Word: primerica
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...that didn't make its intentions clear enough, earlier this year Citigroup publicly identified a number of businesses that it would like to get rid of. Among those that are still left are its insurance division Primerica and a home-loan business, CitiMortgage. At the time, Citi said it would like to hold on to much of its retail and corporate bank. A Citi spokesperson says that continues to be the bank's plan. In July, CEO Vikram Pandit told financial-news outlet Bloomberg that the bank is "moving extremely fast" on asset sales. He said the bank had already...
...only exception to that was when we [Travelers] reached to buy Primerica from Gerry Tsai, which was leveraged as it was. We leveraged it more because it was bigger than our company. We had to really pay attention to everything until we got our balance sheet back in line, which took about a year and a half. But most everything else we did in a very financially conservative way so that we really weren't risking things...
...raised in Los Angeles, Prince began his career as an attorney for U.S. Steel before joining Commercial Credit as general counsel in 1979. Prince met Weill when Weill took over that company in 1986, and the two forged a long run of acquisitions--all negotiated by Prince--from Primerica to Travelers to Shearson to Salomon Brothers to Citicorp. Prince gained the upper hand as Weill's successor last year when Weill asked him to run the firm's investment banking business and get Citi out of Spitzer's cross hairs...
Unless they were his perks. As Langley documents, somewhat uncritically, Weill exemplified the superstar CEO, with a double standard that grew with his deals. He bristled at the $30 million golden parachute that Gerald Tsai crafted for himself in selling Primerica to CCC, but at the same time, Weill insisted on buying Primerica's Gulfstream IV jet as part of the deal. Weill is the kind of guy who could finish off a $200 lunch, return to the office and slash 2,000 jobs...
...reject of computer-maker Control Data. It was not the job he wanted--Weill had been given the bum's rush when he offered himself as CEO of BankAmerica--but a spruced-up Commercial Credit gave Weill a springboard. And he sprang: he merged Commercial Credit with struggling Primerica in 1988, getting the Smith Barney brokerage with it. He bought Travelers insurance in two stages when that company was reeling from bad real estate investments. In 1993 Weill achieved a measure of sweet revenge over his old employer--buying back Shearson, the retail brokerage he had sold to American Express...