They say they are sorry, but so what? Doesn’t really change anything, does it? I’m talking about two former Citigroup executives who managed to sink the bank as surely as the sleeping captain of the Titanic failed to avert disaster by plowing into a large chunk of ice that couldn’t fit into the cocktail glasses of the ship’s richer passengers.
Former CEO Charles O. Prince the third (the first two versions of him apparently had nothing to do with ruining any financial institution as far as we can tell), and former director Robert Rubin (as in former Treasury Secretary Robert Rubin) both appeared on Capitol Hill and both expressed sorrow for the ruination of the once powerful bank which lost billions and needed a government (taxpayers) bailout of more than $45 billion to keep its ATM’s up and running.
Rubin, for one, cited everything from increases in housing prices to bad and obviously unreliable credit ratings —not to mention risk taking of enormous proportions (oh hell, I just mentioned it!) –as but some of the reasons for the bank’s problems–all part of the subprime mortgage sparked housing market fiasco.
But I didn’t hear either man offer to give back some of the tens of millions they pocketed while running their own ship of state into the ground.
Rubin, reports the Washington Post, got more than $100 million in compensation while at Citigroup.
Don’t know what Prince got, but you can bet it was an amount equal to or greater than the yearly operating budget of say—Europe.
Prince told the congressional commission that “I’m sorry the financial crisis has had such a devastating impact on our country. I’m sorry for the millions of people, average Americans, who have lost their homes. And I’m sorry that our management team, starting with me, like so many others, could not see the unprecedented market collapse that lay before us.”
Gee, “could not see?” Wasn’t it more like, didn’t want to see?