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Citgroup chief saw net worth disappear
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04/08/10 10:35 AM ET
Former Citigroup CEO Chuck Prince on Thursday said his net worth has "disappeared" in the wake of the financial crisis because he did not sell his company's shares.
"As I sit here today, I hold virtually every share of stock I owned over a 30 year career," he said.
Prince said the financial crisis caused Citigroup's stock to fall from approximately $50 a share to about $1. The bank received a $45 billion bailout from the federal government.
Prince's remark came during a hearing by the Financial Crisis Inquiry Commission that is examining the cause of the financial crisis the rocked the stock market.
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