Citigroup's (C) Prince: Fire Them All

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The FT writes that Citigroup (C) is investigating why it had $3.3 billion of losses and writedowns in its markets and banking business. No one has lost a big job over the Citi news. Not yet, anyway.

“There is no accountability,” said an internal critic at Citi.

It is highly likely that someone will take the blame, if only to protect Mr. Prince’s job. News accounts say that some senior traders in NYC may have already been replaced.

But, Citi is not like a ship. The captain does not take responsibility for those below him in the ranks. He just investigates them.

Douglas A. McIntyre