Business & Finance
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Mon, December 1, 2008
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NEW YORK--([ BUSINESS WIRE ])--Citi (NYSE: C) today released the contents of a letter sent on Wednesday, November 26, 2008, from Citi Vice Chairman Lewis Kaden to The New York Times regarding certain statements in "Citigroup Pays for a Rush to Risk," which appeared on Sunday, November 23, 2008, in The Times. The full text of the letter follows:
| November 26, 2008 |
| Letters to the Editor |
| The New York Times |
| 620 Eighth Avenue |
| New York, NY 10018 |
| Dear Sir, |
| In response to inquiries concerning the accuracy of certain statements in The New York Times article, "Citigroup Pays for a Rush to Risk," on Sunday, November 23, 2008, I write the following letter regarding Bob Rubin's role at Citigroup related to the current financial crisis. |
| The article painted a misleading and inaccurate picture of Mr. Rubin's role. The Times article implies and at times explicitly states that Bob Rubin was "an architect of the bank's strategy" as it related to CDOs and similar products, and was engaged in "drafting" trading plans. In fact, while Mr. Rubin is a member of the Board and plays an advisory and client service role at Citigroup, he was never an "architect" nor was he a drafter of Citigroup's risk-taking plans and had no operating role. |
| Based on my experience, Bob has been an advocate for expanding business opportunities premised on four conditions: careful risk reward judgments, having the right people in place, having the right technology in place, and appropriate oversight. I have spoken to key executives who attended several group meetings in 2004 and 2005 with management and outside consultants referred to in Sunday's article and the clear recollection is Bob expressed a strategic view that, given the risk profile of Citigroup's competitors, the size of its balance sheet and the size of its earnings, the firm could commit more capital for intelligent risk reward activities as long as it was based on these four conditions. |
| Never did Mr. Rubin suggest in any way that those standards for intelligent and supervised risk-taking be relaxed or suspended in search of higher profits. Quite the opposite, it was entirely conditioned on such judgment and safeguards. |
| Lewis B. Kaden |
| Vice Chairman |
| Citi |
Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at [ www.citigroup.com ] or [ www.citi.com ].
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