Business

When: November 4, 2007
Where: New York, New York
Who: Charles Prince, CEO of Citigroup
What: The meltdown in the housing market hit Citigroup, the nation's number one financial services company, as it announced the departure of chairman and chief executive Charles Prince and a possible $11 billion in additional subprime writedowns
Why: Citigroup also said it expects a reduction of between $8 billion and $11 billion in the fair value of its exposure to the subprime mortgage market. It said it expects to take a fourth-quarter writedown on the reduction, although the size of the writedown will depend on future market conditions. The company said the decline in its subprime portfolio, which totals about $55 billion, came as the result of rating agency downgrades and other market developments since the end of September.
Source: http://money.cnn.com/2007/11/04/news/companies/citigroup_prince/index.htm?cnn=yes