Prince Shows Shame, Rubin Defiance

Former Citigroup Officials Say They, and Regulators, Didn't See Risks; 'I'm Sorry' Three Times

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BY RANDALL SMITH

WASHINGTON—Former Citigroup Inc. Chief Executive Charles Prince expressed shame and contrition during a three-hour grilling by a congressional panel scrutinizing the financial crisis. But Robert Rubin, the former U.S. Treasury secretary who led Citigroup's executive committee, defiantly defended his role in decisions that led to gigantic losses at the bank.

Thursday's hearing by the Financial Crisis Inquiry Commission broke the recent silence by the two men about their culpability for more than $58 billion in write-downs by Citigroup on assets tied to risky subprime mortgages and other financial instruments. Mr. Prince has said little about Citi's problems since resigning under ...

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