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SUNDAY, NOVEMBER 8, 2009
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NEWS ABOUT: Charles Prince

Charles Prince stories: 7 news summaries

Subprime Lender CEOs Defend Exec Pay

Merrill, Citi and Countrywide honchos cashed in as companies foundered

Mar 7, 08 3:50 PM CST
(Newser) - Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the... More »

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Congress • Citigroup • executive compensation • Bank of America • Merrill Lynch • Countrywide • bonuses • Charles Prince • Angelo Mozilo • Stanley O'Neal • financial institutions • subprime crisis • House Committee on Oversight and Government Reform

House Hits High Bonuses
at Strapped Companies

Fat cats to face executive pay hearing

Mar 7, 08 7:53 AM CST
(Newser) - A House committee wants to know why the CEOs of three companies mired in the subprime crisis collected massive bonuses as their firms bled billions, AP reports. The targets include Merrill Lynch, Citigroup, and Countrywide, all of which posted stunning losses last year. Countrywide CEO Angelo Mozilo and the former... More »

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Henry Waxman • Citigroup • executive compensation • Merrill Lynch • Countrywide Financial • Charles Prince • Angelo Mozilo • Stanley O'Neal • subprime crisis • House Committee on Oversight and Government Reform

Struggling
Citi Names
Pandit CEO

Megabank looks to former Morgan Stanley prez to lead recovery

Dec 11, 07 2:19 PM CST
(Newser) - Citigroup today named Vikram Pandit its new CEO. The current head of private-equity and hedge-fund investments will be charged with leading the bank's recovery from staggering losses in the subprime collapse and a 38% drop in its share price this year. The ex-Morgan Stanley president joined Citigroup in April; he... More »

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Citigroup • Morgan Stanley • Charles Prince • Robert Rubin • Vikram Pandit • Philip Purcell • Win Bischoff

Why the CEO Talent Pool
Is So Small

As Citi, Merrill searches show, Wall Street is now a tough place to grow managers

Nov 5, 07 4:47 PM CST
(Newser) - With Citigroup and Merrill Lynch both suddenly searching for new CEOs, the Wall Street Journal looks at why the list of contenders for the top jobs at Wall Street's biggest firms is so short. Start with an earn-or-die corporate culture, which taints talented chief executives who fail to deliver in... More »

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Citigroup • subprime mortgages • corporate culture • Merrill Lynch • corporate governance • Charles Prince • Stan O'Neal • subprime crisis

Rubin Named Chairman of Citigroup

Prince out; company
to report $8-11B more
in writedowns

Nov 4, 07 6:00 PM CST
(Newser) - Citigroup CEO and Chairman Charles Prince resigned today, clearing the way for former US Treasury Secretary Robert Rubin to be named chairman, the Wall Street Journal reports. Sir Win Bischoff was named interim chief executive. Citigroup also plans to report $8-$11 billion in mortgage-related writedowns, on top of the $2.... More »

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Wall Street • Citigroup • SEC • credit crisis • Charles Prince • Robert Rubin • subprime crisis

Prince to Resign From Citigroup

CEO takes 'very unusual move' after bleak third quarter earnings and SEC probe

Nov 2, 07 7:36 PM CDT
(Newser) - Growing pressure on Citigroup Inc. is prompting CEO Charles Prince to end his four-year rein this weekend. Bleak third-quarter earnings and an SEC probe of Citigroup's accounts have amped up existing frustration at the financial services company. Prince has "stepped up and done the right thing without forcing the... More »

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Wall Street • Time Warner • Citigroup • Charles Prince • Robert Rubin • subprime crisis

Citigroup Profit Plunge Hits a Nervous Market

57% quarterly drop, gloomy outlook drive bank's stock down

Oct 15, 07 12:57 PM CDT
(Newser) - Citigroup reported a 57% drop in third-quarter profits today, anticipated news that nevertheless sent the bank's shares down by 3.6% to $46.17. The news helped drive nervous market downward as well. "This is the beginning of earnings season, and the market is skittish because analysts are looking... More »

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Citigroup • bank • credit crisis • Charles Prince

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