Saturday, August 11, 2007

Citigroup's Chuck Prince gets hustled.

Van McCoy, you may not remember, but his music you do. Especially those who danced in the 70s, as his "Do the Hustle" ushered in the disco era.

He also produced, "I'm still dancing" sung by the Presidents. Keep this in your mind when we read when Citi's chairman, Chuck Prince, spoke his.

“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance.
We’re still dancing.” (spoken July 1oth)

Today the Financial Times reported that in the last 30, days Citi lost $700 million in sub-prime loans or "structured credit." Someone got hustled.

Maybe I should send him my record.

What you may not know, however, is that Van McCoy's back-up singers in "The Hustle" were Faith, Hope, and Charity. I wonder why Citi's stockholders are so charitable to Prince. The stock hasn't moved in 4 years.

Will his words "we're still dancing" be the catalyst to usher in a new era at Citigroup? Doubtful. But the dictionary of financial lexicon definitely has a new term!

"We're still dancing!"


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