Chuck Prince, CEO of Citigroup (C), is gone - and the stock is down. For all the hatred Chuck inspired during his tenure (yes, those are all links to different stories), I thought there would be some sort of relief rally to make up for the $58 billion in market cap that has been wiped out in the last month. Guess not... maybe it has something to do with the "additional $8-11 billion in subprime writeoffs" that Citigroup will have to take? Hmm, I'm good at giving ranges like that when I describe my bank account while trying to impress girls - Cullen for Citi CEO? I'll save it for another time - but seriously, that amounts to half of Citi's net income last year and one-seventh of their net tangible equity and shows we aren't close to the end of the writedowns, for whatever that's worth.
Was Citi's Prince Unfairly Blamed?