Citigroup to write-down $11 billion and the CEO is stepping down.
"I am responsible for the conduct of our businesses," Prince said in a memo to employees. "The size of these charges makes stepping down the only honorable course for me to take as chief executive officer. This is what I advised the board."Putting aside the cushy golden parachutes that most would love to have, at least a few CEOs have stepped down after their failures. Compare and contract to the Bush administration, who grew in power after their own disastrous failure on 9/11. Have we ever been so far away from honor as we are today under this administration?
