Filed under: Citigroup Inc. (C)

Well, I have to admit that this is not a problem I’m suffering from.

Don’t get me wrong: I have plenty of problems (many of them exacerbated by this bearish market we’re slogging through), but my direct exposure to Citigroup (NYSE: C) is quite limited.

This is a problem, however, from which super-investor Prince Alwaleed is suffering. Billionaire Saudi Prince Alwaleed bin Talal is actually Citigroup’s largest individual shareholder with an almost 4% stake in the global banking monolith. With Citigroup’s stock swooning, Alwaleed’s holdings have seen some major volatility.

Interestingly, he is still quite positive on the stock, at least publicly. In an interview this week, Alwaleed said, “I want to make it clear that I fully support the leadership of Citigroup and think it is a very strong company with a good future.”

I dunno — crises come and go, wars are waged, and over-leveraged hedge funds (read LTCM fiasco) blow up and the world’s bank, Citigroup, marches on. Alwaleed seems O.K. with the whole thing — he claims his purchase price, adjusted for dividends and stock splits, works out to be almost $3 per share.

I’m not shedding a tear for this billionaire. But I have to admit that I’m a little miffed.

Continue reading What to do when your $3 billion worth of Citigroup (C) gets whacked

Read | Permalink | Email this | Comments

Share This

This entry was posted on Monday, November 12th, 2007 at 5:27 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.