The market players dismiss it purely -- or at least largely -- based upon incentives. And, indeed, economists like Krugman and DeLong have been warning of recession as a result of housing fallout for years now. Krugman was speaking of it back during The Great Unraveling, and that's got to be at least four years out.
Hopefully Citi will begin to untangle itself with Rubin now holding the reigns, but he's got a hell of a mess to clean up, and he's not in control on it completely, and I don't envy him at all. Sharp guy, and one I greatly admire for his work with Clinton on the budget with Sperling, but it's a shitty hand he's been dealt. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Prince quits as head of Citigroup Chuck Prince quit as chairman and chief executive of Citigroup on Sunday night as the company revealed it was facing between $8bn and $11bn of further losses on its holdings of mortgage-related securities.
Chuck Prince quit as chairman and chief executive of Citigroup on Sunday night as the company revealed it was facing between $8bn and $11bn of further losses on its holdings of mortgage-related securities.
For 'unparalled' values of fine, anyway.
BBC NEWS | Politics | UK 'to get through banks crisis'
Years of big profits had left UK banks with "very strong balance sheets", and the economy was still growing, he said. [...] "We need to get to a far better situation where there is a great deal more transparency, more openness, so people understand the risks to which these banks have become exposed and they can avoid being so exposed in the future," he said.
"We need to get to a far better situation where there is a great deal more transparency, more openness, so people understand the risks to which these banks have become exposed and they can avoid being so exposed in the future," he said.
It's reassuring that the problem is being handled decisively by someone with one of the sharpest minds of this generation.
And now that's settled - shall we have some smoked kippers for tea?
