Former Citigroup Inc
In remarks prepared for delivery to a congressionally appointed panel investigating the causes of the devastating crisis that wracked the country from 2007-2009, Prince said he does not believe Citi was too big to manage.
I can only say that I am deeply sorry that our management -- starting with me -- was not more prescient and that we did not foresee what lay before us, he said.
Prince said he believes the financial world needs large, diversified banks but he said it is not good for the country to have a financial system that can be damaged by the failure or threatened failure of key financial institutions.
(Reporting by Elinor Comlay, editing by Gerald E. McCormick)