Charles Prince and Robert Rubin, often blamed for bringing down Citigroup (C.N), expressed deep regrets for Wall Street's meltdown in 2008 but did not take responsibility for the firm's massive losses and the eventual taxpayer bailout at a hearing on Thursday.
"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 that lay before us," Prince, Citi's former chief executive, told a U.S. Congressional panel probing the causes of the financial crisis.
Bad bets on repackaged debt securities, consumer loans and other assets forced Citigroup to take three separate government rescue packages totaling $45 billion, more than any other major bank received. When the dust settled, taxpayers held about a third of Citigroup's common stock and $27 billion of its debt.
BULLSHIT! (The main product of a non-manufacturing economy)