Credit Rating Victims Didn’t Know S&P’s Toxic AAA Born of Greed
When Charles O. Prince III was chief executive officer of Citigroup Inc. from 2003 to 2007, he didn’t know about a surge in mortgage risk that his own investment bankers loaded on to its bank’s books.
Because such debt carried top credit ratings from firms such as Standard & Poor’s, few financial executives paid attention to the potential dangers.
WHO WAS PRESIDENT FROM 2003-2007? WHICH PARTY CONTROLLED CONGRESS FOR MOST OF THAT TIME?