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Citigroup CEO says real estate was the problem

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Citigroup Chief Executive Vikram Pandit said yesterday the company’s real estate assets were to blame for its current losses. The company’s stock has fallen 79 percent this year. “What went wrong is we had [a] tremendous concentration in the sense that we put a lot of our money to work against U.S. real estate,” Pandit told PBS’s Charlie Rose.
[Reuters] and [Bloomberg]