Charles Prince, resigned this Sunday as the chairman and chief executive of Citigroup - the largest bank in the US by assets.
Mr Charles Prince, 57, joined the bank in October 2003 to replace Sanford Weill.
But Mr Prince, a lawyer by training, has had a troubled leadership, as costs at the company have risen faster than revenue, raising worries over the bank's profitability.
Doubts over Mr Prince's position intensified after the firm posted a sharp drop in quarterly profits, making it one of the latest victims of the credit crisis.
It - like other financial institutions - has been hard hit by problems in the sub-prime sector, in the wake of a slowing housing market.
In the three months to the end of September, the firm saw profits slump by 57%!!!
How could it be!!! It’s a great quantity of money! I can’t believe that all is Prince’s fault, because of his anxious desire of resign. There could be as ever “mysterious” explanations, like somebody forcing him to quit, so he could appear as the guilty of all the losses… but these are only suppositions… What is a fact, is that actually he isn’t an economist, or even a financial master, he is just a lawyer. He could be an excellent lawyer, even the best of the lawyers, but one thing is law and other thing is money… as one thing is one thing and another thing is another thing jaja (as ibarguengoitia says). I hope this man could be happier now, with a low income (in comparison with the one he had) but with a big smile (because of the lack of stress and work). I think is much better having the life you like, than liking the life you have…jaja. But sometimes it’s the same. My best wishes, not only for this sad man, but also for all the young people which is deciding between a profession that will make them spiritually “healthy” or one that could make them “wealthy”… because maybe Prince had to think the same decision too, but perhaps he took the wrOng way… and here are the consequences… I don’t know, just enjoy your life, please. XD
domingo, 4 de noviembre de 2007
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