In the ongoing hearings today, a former executive of Citigroup (NYSE:C) claims he warned chairman Robert Rubin and other executives about the risks associated with mortgages, suggesting he continued to warn them, while nothing was done in response.
Former mortgage executive at Citigroup, Richard Bowen, claims as far back as 2006 he warned Citigroup leaders about the extraordinary mortgage risks at the company, with over 60 percent of the mortgages problem mortgages.
Bowen also asserts other executives at Citigroup were violating the risk management standards at the company in 2006. He claims at that time he began warning executives about the situation, including e-mailing Rubin about it in the latter part of 2007.
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