Saudi Prince Is Humbled by Citigroup

[babylonsister]

Saudi Prince Is Humbled by Citigroup

By LANDON THOMAS Jr. and ERIC DASH
Published: February 27, 2009


LONDON — The bad news arrived by telephone early this week at the Saudi headquarters of Prince Walid bin Talal.

For years, Prince Walid bin Talal of Saudi Arabia was hailed as a financial wizard as a result of his investment in Citigroup.

Citigroup, the investment that had transformed Prince Walid from an obscure Arabian royal into the Warren E. Buffett of the Middle East, was spiraling down around him.

And now, on the line from New York, was Citigroup’s chief executive, calling personally to tell the prince that the United States government would substantially increase its stake in the troubled financial company — a step that would cost the prince dearly.

As it did Friday. The stunning collapse of Citigroup’s share price, to a mere $1.50 on Friday from a record $55 in 2006, has hurt investors worldwide. But few reputations have suffered as severe a blow as that of Prince Walid, who owns about 4 percent of the company.

more...

http://www.nytimes.com/2009/02/28/business/worldbusiness/28prince.html?ref=todayspaper

[tsuki]

1. And his controlling interest in News Corp has tanked too. awwww.

[DemoTex]

2. Maestro, cue the strings!

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[peacetalksforall]

3. Reading a story like that shows us another angle to the break-down of the U.S. -

taken apart with all the foreign entities being exposed to us that don't/can't follow the market like the wealthy do.. Whether the Prince lost our or not - it shows who owns what and what we think of as American companies where we place our business and what is our treasury of everyday living. The wealthiest banks falling.

Everything falling exposes what we really are. Some living under the delusion of superiority now know we are not superior. Some scheming to make the maximum profit and lying, cheating, breaking laws, changing laws, and conducting an industry to justify the thefts and deals.

The buy-out of our country started big time with Reagan and the citizens were not concerned.

Two Bushes later and we have total chaos worldwide - all from thefts, destruction, deaths/maiming/suicides/hunger/homelessness/torture/prisons/vote theft - wealth division that are canyons deep. Life savings poofed.

Thank you thief-killers for the life lessons you are giving everyone; if life is about learning evil.