Can Prince continue to hold on to his position in spite of continuing bad news impacting the firm? Rumors were flying through the markets today that Citi might need $30 billion in short term loans. The rumors hurt the market and continue to put unending pressure on Citi.
Can Prince really withstand the pressure and will the board continue to back him?
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Deal Journal
Times Online UK
Seeking Alpha
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Not only are people losing (or maybe we should say "lost") confidence in Prince, but I think shareholders are also starting to lose confidence in the BOD ( http://www.newsvisual.com/newsvisual/2007/10/management-expe.html ). With all the recent turmoil lately we have actually heard very little from the Directors. Supposedly they support Prince, but their #1 responsibility is to the shareholders. They need to make serious changes in order to regain shareholder confidence.
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