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Prince shifts blame onto rating agencies

    • Daniel Andrews
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Ex-Citigroup chairman Charles Prince has taken a parting shot at the credit rating agencies and their role in the subprime-related writedowns that prompted his resignation over the weekend.

In a memo to Citi staff, dated November 4 and published in the US press, Prince said that the bank’s strategy was working, pointing to its brand, culture and its wealth management business.

But rating agency actions on collateralised debt obligations caused a sharp drop in asset valuations. “The rating

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