Monday, November 19, 2007

Citi's Subprime Task Force

'"In addition, a new unit, the sole focus of which will be on
managing the assets related to sub-prime mortgage securities and their
resultant exposures, has been established. This unit will be separate
from the other parts of our capital markets and banking business," Mr.
Rubin said.' From Reuters

And who is this task force?

" If you have a problem, if no one else can help, and if you can find them, maybe you can hire... The A-Team."

"The task force is in a garage in suburban Los Angeles welding together a solution to this subprime crisis. The matter should be resolved within the hour. No casualties are expected, though they've purchased several thousand rounds of ammunition and several pounds of plastic explosives. All that's left is to drug BA, get on the plane, and return to New York," said Robert Rubin, Chairman of Citigroup.

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