QOTD = Quote of the Day

What a contrast between the current Citi CEO and the former who danced his bank over the edge and right into the Global Financial crisis. 

…if you’re looking for signals, they’re everywhere. Treasury yields rose even as equity markets wobbled. The U.S. dollar, typically a safe haven, has weakened at moments when it used to rally. That tells us something deeper is going on, investors aren’t just pricing near-term risks; they’re reevaluating the credibility of long-held certainties. It’s showing up in how capital moves. Pensions and asset managers are tilting more towards Japan, India and parts of Europe. Hedge funds are being selective and didn’t chase the April equity bounce. Sovereign wealth funds are diversifying more aggressively. Hedging against the dollar is now at levels we haven’t seen in years. – Jane Fraser, Citigroup CEO

When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing. – Chuck Prince, Citigroup CEO July 2007