Best Business Commentary | The Week
Best Business Commentary | The Week"
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“Chuck deserves to go,” says Roger Ehrenberg in SeekingAlpha.com. It isn’t that Charles Prince “is a bad guy, he just isn’t the right guy to run Citigroup.” True, managing an “unmanageable
behemoth” like Citi is a tough task, but Prince’s way “was all wrong.” Asking managers to “make numbers that were not reasonable” led to the “unfortunate behaviors”—see “bad credit
decisions”—that rewarded short-term performance. And who pays for those long-term mistakes? “The shareholders. You. And me. And our kids. It sucks.” Just like the protagonist of “Le Petit
Prince,” the Citigroup CEO “was here, wide-eyed and optimistic about the future,” but then disappeared “to a place far, far away.” Bon voyage.
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