Back in July of this year Citigroup CEO Chuck Prince made the following statement regarding the LBO craze:
“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.”
Chuck has tangoed his way out of the building. Where is the love?
Just a few weeks ago, board members including Robert Rubin, the influential chairman of Citigroup’s executive committee, expressed support for Mr. Prince and said that his job wasn’t in jeopardy. “I think Chuck’s going to be here for a lot of years,” Mr. Rubin said in an interview last month.
My Comments: One by one the banking sector leaves the denial stage. Prince beat Bear’s Jimmy Cayne to the door yet more will follow this group before long. Moving closer to the panic stage.