thanks for saving my royal ass

December 18, 2008

What a pleasure to watch the CNBC interview of the Saudi Prince Alwaleed. The prince is the largest shareholder of Citi, which is the latest institution to be bailed out.

It is a pleasure to watch his highness, in sexy scarves and sunglasses and surrounded by racing horses, blaming the FDIC for not giving Wachovia away, and the government for not taking the risky assets away from Citi via TARP. Apparently they didn’t give Citigroup and “the banking industry” a “vote of confidence”, and that caused the share price to slide. Now how arrogant is that!

And on the scandalous bailout that leaves the existing management in place and underwrites all of Citi’s crappy assets, the prince finds that the government should be “commended”. What a surprise…

(You can read the transcript of the interview here.)

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