Ball point pen on the morning newsprint
When the first whispers of the subprime motgage meltdown started, Citigrpup's then COE Charles Prince resigned claiming Citi had 11 billion in writedowns. Once the nations largest bank, today we know that Citibank had been taking huge risks and had far greater exposure to subprime mortgages than it let on. Yesterday Citi owned up to 65 billion in writedowns. Citi's Stock plunged to 3.77 as Citi entered into desperate talks with the treasury. The government has stepped in with an additional 20 billion to guarantee Citi's 306 billion in assets.