A recent New York Times article shed light on the recent problems at Citigroup, a multi-faceted brokerage firm, commercial bank, and investment bank. Subprime mortgages have forced the firm to take an $11 billion write down, following the already dismal October cut of nearly $6 billion. Robert Rubin is now fulfilling the duties of chairman, after the recent resignation of Charles O. Prince III, the company's (now former) chief executive and chairman. This comes on the heels of similar news from Merill Lynch. E. Stanley O'Neal was forced to retire last week, making for two disgraced banking foremen in as many weeks.
It will be interesting to see what ramifications this will have on other big commercial and investment firms. For the whole story, click here.
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