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Prince Finally Explains His Dancing Comment

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DIDN'T YOU HEAR THAT MUSIC? IT WAS ROCKIN!
"The former Citigroup chief executive infamously said in July 2007, referring to the firm’s leveraged lending practices: “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”," Dealbook reminds us. At a hearing in Washington today, we got an explanation. "Mr. Prince said there was a great deal of competitive pressure to make these loans even though the private equity firms were “driving very hard bargains,” and had to make sure Citi had a piece of the action. “My belief then and my belief now is that one firm in this business cannot unilaterally withdraw from the business and maintain its ability to conduct business in the future,” Mr. Prince said."
SOURCE:   Dealbook

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