Chuck Prince and Robert Rubin yesterday apologised for Citigroup's severe losses on mortgage related securities but insisted that there was nothing wrong with the company's risk management ahead of the financial crisis.
“I can only say that I am deeply sorry that our management – starting with me – was not more prescient and that we did not foresee what lay before us,” Mr Prince told a congressionally mandated commission on the financial crisis in Washington.
Mr Prince was chief executive at Citi for most of 2007 as the mortgage meltdown, which ultimately led to a $45bn government bail-out of the bank, began to unfold.
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