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Citigroup Oracle Meredith Whitney on Calling the Crisis

“Being right is always all it’s cracked up to be”
Meredith Whitney in New York on May 12, 2008
Meredith Whitney in New York on May 12, 2008Photograph by Daniel Acker/Bloomberg

Oct. 13, 2008: Whitney is ranked one of Fortune’s 50 most powerful women in business

Why were you able to see what was coming when others couldn’t?
It wasn’t just Citigroup. It was the whole banking system. A lot of the reason why the banks were getting into so much trouble was because the bond market was so sick. What I paid attention to before other people was the cascading impact of downgrades, the waterfall of downgrades, because the ratings agencies were so behind and had to move so quickly to downgrade securities. That set off the dominoes.