[UPDATED] Fore! Bailed-Out Big Shots Exiled to Palm Beach Golf Course
|Executives whose blunders had to be bailed out by taxpayers must console themselves at golf courses like this one, at the Breakers.|
This New York Times article describes the leisurely exile of Charles Prince III, former chief executive of Citigroup, who got a $12 million bonus on his way out the door. It says of Prince:
He put his Greenwich, Conn., home on the market and spends much of his time in Palm Beach, Fla. (So the executive who before his resignation two years ago put Citigroup on a disaster path is
C. Michael Armstrong, the former head of Citigroup's audit and risk committee, is a golfing buddy there.)
UPDATE: Scott Sobel, a spokesman for Armstrong, contacted me this afternoon to say that the New York Times article is wrong and that Armstrong doesn't even have a place in Palm Beach and doesn't golf with Prince. At the moment, no correction has been made to the Times story online.