Saudi Prince Embarassed By Citi.

Posted by Tremendous in Business., Life. on 02 28th, 2009 | Comments

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.

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