Saudi Prince Embarassed By Citi.

Saudi's Prince 398

According to the New York Times, Saudi Prince Walid bin Talal, the “Warren Buffet” of the Middle East, has been embarassed by the performance of Citi bank.  Apparently the super-rich Prince re-upped his bet on Citi in November, only to realize now that his investment is nosediving.  He is now being asked by Citi CEO Vicky to convert his preferred shares to common.  His company, Kingdom Holdings have lost roughly half its share price.

Oh, how the mighty have fallen.

Back in November, when asked why he wanted to invest more into Citi he said, “this is cherry on the cream and we will take it.”

Yeah, not really.

Some critics feared that Prince Walid investing so heavily in Citi meant that the Middle East would hold vital control on one of America’s most important financial institutions, but really?  How very dumb.

Prince Walid bought into Citi too high.  He’s taking a bath now, and the US government gets the bank at a bargain with a large, dominant stake.  Prince Walid looks foolish for betting so large on the brink of the crisis.

When asked for comment by the NYT, the Prince declined to comment.

Shocker.

  • http://www.authspot.com/Thoughts/Going-Down.564267

    You have learn to accept wins as well as you accept loses.

    He will bounce back, and regain his financial status. If you think about it how many of the middle east people starve? no many of there leaders maybe the workers

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  • His company, Kingdom Holdings have lost roughly half its share price.

  • Back in November, when asked why he wanted to invest more into Citi he said, “this is cherry on the cream and we will take it.”
     

  •  His company, Kingdom Holdings have lost roughly half its share price.

  • Walid investing so heavily in Citi meant that the Middle East would
    hold vital control on one of America’s most important financial
    institutions, but really?  How very dumb.

  • Walid investing so heavily in Citi meant that the Middle East would
    hold vital control on one of America’s most important financial
    institutions, but really?  How very dumb.