Thursday, April 28, 2011
CEO Spotlight: Charles Prince
Charles Prince was the CEO of Citigroup from 2003 to 2007. He got his Bachelor's, Master's, and Juris Doctor degrees from University of Southern California and went on to a achieve a Master of Law degree from Georgetown University Law Center. During the months leading up to the crash he was noted as being overtly positive and optimistic in his prognostications, according to Fortune magazine, evidently ignoring the evidence or not foreseeing the catastrophe that would unfold. When Prince resigned in November 2007 after Citigroup had suffered 3 consecutive major losing quarters, he left with $94 million in stock holdings and an accumulated $53 million salary from his 4 years as CEO. Citigroup were one of the worst culprits in subprime lending that played a major role in the economic crisis, yet they also received among the biggest taxpayer bailouts of any bank. Today Citigroup are profiting under new CEO Vikram Pandit.
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Good review of CEO of Citi. And, it is sad to hear that he got out with lots of money regardless of his failure performance.
ReplyDeleteIt sucks how we the tax payers paid for the bailout, where put in financial crisis for this bad performance from this CEO, but than yet he walked away with some good amount of money!
ReplyDeleteBy the way, good job on the lay out and the info on your post. :)