"'The largest losses at Citi emanated from what were perceived at the time to be extremely safe 'super-senior' tranches of CDOs that carried the lowest possible risk of default,' said Prince.
Prince stressed that Citi was not alone in the belief that CDOs were safe, adding that other banks, regulators and rating agencies all viewed the risk associated with these securities as minimal."
Thursday, April 08, 2010
Citi's former leaders Prince, Rubin 'sorry' about crisis - Apr. 8, 2010
Citi's former leaders Prince, Rubin 'sorry' about crisis - Apr. 8, 2010:
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