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saudi arabian prince rides to znufrii's rescue!

Posted by x (aka dmuck) Nov 20 '08, 06:07

Citigroup's largest individual shareholder, Saudi Prince Alwaleed Bin Talal, said Thursday he planned to increase his stake in Citigroup back to 5%, even as shares of the firm have plummeted in recent weeks.

The move by Alwaleed, a long-time investor in the bank, follows the U.S. government's decision to inject some $25 billion into the New York City-based bank. That left Alwaleed with about a 4% stake in Citigroup.

In a press release from his holding company, Alwaleed expressed his faith in Citigroup management including CEO Vikram Pandit and added that he believed in the company was doing what is necessary to weather the current economic crisis.

Alwaleed's firm did not provide terms of the purchase including how many shares he would purchase or at what price.

The news did little to comfort Citigroup (C, Fortune 500) shareholders though. Shares fell 4% in pre-market trading. The stock suffered a brutal 23% loss Wednesday.

saudi prince re-ups citi stake (money.cnn.com)

Responses:

the things z's dreams are made of -- nm - ty97 Nov 20, 06:19
at bargain basement prices, to boot. -- nm - znufrii Nov 20, 06:08 2
- if only there was also a workable business model thrown in!....nm - x Nov 20, 06:10 1
  - I'll give Vikram a call and see what's cooking. :) -- nm - znufrii Nov 20, 06:11

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saudi arabian prince rides to znufrii's rescue!

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