November 15, 2007
Wall Street’s bruising musical chairs
Column on Financial Times comment page
It is only halfway through November but I think we can already declare the winner of the 2007 Quote of the Year competition. It is Chuck Prince, the former chairman and chief executive of Citigroup.
“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,” Mr Prince told the Financial Times on July 10.
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Yes you beat up on some financial sector dancers like Citibank’s Chuck Prince but keep mum about those composers who in Basel wrote the score of the “minimum capital requirements”; and picked the conductors and the musicians, the credit rating agencies, who performed the music to which the bankers were ordered to dance.
As much as I object the generous severance checks to the dancers more do I object that our bank regulators are not held accountable and are now almost expected to dig deeper in the hole we find ourselves and which can only lead to even wilder dancing.
Posted by: Per Kurowski | November 16th, 2007 at 11:40 pm | Report this comment