Greedy Guts Bring Down Citibank ….

There is a New York Times article – no, post mortem, on Citibank that is symptomatic for what has been going on on Wall Street for the past 5 -10 years and underlies the deepness of the malaise that afflicts the US Financial System. Here is an excerpt:

“Today, Citigroup, once the nation€™s largest and mightiest financial institution, has been brought to its knees by more than $65 billion in losses, write-downs for troubled assets and charges to account for future losses. More than half of that amount stems from mortgage-related securities created by Mr. Maheras€™s team €” the same products Mr. Prince was briefed on during that 2007 meeting.”

Here is the original article.

My problem is that there is no consequences, no blame, no responsibility taken for these excesses. Talk about White Collar Crime.