Billionaire Sheik Tries to Catch a Falling Knife
November 20th, 2008Via: Reuters:
Citigroup Inc’s largest individual investor gave the troubled bank new support, saying he would boost his stake modestly, but failed to revive investor confidence as the bank’s shares tumbled another 10 percent.
Saudi Prince Alwaleed bin Talal, who plans to increase his stake to 5 percent from less than 4 percent, said the bank’s shares were “dramatically undervalued” following a nearly 90 percent plunge since late 2006.
He also expressed “full and complete support to Citi management,” including embattled Chief Executive Vikram Pandit, who earlier this week announced a plan to cut 52,000 jobs.
But investors were unimpressed.
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