Chuck Prince—who helms the good ship Citigroup as it continues to narrowly avoid wreckage on hazards called Demand for Break-Up, Stock Underperforming, Expenses Outrage, Unsatisfied Arabs and Maria Bartiromo—took in nearly $26 million dollars this year.
That's modest compared to some of his Wall Street peers but then Citigroup's stock performance has been pretty modest too.
What's most interesting is the rumor we heard today from a completely unreliable source. We mean that. Completely unreliable. But still entertaining and that's why we still read his emails.
At that lunch at Four Seasons a couple of weeks ago, Sandy Weill told Chuck Prince that the true measure of success in the finance world is having a working fireplace in your office, according to our source (who, we repeat, has no discernable way of learning such things). This struck us as far fetched until we asked around.
And at least this much is true: way back when he kept an office on the 106th floor of the World Trade Center, Sandy Weill had a working fireplace in his office. We're not sure what this symbolizes about the guy who built Citigroup—and we're pretty sure that the Prince and Weill conversation did not involve the fireplace at all—but surely it symbolizes something. A working fireplace in the World Trade Center? Talk about symbolic, meaningless, wasteful acquisitions.
For Citigroup’s C.E.O., It Was a Very Good Year [New York Times]






Posted by , Mar 14, 2007 4:10PM
it was todd thomson who had a fireplace in his office
Posted by Brett , Mar 14, 2007 8:53PM
Under Sandy's accounting, the fireplace was accretive to earnings.
By the way, how does Bob Rubin's $17 million paycheck compare to his peers who sit on boards and have no operating responsibilities?
Posted by anon , Mar 14, 2007 10:40PM
This goes back at least to that scene in Bonfire of the Vanities, no? The chairman of Pierce & Pierce has a working fireplace and it symbolizes his power over Sherman...
Posted by , Mar 14, 2007 11:32PM
I think that my mom did the lease modification that allowed that fireplace. It was absurdly expensive (even back then) and rarely got used.
Posted by anon , Mar 15, 2007 7:22PM
Which came first, Wolfe's character's fireplace or the actual fireplaces?
Posted by donald , Mar 19, 2007 3:08PM
Does a fireplace help you getr laid in the office? If so, all the cfos, ceos and mail delivery men will want one.