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With the exception of all the office supplies he stole, Chuck Prince is leaving Citigroup with practically nothing ($27 million of stock, $1.3 million of options, $1.4 million of pre-existing benefits). At a time when he so desperately needs the shoulder of a friend to cry on, his best bud in the world has abandoned him. Not only that, but Prince Alwaleed bin Talal bin Abdul Aziz al Saud, the artist formerly known as Chuck’s best friend, PR flak and official apologist, has gone on the record to say he is extremely disappointed with the ex-CEO, and believes Prince let down the shareholders completely. Some friend! We mean, it’s true, obviously, but way harsh. Also, apparently the Chuck-man is effectively dead to Prince (or is just being sent a message to watch is back):
Q: Did you like Chuck Prince?
A: Yes, Chuck Prince was a good man.
This is almost too painful to watch. Do the days when Chuck could fuck up to his heart’s content and it not matter mean nothing to Prince? We just want to know where things went wrong, and refuse to believe the trillion dollar writedown is it. Alaweed’s comments point to something much, much darker. But what? Carney thinks it has something to do with a girl but he has no idea what he’s talking about.
Prince Alwaleed: Why Chuck had to go [Fortune]
Prince is the pauper [Breaking Views]
CHUCK LANDS $30M PRINCE-LY CITI PAYOFF [NYP]