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 parachute to boot. So how much is he worth now that the U.S. government owns a third of the company and Citi shares can be had for a buck and a quarter? Charlie Gasparino does the math: "The last public filing for Weill stock ownership came out in February 2006. It said he held 16.555 million shares. With a stock price hovering off its highs but at a still healthy $46 dollars, Weill's holdings in Citi were worth more than $760 million. If he hadn't sold a single share, those same holdings would be worth a tad more than $20 million today."
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 on the golf course. Unfortunately, this has required him to make the commute from Manhattan—he sold his Connecticut mansion last fall for $5.2 million. Fortunately, his generous exit package from Citi includes an office, assistant, and full-time car and driver, so he can still recline in the backseat and read all about Citi's implosion in the Journal as he heads out to the club. All that time golfing has yet to do much for his handicap, however. But since he's relatively young and it's unlikely he'll ever land another job on Wall Street, he should have plenty of time to practice. Prince's score history is after the jump.
• 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 Reed, Citi's former CEO who left nearly nine years ago. [BN]
• The stimulus package that cleared Congress Friday includes hefty new restrictions on bonuses and perks at Wall Street firms. [WSJ]
• GM will file the largest restructuring plan of its 100-year history today. [DB]
• Hedge funds may lose as much as 35% of their assets this quarter. [Reuters]
• Citi is having a hard time finding anyone to buy their junky assets. [NYP]
• Banco Santander, Europe's second largest bank, is offering a generous compensation deal for clients who lost money to Bernie Madoff. [WSJ]
♦ 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, Prince Alwaleed bin Talal, one of the bank's biggest shareholders, expressed confidence in "Mr. Vikram" while "stroking a strand of beads and wearing red-tinted glasses." Then he blamed the bank's problems on Chuck Prince. [NYP]
♦ Tim Geithner may be the man of the hour, but shouldn't he be shouldering some of the blame for the government's missteps thus far? [NYT]
♦ Banks are concerned they may have a credibility problem on their hands. You think? [Reuters]
- Chuck Prince is having a hard time selling his home in Greenwich. In the six months he's had the English-style mansion on the market, he's slashed the price by $300,000. The five-bedroom home on 2.4 acres (with wood-paneled library, exercise room, pool, sauna) can now be yours for $5.85 million. Prince shouldn't miss the manse much. The former Citigroup CEO and his wife Margaret spend most of their time at their expansive apartment at 550 Park Ave. [Bloomberg, Cleveland, Duble & Arnold]