TheStreet.com TV Recap: No Prince of the Citi
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Chuck Prince is not the right person to be running Citigroup (C Quote), Jim Cramer said on TheStreet.com TV's Wall St. Confidential Web video Thursday.
When Sandy Weill, the former chairman and CEO of Citigroup, got in trouble, then-New York Attorney General Eliot Spitzer warned the company he was going to shut it down unless Citigroup appointed someone he could work with, Cramer said.
Prince at the time was the general counsel and "a very upright and honorable man." Prince was the "go-to guy" to fix up the bank's culture, but "no one ever expected him to be the operating guy," Cramer said. The idea that Citigroup defaulted to a lawyer to run a bank, and the fact that Prince is still running it even after Spitzer has gone on to Albany as New York governor, is "foolish." ...
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