Prince shifts blame onto rating agencies

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here