Citigroup CEO Charles Prince is toast and is expected to quit at an emergency board meeting scheduled for Sunday, according to the Wall Street Journal (subscription required).

And the word on the street is that Citi will report another big write-off and more losses.

In more bad news for Citi, the Securities and Exchange Commission, which rarely acts until after the disaster unfolds, is supposedly looking into the bank’s accounting for its off-balance sheet investment funds. With operations in over 100 countries, Citi has more than 300,000 employees.

Merrill Lynch CEO Stanley O’Neal has already been kicked out after a $8.4 billion write down.

It’s the insane greed for mucho profits that has compelled America’s financial chieftains to play high-risk games with sub-prime mortgages and its offspring, CDOs (collaterallized debt obligations).

Whoa, if another CEO or two meets the guillotine, good ol’ fashioned American Greed will soon be out of fashion.

And where would that leave the United States of Greed?

In any case, it’s nice to see that the boards are finally beginning to show that they are not completely spineless.

High time indeed!

Heck, it’s a bloody carnage out at the big American financial services companies that are being pummelled by the heavy winds of the sub-prime mortgage meltdown. Investors have already lost billions and more losses are on the way.

The big American banks, mortgage companies and hedge funds have none to blame but themselves for this disaster of their own making.

Wonder for whom the bell tolls next?

India’s richest man and Reliance Industries Chairman Mukesh Ambani has gifted his wife Neeta a luxury jet for her birthday.

The birthday gift - a snazzy Airbus 319 valued at $60 million (Rs 242 crore) - is fitted with the works including entertainment cabins, a sky bar and fancy showers.

Several commercial airlines including Spirit Airlines, Indian Airlines, Swiss Air, Lufthansa and easyJet fly the A319, which can seat up to 142 passengers in a high-density configuration.

Launched in 1995, the A319 has a range of 6,850KM.

Mumbai Mirror has the details on Mukesh’s gift to his Neeta.

The head of the Liberation Tigers of Tamil Eelam’s (LTTE) Political Division S.P. Tamilselvan was killed in a Sri Lankan Air Force aerial bombardment on Friday at 6.00 AM local time, according to a LTTE web site.

A note on the LTTE web site said: 

With deep sorrow we announce to the people of Tamil Eelam, the Tamil people living all over the world and the international community that at 6.00am today, Friday 2nd November 2007, Head of our organization’s Political Division, Brig. S P Tamilselvan was killed by the Sri Lankan Air Force aerial bombing. With him Lt Col Anpumani (Alex), Major Mihuthan, Major Nethagy, Lt Adchgivel, and Lt Mavaikkumaran were also killed.

The LTTE has been involved in a bitter war with the Sri Lankan armed forces for over 24 years now in a bid to carve out an independent homeland for the Tamil-speaking minority in the North and East of this island nation.

The war has so far claimed the lives of over 70,000 people in Sri Lanka, including 5,000 since early 2006.

The U.S. State Department has included the Liberation Tigers of Tamil Eelam on its list of foreign terrorist organizations since 1997.