.nytimes.com/2010/04/08/business/08panel.html?src=me&ref=business
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
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
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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/
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...
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...
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
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...
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.
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...
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...
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...
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...
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...
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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...
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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...
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...
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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...