Monday, June 8, 2009

Charles Prince

- Former Citigroup CEO!

- Goes by "Chuck" -- surely proof that he's just a regular guy!

- A lawyer by training, and an administrator by nature!

- Originally ran the bank in tandem with the COO, Robert Willumstad!

- When Willumstad left Citi, Prince somehow believed he could run the bank himself -- despite his lack of banking experience!

- Under Prince, Citi bet its future on rapid and ongoing growth in subprime mortgage markets -- amassing more than $40 billion in subprime investments in addition to making a mountain of residential mortgage loans of its own!

- Conducted little to no oversight or risk management of the bank's subprime investment portfolio!

- Forced to resign in November 2007 -- after Citi suffered losses and write-downs totalling more than $65 billion!

- Walked away from the mess he'd caused with a golden parachute worth $30 million!

- To date, Citi has been bailed out by taxpayers to the tune of $45 billion!

- Citi's stock price in 2006: in the 50s!

- Citi's stock price today: $3.42!

- Idiot!

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