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?