I’m sorry, but this was the most jarring sentence I’ve read in the past few days, taken completely by itself:
Saudi Prince Alwaleed bin Talal says he has “full confidence” in Citigroup CEO Vikram Pandit and believes the bank’s financial problems will resolve themselves with time.
Well, I’m sooooooo glad that Saudi Prince Alwaleed bin Talal has complete confidence in Vikram Pandit now that the federal government of the United States has effectively nationalized his bank. And let’s make no mistake, folks: the Saudi Prince is, according to the article, the largest individual investor in Citigroup.
Does this mean that the United States taxpayer has just written the checks to stabilize a Saudi Prince’s bank?