Panel Criticizes Oversight of Citi by 2 Executives

Former Citigroup Chief Executive Charles Prince, left, and Robert Rubin, former chairman of the Executive Committee of the Board of Directors at Citigroup, were sworn in at the Financial Crisis Inquiry Commission hearing on Thursday.
By ERIC DASH and SEWELL CHAN
NYT

WASHINGTON — The two men who steered Citigroup into the eye of the financial storm offered a striking pair of contrasts on Thursday.

Charles O. Prince III, Citigroup’s former chairman and chief executive, abased himself before the federal panel investigating the causes of the crisis, apologizing repeatedly for the billions of dollars in losses at an institution that ended up the recipient of $45 billion of taxpayer aid.

But Robert E. Rubin, the former Treasury secretary, faced withering questions from the panel, the Financial Crisis Inquiry Commission, for his spare expressions of remorse. Repeatedly playing down his role as chairman of Citigroup’s executive committee, he was met with anger and disbelief.

“You were either pulling the levers or asleep at the switch,” Philip N. Angelides, the committee’s chairman, told him.

After three hours of testimony, Mr. Prince emerged as dignified, sympathetic and even statesmanlike. Mr. Rubin, the consummate wise man of Washington and Wall Street, looked drawn and demoralized.

(More here.)