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The writing was on the Wall for Charles Prince,wasn't it?
The writing was on the Wall for Charles Prince,not just related to the sub-prime crises and the additional four maybe 8 billion of massive right-downs we will see in the fourth quater on next year,but also because the Citi,sorry,Wall Street had questions severely whether he was the right man in the first place,the succession issue following on from Sandi-wale back in 2003 was never lied by the Street.
Yeah,there's exposure in the sub-prime market.It's big but it's not that big.It's enough.It's not enough to call it major damage to the company.
Well you are both right and wrong in saying this is half the problem.We don't actually know what the total exposure to the SIVs,to the pay,to the sanction of paper that he's floating around the world.So it /clearly substantially higher that I think it's been alluded by Charles Prince in the very confident statement he made a few months ago.
What I was gonna say is that the bigger of the two problems for Charles Prince was Citigroup itself that unreal the nature of the business.
That's absolutely right.I mean it'll be fair to became in 2003 as a lawyer.
And now that's a problem because he had pressures little banking exprience.He was thrusted into the Anron,into the Anron issues that didn't help.His cost pays was far too high.The investors don't believe that he's brought that down fast enough and so and so forth and now we have this the sub-prime situation which is what three months old today in terms of the way that markets have given banks in the banking settle the clout, you know a real clouting.Yeah,we've..this problem will get worse or better.
Stan O'Neal,last week,Charles Prince of the weekend.Who's next?
Well,I think there's a lot of pressure on the baster,single baster which was the where this really came to ahead but of course European banks aren't at the mile either. I mean BNP
they've had exposure.Easten Banking,a major banking in Europe, in the US that hasn't had the exposure.So all of them will be seriously questioned by the investors.So I think this is only the start of the pile.