Friday, December 30, 2011

Former Citigroup CEO to Sell His NYC Apartment for $88 Million

This should cause everyone from plain old bankster haters to Occupy Wall Street protesters to bust a gadget.

Former Citigroup Chairman and CEO Sandy Weill just sold his NYC apartment for $88 million, a record for an NYC apartment, according to WSJ.

The highest known home sale in the U.S. was earlier this year when $100 million was paid by a Russian billionaire and investor in social-media companies, Yuri Milner, for a mansion in Silicon Valley.

Weill is in contract to sell his penthouse, plus wrap-around terrace, to the 22-year-old daughter of Dmitry Rybolovlev, another Russian billionaire, for the full $88 million asking price, reports WSJ.

In 2001, Weill became a Class A Director of the Federal Reserve Bank of New York. Class A Directors are Board Members who are elected by Member Banks of the Fed to represent the interests of Member Banks.

When the recent financial crisis hit, resulting in Bear Stearns and Lehman Brothers going down, many at the time feared that the same might happen to Citigroup. However, the philosophy of Bernanke, Geithner and Paulson suddenly changed when crisis began to threaten Citi. Bernanke opened up the monetary spigots, Paulson went to Congress for money and Citi, Goldman along with others were stuffed with money.


  1. These oligarchs can't get their money out of Russia fast enough can they?

    The Russian oligarchs go to NYC, the Chinese to Hong Kong, the Indian to London. Where do the Brazilian oligarchs go?

  2. $88 million for an apartment? Yikes.

    Then again, guys like him got rich by taking profits and dumping losses on the public so it's pretty easy to be angry over this one.

  3. Simply a well developed sense of self preservation. He sees the writing on the wall and knows what's coming. Taking his stolen loot and getting ready to make a run for it before he has to make the "perp" walk on front of the TV cameras.

    The irony in all of this is that he is selling a hard asset (for 88 Mil to some greater fool) for fiat, which he knows better than anyone, is worthless.

    Ah the tangled webs we weave...