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From The Horses' Mouths

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William Mills, chief executive of Citigroup’s markets and banking division in Europe said at a hearing of the Treasury Committee in the U.K. Parliament today that big C’s losses “greatly exceeded…profits in the [subprime] field over the last several years.” Mills, who is known to go where no one else will, added that the firm has suffered “reputational damage” above and beyond an incident last month involving Vikram Pandi showing up to an important meeting wearing a t-shirt proclaiming, “I fuck on the first date,” without irony.
Gerald Corrigan, managing director in the more or less irrelevant role of risk management at Goldman Sachs told the same audience that GS performed better than Citi this year. “On balance, we probably made money.” To his credit, he delivered this line completely monotoned and without an expectation of laughter or gasps from the crowd.
Citi Subprime Losses `Greatly Exceeded' Profits, Mills Says [Bloomberg]