William Rhodes: A cautionary tale

William Rhodes: A cautionary tale

Economy & Policy Corporate & Sovereign Strategy

By Taimur AhmadIn September 2006, William Rhodes warned of a looming crisis. To the then senior vice-chairman at Citigroup, all the tell tale signs were there – and he was worried. This was not the first approaching crisis the veteran banker had recognized. Having sat at the heart of international finance for over three decades, Rhodes had been involved in every major debt crisis around the world since the 1970s; reading the signs of an impending bust was something of a second nature to him. But this time was different – and the consequences, he felt, potentially cataclysmic. For Rhodes was talking about a downturn in the US housing market, which he believed risked turning into a full-

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