Citigroup reports $10.6 billion profit; Saudi Prince Alwaleed affirms support for CEO

[somone]

http://online.wsj.com/article/SB10001424052748703954004576089990548902656.html

Saudi Prince Alwaleed Affirms Support for Citigroup CEO
By SUMMER SAID

RIYADH — Saudi Arabian billionaire Prince Alwaleed Bin Talal, Citigroup Inc.'s biggest individual shareholder, said the bank's 2010 results were good, reiterating his support for its chief executive, Vikram Pandit.

The prince congratulated Mr. Pandit on the bank's full-year profit of $10.6 billion and reaffirmed his support for Citigroup's management, according to an emailed statement from his firm Kingdom Holding Co.

Last year, the Saudi billionaire told Fox Business that 2010 was the year Mr. Pandit had "to deliver" results and that shareholders had already given the U.S. bank two years to turn around. Prince Alwaleed had previously grown impatient with the U.S. bank's former CEO, Chuck Prince, complaining that its costs were rising faster than revenue.

[Initech]

1. Time to tax the living shit out of it.

:grr:

[Angry Dragon]

2. Does that make Citigroup a Muslim corporation??

the right needs to take their money out real fast then

[Statistical]

3. This is what people don't get about corporations.

American corporation is a dubious distinction.

Corporations exist to maximize profits for shareholders.
Corporations have a responsibility only to shareholders.

Those shareholders are increasingly foreign. This isn't a citi issue it is how corporations work, how they have always worked.

The idea that GM for example is a "good company" because it is "American" but Toyota is bad because it is "foreign" is a very naive way to look at the world.

[SpiralHawk]

4. Are the Saudis making Mega Profits off their Fox News (R) propaganda outlet?

Republicons are probably having orgasms watching the Saudis rake in the megabucks profiteer from their Republicon SuckerPuppet Propaganda Outlet at Fox 'News.'