Sunday, November 4, 2007

The carnage continues

The "big dogs" of finance are falling one by one...

Last week it was Stanley O'Neal (Merrill Lynch CEO) who "resigned" due to a much larger than expected write-down due to the mortgage related losses. This weekend, Charles Prince (Citigroup CEO) has also resigned due to similar (mortgage) losses. On top of that, the company is also warning of a possible $11B write down. Ouch!

Who will be the next to go?!?

Read more about the Citi news here.

1 comment:

Darin said...

It's strange how history repeats itself all the time. Back in the tech boom days it was the same companies talking up the tech stocks. Now with subprime mortgages. Hmm... What's next?