What CEO Admitted A $40bn Mortgage Securities Portfolio 'Wouldn't Excite My Attention' ?

Unhappy Citi

We're busy (at last) wading our way through The Financial Crisis Inquiry Report in search of little gems.

And here's one -

'The CEO of Citigroup (actually it was former CEO Chuck Prince) told the Commission that a $40bn position in highly rated mortgage securities would 'not in any way have excited my attention', and the co-head of Citigroup's investment bank said he spent 'a small fraction of 1%' of his time on those securities. In this instance, too big to fail meant too big too manage'.

Source - The Financial Crisis Inquiry Commission

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