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Saturday, November 03, 2007

Citigroup CEO on way out

Citigroup's board plans an emergency meeting tomorrow, and CEO Charles Prince is expected to offer to resign, according to the Wall Street Journal, which cited people familiar with the situation.

People familiar with the matter said the Securities and Exchange Commission is looking into the bank's accounting for its off-balance sheet investment funds that have recently attracted scrutiny. Citigroup may report further losses on Monday, reflecting continued declines in the value of some mortgage-linked securities since the third quarter ended Sept. 30, people familiar with the matter said.
Posted by ALD at 5:06 PM

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ALD
I'm a veteran of two careers - high school math and physics teacher, retirement consulting actuary - who is now enjoying the pleasure of staying at home for my daughter. (My avatar is in honor of Will Durant, whom I consider the last true sage.)
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Chartered Financial Analyst, 2006

Chartered Financial Consultant, 2005

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  • Accrued Interest
  • Aleph Blog (David Merkel)
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