Despite Citigroup Inc.'s recent woes, longtime investor Saudi Prince Alwaleed bin Talal bin Abdulaziz said on CNBC that he has "full confidence" in CEO Vikram Pandit. But when it comes to Pandit's predecessor, Chuck Prince, Alwaleed seemed less impressed.
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When asked who would be accountable for what has happened to Citi, Alwaleed responded, "Well, if you are talking about what took place previously, I believe
that the board and the previous management, the previous CEO, have to
take full responsibility."
He continued: "And I'm saying -- I know what I'm saying is very controversial but it's a fact: Chuck Prince is a very good man, he's a good gentleman. He's a good friend of mine, but frankly speaking, the destruction of all that took place lately clearly has to be attributed to the previous management. ... But I believe right now that Chuck Prince and his management era is behind us. Now it's the Vikram era. ... Put the worst behind us. And hopefully you
can build wealth again exactly, and with the same speed, like the
wealth that was destructed in the last 12 months." - Gerald Magpily
See the full transcript from CNBC
