Big credit to Dick Parsons for being honest: In an interview on CNBC just now, Chairman Dick Parsons was asked point blank whether his bank was too big to fail.
And he answered it directly: Yes, it is.
Then he hedged, a little, and said it’s not about size, but interwovenness, which is fair (a lot of smaller firms were “too big to fail”), but the bottom line is that yes, the government still can’t let Citi go down.
Update: Some more interesting comments regarding the European contagion… He says for now Citi is fine with minimal exposure in Greece or Ireland, but that if this tips over into Spain or Italy then “Everyone is in trouble.”
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