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Following are selected quotes from documents used by Commissioners in the hearing “Subprime Lending and Securitization and Government-Sponsored Enterprises” on April 7, 2010. Federal Reserve Board New York Operations Review 2005 Close-out report o Murren quoted in Session 1 @ 00:57:05; Transcript page 45. "...there are insufficient resources to conduct continuous supervisory activities in a consistent manner." Federal Reserve Board New York Operations Review 2009 Close-out report o Angelides quoted in Session 1 @ 02:28:00; Transcript page 107. "The supervision program for Citigroup has been less-than-effective. Although the dedicated supervisory team is well qualified and generally has sound knowledge of the organization, there have been significant weaknesses in the execution of the supervisory program." 2007 Risk Management Review Presentation o Angelides referenced in Session 3 @ 02:15:30; Transcript page 368-369. "The total sub-prime exposure in Markets and Banking was $13bn with an additional $16bn in Direct Super Senior and $27bn in Liquidity and Par Puts. Sub-prime exposure was down slightly from last quarter."
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