Anyone catch Charlie Rose's interview last night with the CEO of Citigroup ?

[Dover]

If you missed Charlie Rose's interview last night with the current CEO of Citigroup, at the end he
asked the CEO if they (the large financial firms) felt a responsibility to publicly explain themselves, or felt remorse or any sense of accountability for the horrific effect their lack of regulation, poor judgement (and greed) has had on such an enormous number of lives. The CEO changed the subject and Charlie asked him again. He could not/would not answer.

View it here > http://www.charlierose.com/view/interview/9653


Also, tonight he interviews Chris Dodd.

[eleny]

1. I recorded it to watch later today

Sounds like the gag factor is large.

[Dover]

2. Well I can guarantee you that you'll become sick of the words "restore confidence"

by the time it's over. That seems to be his explanation of both the problem and the solution.
And he keeps pointing to the housing bubble as if that was some anomoly that just appeared out of the blue for no apparent reason rather than as a result of their actions, or deregulation, lack of oversight, revision of lending laws, etc.

In other words, they too were victims of this 'thing' that happened. Unbelievable.

[BR_Parkway]

6. More of that "mysterious hand of the Market" again huh?

[Dover]

10. Yeah, like some child's fanciful explanation of why the cookie jar is empty

while standing there covered with cookie crumbs. :shrug:

:eyes:

[fumsm]

3. Pathetic

Why do these guys let them get away with it? He had nice hair, only been there for a year so it's not his fault. When are we going to see some jail time for these bastards? WTF is it going to take? There was a good show on PBS the other night with inside dudes who actually participated in the crimes. They know who was leading the charge. Why isn't something being done to these mangers who pushed for the fake CDO's and pressure to gain triple a ratings. And why the fuck isn't the MSM interviewing these guys. Ohh, their too busy bringing up some stupid rev right shit again (shuster at 12:55 on msnbc). And here we go again, the mistress of the biggest enabler, the queen talking saggy tits herself, Andrea Greenspan taking abut economic issues like she has a clue. Sickening.

[Dover]

5. Yeah that was an excellent program about the credit ratings and

how the alarmists were stifled within these firms. Play along or leave the firm.
They were basically making it up as they went along.

[LittleApple81]

4. In what respect, Charlie? Asked by a more intelligent, devious person.

He did not take responsibility, or want to take the consequences. Asset quality? Did they ever question this when they were making money over fist? Disgusting.

[customerserviceguy]

7. I use Charlie as an insomnia treatment

never fails, and no lasting "hangover" effect like from sleeping pills...

[charlie]

8. He was head of a small hedge fund that Citigroup bought last year

A hedge fund with a $4.5 billion portfolio. Within a year the fund lost $3 billion and all of its clients, save holdings by Citigroup and its employees. So, they wrote off the $800 million purchase price...

...and promoted the guy to CEO of Citigroup.

Figure that one out. I sure can't.

[Dover]

13. Something out of Alice in Wonderland.

Why is anyone rewarded for running the ship aground?

I have similar questions about those currently being chosen to head up our economic policies in Obama's administration. Some of the same people who enabled this crisis are now rewarded with positions.
It all seems absurd perhaps because our perspective is so at odds with theirs. We aren't looking through the same lens. Or perhaps we can't handle the truth and dismiss our own inner alarms.

At any rate, it seems we are left asking this question a lot these days:
Was it intentional or a case of incompetence?

[charlie]

14. Uuurgh

I don't like even thinking about some of the retreads being floated for positions in the new gov't. I'm not much interested in trading snarks with the unquestioning faithful who'll swarm if I open my mouth about it, so I sit, watch, wait, and stew.

One of the first things that happened on Bush's watch was the rolling blackouts and energy price gouging in California, deliberately engineered for fun and profit, a spectacularly audacious crime. So how much of this current mess was intentional? I doubt we'll ever know, but I think it'd be damned foolish not to assume a lot of it was.

[Tandalayo_Scheisskopf]

9. More proof...

The the #1 qualification to be a CEO of a large corporation is to be a diagnosable sociopath.

[exboyfil]

11. I was angry when the BoA CEO dumped on the Big 3 CEOs

All financial firms actually have to do is manage risk. All of our big firms did a terrible job in this regard. This is all they have to do.

The CEOs of the Big 3 auto companies have to deal not only with financial risk, but so many other factors (historical union contracts, overseas competition, transplant competition, commodity prices, environmental regulations, OSHA regulations, suppliers, and actually making something other than bits of paper).

We have this situation entirely flipped on its head. If we had been granting such largesse in the form of protectionism to our manufacturers, then at least folks would be working (of course prices and quality would be less).

[bdamomma]

12. we are bailing their

a$$es out. SOB's all of them