Monday, November 24, 2008

Save the last dance for me


As Citigroup thunders towards the precipice you can't help but cast your mind back to the wise words of its former Chairman and CEO, Charlie Prince, when describing the finer details of Citi's subprime strategy:

"When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to get up and dance. We're still dancing."

That was July '07, and things have certainly got a little complicated since then.  Mind you, life for 50,000 Citi employees is about to get a lot simpler, as they'll be spared the grind of the daily commute.  Chuck too will now have time to smell the roses - he's sailed off into the sunset with a UD$38 million golden goodbye.  Still, with punditry like that who could quibble with $38m?

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