I noticed with interest that Citigroup is in negotiations with NY state & Federal regulators about its possible wrongdoing in the auction-rate securities market.

Citigroup may have to buy back billions of dollars of securities from investors and pay a sizeable fine.

Amazingly, Citigroup is considering HIRING Schwartz, the former head of Bear Stearns !

Maybe Citi is going to offer a new course at NYU or Columbia this fall, how NOT to run a big Wall Street firm. Or maybe, how * I * lost billions for my company but made out like a bandit !

Citi PAID Prince $10 million dollars as a consultant after he lost them $ 12 BILLION !


Hey, Mr. Regulator Guy.

While you're at it, how about the millions of us who bought Citigroup stock and who wouldn't have if we'd have had ANY inkling of their involvement of the sub-prime mess they were involved in ?

And WHY is no one interviewing or questioning Mr. Prince, the former CEO of Citigroup who like a ship's captain, is the quintessential villain in all of this.

Yes, I had Citigroup common stock. I don't have it anymore.

And IF it were up to me both Prince & the former heads of Merrill Lynch and Bear Stearns ( O'Neal & Alan " the Schwartz is NOT with us ") would all be under indictment for not disclosing their involvement in all of the sub-prime shenannigans.

Whatever happened to due dilligence and telling your stockholders the truth ?

The same stockholders who are your bosses, not the other way around.

As an aside, the more things change and all of that...

I am reading a great book by Dan Reingold. Confessions of a Wall Street Analyst.

In it, he describes his career as a telecom analyst and how firms like MCI, Worldcom & Global Crossing duped both the Street and the investing public.

I have friends who lost thousands by owning Worldcom, Global Crossing and MCI and who are still very bitter about it.