Prince takes parting shot at rating agencies

Former Citigroup chairman Charles Prince has laid the blame for the subprime-related writedowns that prompted his resignation in early November at the door of the credit rating agencies.

In a memo to Citi staff, published in the US press, Prince said that the bank's strategy was working, pointing to the firm's brand, culture and its wealth management business.

But rating agency actions on collateralised debt obligations caused a sharp drop in asset valuations. "The rating agencies have recently

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