We were one of the first to say that former Citigroup Charles Prince would come to regret his end-of-the-cycle-is-nigh comment initially reported in the Financial Times:
Chuck Prince on Monday dismissed fears that the music was about to stop for the cheap credit-fuelled buy-out boom, saying Citigroup was “still dancing.”
We are so bold as to predict that another quote will come back to haunt its source. From the Wall Street Journal’s Economics Blog:
Following the U.K.’s surprise move to nationalize mortgage lender Northern Rock, will the U.S. need to make similar moves?
“Absolutely not,” U.S. Treasury Secretary Henry Paulson told CNBC, dismissing talk that the Bush administration needs to initiate a widespread bailout program to assist the financial industry and restore investor confidence.