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July 8, 2007: Save the last dance for Chuck
July 8, 2007: Save the last dance for Chuck
Signs the credit boom was spinning out of control didn't seem to bother Citigroup chief Chuck Prince.

"When the music stops, in terms of liquidity, things will be complicated," he told the Financial Times. "But as long as the music is playing, you've got to get up and dance. We're still dancing."

Not for long, alas. In October, Citi posted a 57% drop in third-quarter profit, a decline Prince deemed "disappointing." A month later he was shown the door after $11 billion in new writedowns.

In December Vikram Pandit took over, but the losses kept on coming. By the time the crisis died down, Citi shares were stuck in the low single digits, and the U.S. government owned a third of the company. That's some jive step, Chuck.

NEXT: July 15, 2008: Paulson's pea-shooter

Last updated December 16 2009: 10:24 AM ET
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