Word: weills
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After 17 years of anonymous toil helping build Sanford Weill into a Wall Street legend, and Citigroup into the largest banking institution in the world, Charles Prince has earned his moment in the spotlight. The question is, Will he ever...
...Weill, 70, announced last week that he will step aside as Citi CEO at year's end and that Prince, 53, will succeed him. But Weill won't give up the chairman's title until 2006, and he peppered his public remarks with reminders that he will remain a force at Citi. "My brain won't stop," Weill assured analysts during a conference call. When Prince at one point indicated that he was eager to get back to work the next day, Weill jabbed, "What, not today?" Weill also quipped that the new team--which includes Citi president Robert Willumstad...
Never mind that Prince, who feels comfortable enough to roast his boss on his birthdays in front of hundreds of employees and who once persuaded Weill to dress as Superman for the affair, is practically family to Weill--or that Weill's gibes were in fun. Never mind too that Weill, Prince and Willumstad spent the weekend at Weill's country home in the Adirondacks in upstate New York celebrating the succession plan over a meal of sea bass and a rare magnum of 1966 Henri Voillot Pommard from Weill's cellar. This is business, and Weill has been spectacularly...
...Weill's legacy is closely tied to Citi's health, as is his personal fortune of $1 billion in Citi shares. Before joining Citi, Weill lost out in a power struggle at American Express in 1985. He never lost another, leaving a pile of adversaries, and colleagues, in his wake as he rose to the pinnacle of U.S. financial power at Citi. When Weill consolidated power following the 1998 merger of Travelers with Citicorp, previous favorite son Jamie Dimon was written off like a bad loan. So Prince knows he can't afford to stumble--at least not before Weill...
...should Stewart be forced to choose between her right to declare her innocence and being charged with securities fraud or face indictment unless she agrees to jail time? Martha deserves much of what's she's gotten. But has she behaved more arrogantly than Citigroup's Sandy Weill and Jack Grubman, or bankrupted her company buying $15,000 umbrella stands? Does she deserve to be hung in the town square for lying about trading on information men have been exchanging on the back nine for years...