Attention Federal Prosecutors: Did Citigroup Executives Illegally Conceal Their True Subprime Exposure? (Prince, Rubin Video)

Yesterday we covered Greenspan's testimony before the Financial Crisis Inquiry Commission, which you can read here, here, here and here.  Today it's Robert Rubin and former Citigroup CEO Chuck Prince.

Prince is one of the few who has apologized directly for his role in the failure of Citi, and he repeated his apology in testimony today.  But that's merely a distraction from the important revelation that Citiroup lied to shareholders about it's subprime exposure.  Seriously, Mary Schapiro, wtf do you do all day at the SEC besides scheme to get Mark Cuban?!?

When you tell the Street your exposure is $13 billion, and it's really more than $50 billion, then your arse deserves to sit in prison and be dressed in inmate orange. 

Are there any federal prosecutors even paying attention?!?

Commission chairman Phil Angelides grilled Rubin and Prince about Citigroup's holdings of toxic securities related to the subprime market. In the below clip, Angelides asks them why the banking behemoth gave conflicting information on the same day to the public and to its own board of directors about its exposure to subprime mortgages.

On October 13, 2008, analysts and the public were told that Citi had $13 billion in subprime exposure -- but Citi's board and audit committee were told that the bank's exposure was more than $50 billion, Angelides said.

Prince's response, if you can call it that, was essentially non-committal and evasive.

Continue reading (there's much more) at the Huffington Post

Comments

[Zarathustra]

You think that the fence sitters voted in Reagan or even better voted out Carter. Do you think that the fence sitters will be responsible for sending Obama home? That's nuts.

[Zarathustra]

You have so much anger, you are getting all mixed up.

[Zarathustra]

Not true, Obama got in based mostly on eight years of a Repub and war and because Obama is a fraud and a filthy liar. He has broken every campaign promise he made so far.

[DailyBail]

zara...i'm calm and have had no alcohol...i explained myself...you don't like hearing that sarah ruined the gop party for independents...fine...go study the issue as i have concerning undecided voters and the impact of palin...the numbers don't lie...i'm headed to bed...and i don't wish for this to turn ugly...

good night...

[Zarathustra]

It's all good, the next election will decide who is "more right". Later.

[James H]

Pat Buchanan. You know, a conservative. Not this cross-dressing, Mormon, beauty-queen, Brown-educated Punjab shit the GOP keeps serving up. Buchanan is a Christian who puts American interests first. (I know....CRAZY) I'd be more than happy to have him in the oval office.

What say you, Zara? Think you can outflank me on the right? You're going left, baby, no matter how you look at it. Unless you're willing to admit you're smarter than you let on and you really would support a real conservative for office. What say you?

[Zarathustra]

No to Buchanan. A very hypothetical candidate don't you think. How about a Buchanon / Liz Cheney ticket?

[Zarathustra]

You might like Huckabee / Buchanan even more.

[James H]

Z, you dodge a tough question almost as well as Obama. Come on, let's stick to our guns here. Would you vote for Buchanan or Obama. (I'm thinking Obama, because from everything you've ever written here, I'd say you're not nearly as conservative as I am. You want to be, of course, but you're just too liberal at heart. Go on , admit it.) So, who is it, Buchanan or Obama? Which one would you vote for? I know the liberal media wouldn't like Pat, nor would the neocons (duh), but the Tea Party would.

[James H]

BTW, have you ever heard Huckabee's (fat-ass) son talk about the governor's meal allowance and how inadequate it is, even at Taco Bell? Classic stuff. I remember him saying something like, "There's not a Huckabee alive who can eat at Taco Bell for less than 11.95 [or something like that]" Hilarious shit.

[DailyBail]

ok...i didn't quite log off yet....i would vote for buchanan over obama...easy...

pat has the balls to cut spending...the taco bell quote is solid material...

[Zarathustra]

I would vote for Buchanan. That wasn't the original question you asked.

I would not vote for Obama under any circumstance I can think of.

[Zarathustra]

By the way, Obama is a fictional character. His legal name is Barry Soetoro, check his Indonesian passport.

[Zarathustra]

He went to Columbia and Harvard as a foreign student and probably got foreign aid.

[Zarathustra]

...and what about those grades we don't get to see. Bet they aren't that good.

[Jim]

Does anyone really think that Vikram Pondit is any less of a liar and theif than Prince/Rubin?
Pondit just puts on a better deception, claimiing to be a devout hindu.

Can Bhangi like Pondit become CEO's in India? Even without his skills as lying?