The New York-based company lost $27.7 billion in 2008 and took $118 billion in writedowns. Now 34 percent-owned by the Treasury Department, Citigroup sought help in the wake of a credit freeze that claimed three of Wall Street’s biggest firms and led to the deepest recession in 70 years.
He's 70 years old, so no real incentive to keep his mouth shut. I like how it's framed as if it was just a simple error in judgement.
Thing is.. he probably made many millions of dollars making this "mistake" and he's probably not going to give any of it back. That is how American economics works. Unfortunately, there is no such thing as karma.
In Japan.. tradition would dictate he insert a samurai sword into his abdomen and rip his own intestines out. In the US.. tradition means he has some good stories to tell at the exclusive country club he belongs to.
I like the Japanese culture much better.
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