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Non-Tech : Penny for your thoughts,...

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From: Fiscally Conservative	11/5/2007 8:18:11 AM
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Nov. 5 (Bloomberg) -- Citigroup Inc., the profit engine built by Sanford ``Sandy'' Weill, has seized up. The biggest U.S. bank by assets said yesterday that subprime mortgages and related securities lost as much as $11 billion of their value in the past month, a decline that may wipe out half of the company's profit so far this year. The New York-based company also said in a statement that Charles O. ``Chuck'' Prince III, Weill's hand-picked successor, stepped down. Former Treasury Secretary Robert Rubin will become chairman, and Citigroup's most senior executive in Europe, Win Bischoff, will be interim CEO. bloomberg.com

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