Sandy Weill presided over Citigroup until 2006 when he stepped aside and handed the reigns to his self-appointed successor Chuck Prince (who, in turn, was replaced by the bank's current CEO, Vikram Pandit). When Weill left the company, he departed with hundreds of millions in Citi stock and a very generous golden…
Citigroup is on the brink of disaster and may have to turn over as much as 40 percent of the bank to the government in an effort to stay solvent. So what's Chuck Prince, who served as Citi's chairman and CEO until late 2007, been up to recently? Not so much. Chuck has been spending most of his time in recent months…
• Stocks are down sharply today over concern about the deepening recession. The stimulus package last week? So much for it restoring confidence. [BN, WSJ]
• Need more proof of mismanagement at Citigroup? Chuck Prince was ousted as CEO 15 months ago but he still has an office and secretary at the company. So does John…
♦ News of the government's rescue package for Citigroup provided the market with boost yesterday, but Citi CEO Vikram Pandit (who still has his job for the time being) has many long days and nights ahead if he's going to turn the bank around. "This is a reprieve, but it's not a complete pardon." [WSJ]
♦ On CNBC,…
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