WHEN: Today, Monday, November 24th at 1:00 PM ET
WHERE: CNBC's "Power Lunch"
Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Prince Alwaleed bin Talal bin Abdulaziz, on CNBC'S "Power Lunch" Today.
All references must be sourced to CNBC.
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MARIA BARTIROMO: LET ME KICK IT OFF AND GET YOUR REACTION. YOU BEING THE SINGLE LARGEST SHAREHOLDER OF CITIGROUP, WHAT IS YOUR REACTION TO THE GOVERNMENT'S RESCUE PLAN?
PRINCE ALWALEED: WELL, I THINK WHAT TOOK PLACE TODAY WAS VERY DRAMATIC AND VERY DRAMATIC TIMES. I HAVE ALWAYS BEEN IN TOUCH WITH MR.VIKRAM, ESPECIALLY LATELY, AND AS HE CONFIRMED LAST WEEK AND IN SEVERAL TOWN HALL MEETINGS THAT CITIGROUP WAS SOLID, WAS A COMPANY FLUSHING ALMOST $100 BILLION OF PRIVILEGE EVERY YEAR. AND WITH THE PROGRAM HE HAS SET OF COST-CUTTING TO AROUND $200-250 BILLION, THIS KEEPS AROUND $50 BILLION AS OPERATING MARGIN TO PLAY AROUND WITH. CITIGROUP, ALTHOUGH THE PRICE WENT DOWN TO A VERY UNREASONABLE PRICE LATELY, IT'S STILL WAS ON VERY SOLID GROUND AND CLEARLY, WHAT TOOK PLACE TODAY, THIS MORNING, FROM THE GOVERNMENT, IS SOMETHING TO BE COMMENDED FOR. AND WE HOPE THAT THIS WILL STABILIZE THE SITUATION AND IMPROVE THE MARKET PERCEPTION OF CITIGROUP AND OTHER BANKING COMPANIES. REALLY THE PROBLEM IS VERY MUCH CENTERED AROUND PERCEPTION AND CONFIDENCE THAT HOPEFULLY TODAY THE ACTS OF THE FEDERAL RESERVE, FDIC, AND THE TREASURY WILL CREATE MORE COMPANIES IN CITIGROUP AND THE OTHER BANKING COMPANIES.
BARTIROMO: BUT, PRINCE ALWALEED, MANY PEOPLE WERE SURPRISED THAT THE GOVERNMENT IS LEAVING THE MANAGEMENT TEAM IN PLACE, LEAVING THE BOARD OF DIRECTORS IN PLACE. OF COURSE, THE BOARD HAS OVERSEEN THIS SITUATION FOR A LONG TIME AND HAS BEEN UNABLE TO BE SUCCESSFUL IN TERMS OF TURNING THINGS AROUND. SHOULD THE MANAGEMENT TEAM INCLUDING VIKRAM PANDIT BE REPLACED, AND WHAT ABOUT THE BOARD? SHOULD BE THE BOARD BE REPLACED?
PRINCE ALWALEED: LOOK, VIKRAM AND THE BOARD HAVE BEEN IN TOUCH ON CONTINUOUS BASIS WITH THE GOVERNMENT IN PAST YEAR. VIKRAM HAS JUST TAKEN OVER SINCE A YEAR. SO FOR SURE WE CAN NEVER JUDGE CEO WITH THIS SHORT TENURE. I MET WITH VIKRAM, I'M ALWAYS IN CONTACT WITH HIM, EXACTLY LIKE THE TREASURY AND FDIC AND THE FEDERAL RESERVE ARE IN TOUCH WITH HIM. IF THE TREASURY AND FDIC AND THE AUTHORITIES IN THE GOVERNMENT THOUGHT THAT THE MANAGEMENT OF CITIGROUP WAS NOT ABLE TO HANDLE AND MANAGE THE SITUATION, THEY HAD THE GOLDEN OPPORTUNITY TO TAKE CARE OF THAT SITUATION THIS TIME. THE FACT THAT MR. VIKRAM AND HIS ABLE MANAGEMENT TEAM WERE KEPT INTACT THIS IS A MEASURE OF VINDICATION OF MR. VIKRAM AND MANAGEMENT. AND I BELIEVE, FIRST THING AT THE SHAREHOLDER COMPANY SINCE MORE THAN 18 YEARS AGO, THAT VIKRAM SHOULD BE GIVEN MORE TIME. HE HAD JUST TAKEN OVER SINCE ONE YEAR. AND THE LEGACY THAT HE HAD IS TREMENDOUS. SO HE HAS MY FULL CONFIDENCE, EXACTLY LIKE THE DAY THE GOVERNMENT, REPRESENTED BY ALL OF THE AUTHORITIES AND THE FDIC, FEDERAL RESERVE AND TREASURY, GIVE THE CONFIDENCE TO MR. VIKRAM.
BARTIROMO: WELL WHAT ABOUT THE BOARD, PRINCE ALWALEED? WHO WILL HAVE ACCOUNTABILITY FOR WHAT HAS TRANSPIRED?
PRINCE ALWALEED: WELL, IF YOU ARE TALKING ABOUT WHAT TOOK PLACE PREVIOUSLY, I BELIEVE THAT THE BOARD AND THE PREVIOUS MANAGEMENT, THE PREVIOUS CEO, HAVE TO TAKE FULL RESPONSIBILITY. AS FAR AS WHAT TOOK PLACE LATELY, I BELIEVE IF YOU GO BACK TO HISTORY, I MEAN THE SHORT HISTORY, IF YOU LOOK AT JUST ALMOST A MONTH AGO, WHEN CITI ANNOUNCED THE TAKEOVER OF WACHOVIA BANK, IT WAS HOVERING AROUND $23. IT WAS AT THAT TIME, AND FROM THAT BEGINNING FROM THAT -- FROM THAT POINT, THE STOCK BEGAN REALLY GOING DOWNHILL IN A VERY QUICK MANNER. SO REALLY, I HAVE TO TELL YOU THAT THE FDIC TAKES PART OF THE BLAME FOR WHAT TOOK PLACE BECAUSE, HAD THAT DEAL TAKEN PLACE, IT CLEARLY WOULD HAVE BEEN A VOTE OF CONFIDENCE TO CITIGROUP AND THE SHAREHOLDERS. SO THAT'S ONE. NUMBER TWO, THE FACT THAT THE T.A.R.P. WHEN IT WAS FIRST ENACTED IT WAS SUPPOSED TO TAKE THE MAJORITY OF THE RISKY ASSETS FROM BANKS, INCLUDING CITIGROUP, WHEN THIS WAS WITHDRAWN ALSO, THIS WAS ANOTHER BLOW TO THE CONFIDENCE IN THE BANKING INDUSTRY AND MORE SPECIFICALLY CITIGROUP. AND THE THIRD PART, LATELY WHEN CITIGROUP ANNOUNCED THAT $80 BILLION OVER ASSETS WILL BE TAKEN OUT OF -- WILL BE PUT INTO AN INVESTMENT CATEGORY, WHICH MEANS THEY WILL NOT BE MONETIZED AND SOLD IMMEDIATELY, PEOPLE INTERPRETED THIS AS A GIMMICKY MATTER. WHICH IS NOT THE CASE BECAUSE I PERSONALLY ASKED VIKRAM ABOUT THIS PARTICULAR INCIDENT AND SITUATION AND HE TOLD ME THAT THESE ASSETS WILL BE PERFORMING BETTER IN THE COMING YEARS. SO WHY SHOULD I DUMP THEM AT 20, 21, 22 LIKE OTHER BANKS HAVE DONE? LAST, BUT NOT LEAST, THE FACT THAT CITI HAS TAKEN BACK INTO ITS BALANCE SHEET AROUND $17.4 BILLION OF THE SERVICE, AND THIS WAS THE LAST ONE THAT WAS OUTSIDE. AND THIS WAS TO ABIDE BY THE FULL TRANSPARENCY THAT MR. VIKRAM HAS PROMISED THE BANKING INDUSTRY AND THE WORLD TO ABIDE WITH. OBVIOUSLY THERE'S $1.1 BILLION WRITE OFF OF THAT. SO REALLY MR. VIKRAM IS DOING A LOT TO HAVE FULL TRANSPARENCY AND GETTING THE HOUSE IN ORDER AND ALL THESE LAST MOVES WERE GOING TO THE THAT SAME PATH.
BARTIROMO: YOUR HIGHNESS, LET ME ASK YOU THIS, WHAT IF IN A COUPLE OF MONTHS OR LATER IN 2009 THE COMPANY NEEDS MORE CAPITAL AND RAISES MORE CAPITAL AND DILUTES SHAREHOLDERS EVEN FURTHER, ARE YOU PREPARED TO PUTMORE MONEY INTO THIS COMPANY?
PRINCE ALWALEED: YOU KNOW, I HAVE BEEN WITH CITY BANK SINCE JANUARY 1991. AND I BELIEVE THAT IF YOU LOOK AT THE COMPANY TODAY, AFTER THE INVOLVEMENT OF THE GOVERNMENT, WHEREBY THE COMPANY ANSWERED THE NEGOTIATIONS ON THE WEEKEND WITH $50 BILLION OF EQUITY, AFTER THE $25 BILLION OF THE T.A.R.P. PARTICIPATION, THE FIRST T.A.R.P. PARTICIPATION, ADD TODAY THE $40 BILLION OF EQUITY THAT YOU HAVE TODAY, SO IN TOTALITY, MORE THAN $100 BILLION OF EQUITY AND THAT'S AROUND 14, 14.4, 14.5, TIER ONE. SO THIS IS TIER ONE CAPITAL. THIS IS REALLY WAY, WAY BEYOND WHAT IS NEEDED BY ANY BANK. ACTUALLY, THEY'RE BECOMING TOO OVERCAPITALIZED BUT IN THIS INDUSTRY, THAT'S FINE. THESE DAYS IT'S FINE TO BE OVERCAPITALIZED. SO I THINK THAT WHETHER CITI WILL NEED MORE EQUITY IN THE FUTURE OR NOT, I BELIEVE THAT THIS IS VERY FARFETCHED SITUATION RIGHT NOW BECAUSE BEFORE CITI ENTERED INTO DISCUSSIONS WITH THE FEDERAL RESERVE AND THE TREASURY AND FDIC DURING THE WEEKEND THEY WERE WELL CAPITALIZED AND MR. VIKRAM WAS CONFIDENT HE CAN OVERCOME IN THE COMING 12 TO 18 MONTHS THE SITUATION. RIGHT NOW WHAT'S HAPPENING RIGHT NOW, THIS IS CHERRY ON TOP OF THE CREAM, AND WE'LL TAKE IT.
BARTIROMO: YOUR HIGHNESS, YOU HAVE BEEN VERY SMART TO HAVE BOUGHT CITIGROUP AT SUCH LOW LEVELS SO LONG AGO BUT WE HAVE SEEN A DESTRUCTION OF WEALTH. WHAT WENT WRONG? HOW WOULD YOU CHARACTERIZE CHUCK PRINCE'S TENURE?
PRINCE ALWALEED: THIS IS A VERY GOOD QUESTION AND I WOULD LIKE TO REFER YOU TO WHAT MY VERY CLOSE FRIEND SANDY WEILL SAID. I MET HIM ONE TIME AT GEORGE CINQUE IN PARIS, AND IMMEDIATELY WHEN HE MET HE SAID, PRINCE, I'M SORRY. AND I ASKED HIM, SORRY FOR WHAT, SANDY? HE SAID, I'M SORRY FOR APPOINTING CHUCK PRINCE. AND I'M SAYING -- I KNOW WHAT I'M SAYING IS VERY CONTROVERSIAL BUT IT'S A FACT. CHUCK PRINCE IS A VERY GOOD MAN, HE'S A GOOD GENTLEMEN. HE'S A GOOD FRIEND OF MINE, BUT FRANKLY SPEAKING, THE DESTRUCTION OF ALL THAT TOOK PLACE LATELY, CLEARLY HAS TO BE ATTRIBUTED TO THE PREVIOUS MANAGEMENT IN THAT COMPANY. BUT I BELIEVE RIGHT NOW THAT CHUCK PRINCE AND HIS MANAGEMENT ERA IS BEHIND US. NOW IT'S THE VIKRAM ERA. AND YOU HAVE TO LOOK AT THE POSITIVE SIDE. AT WHAT COULD TAKE PLACE AT CITIGROUP. OPEN A NEW PAGE. PUT THE WORST BEHIND US. AND HOPEFULLY YOU CAN BUILD WEALTH AGAIN EXACTLY, AND WITH THE SAME SPEED, LIKE THE WEALTH WAS DESCTRUCTED IN THE LAST 12 MONTHS.
BARTIROMO: HAVE YOU DIVERSIFIED AT ALL YOUR HIGHNESS? WHEN WE SPOKE A YEAR AGO YOU SAID THERE ARE CERTAIN STOCKS I WILL NOT SELL, CITIGROUP INCLUDED. HAVE YOU DIVERSIFIED AT ALL OVER THE YEARS AND SOLD CITIGROUP STOCK?
PRINCE ALWALEED: LOOK, CITIGROUP IS A CORE INVESTMENT. NOW WE MAY FLUCTUATE GOING UP A LITTLE BIT, SURE. I MEAN, YOU MAY SELL A LITTLE BIT, KEEP A LITTLE BIT, THAT'S FOR SURE. BUT THIS IS A CORE INVESTMENT FOR US. AND WE HAVE BEEN WITH CITIGROUP SINCE ALMOST TWO DECADES AND WE ANTICIPATE TO CONTINUE WITH CITIGROUP. AND REMEMBER, ALSO THAT SOME MONTHS AGO I PERSONALLY GOT INVOLVED WITH A BILLION DOLLAR OF THE PREFERRED INVESTMENT TO CITIGROUP. SO I AM PERSONALLY COMMITTED TO CITIGROUP NO DOUBT ABOUT THAT.
BARTIROMO: DO YOU WORRY THAT THE GOVERNMENT WILL HAVE TOO MUCH OF AN INFLUENCE IN THE COMPANY? WE STILL DON'T KNOW WHAT EXACTLY IS THE STAKE THAT THE GOVERNMENT WILL OWN IN THIS COMPANY. AND DO YOU WORRY THAT MANY DECISIONS WILL HAVE TO GO THROUGH THE GOVERNMENT, FOR EXAMPLE, NOW WE KNOW THAT THEY'RE LIMITING THE DIVIDEND TO A PENNY, A QUARTER PER SHARE? WHAT KIND OF DECLINE IN TERMS OF WEALTH WILL THAT BE FOR YOU, THIS LIMITED DIVIDEND? DO YOU WORRY THE GOVERNMENT WILL HAVE TOO MUCH INFLUENCE IN THE DECISION MAKING?
PRINCE ALWALEED: I BELIEVE ANY LONG TERM INVESTOR WILL HAVE TO SUCCUMB TO [UNINTELLIGABLE]-- AND ACCEPT THE TEMPORARY, I SAY TEMPORARY OR FREEZE, A REDUCTION IN DIVIDEND TO ALMOST A NEGLIGABLE AMOUNT. HOWEVER, IF THE EMPHASIS IS TO BILL UP THE SHAREHOLDER'S EQUITY AND BUILD UP THE WEALTH AGAIN TO HAVE THE SUBPRIMES GO UP THEN WE'LL ACCEPT THAT. AS FOR THE INVOLVEMENT OF THE GOVERNMENT, I BELIEVE THE GOVERNMENT WAS VERY EXPLICIT IN THE PRESS RELEASE ANNOUNCED TODAY AND PREVIOUSLY ABOUT ITS PARTICIPATION OR NONPARTICIPATION IN THE MANAGEMENT PROCESS AND DECISION MAKING PROCESS. AND THE FACT THAT MR. VIKRAM AND THE MANAGEMENT SUPPORTING HIM, INCLUDING THE BOARD OF DIRECTORS, ALL WERE KEPT INTACT IS A COMPLETE AND CONCLUSIVE PROOF THAT THE GOVERNMENT DOES NOT WANT TO PARTICIPATE IN THE MANAGEMENT OF THIS COMPANY. SO THIS ISSUE THAT I HEAR SOMETIMES OF THE NATIONALIZATION OF THE BANKING INDUSTRY IN THE UNITED STATES MAY NOT BE APPLIED ON THIS PARTICULAR BANK, MAYBE SOME OTHER BANK. THE GOVERNMENT WENT TO AN EXTREME CASE LIKE AIG OR SOME OTHER ENTITIES, MAYBE THAT'S TRUE. BUT IN THIS CASE I THINK IF YOU ADD THE TOTAL PARTICIPATION OF THE GOVERNMENT IN THE FIRST PART AND THE SECOND PART, FIRST PART MEANING $25 BILLION, AND TODAY'S $20 BILLION, THE TOTAL WILL NOT COME TO MORE THAN 78%. SO THAT'S FAR, FAR FROM BEING NATIONALIZED ENTITY.
BARTIROMO: YOU KNOW, IT'S INTERESTING WHAT YOU SAY ABOUT CHUCK PRINCE. OF COURSE HE HAD A WHOLE MANAGEMENT TEAM IN PLACE.
HOW MUCH RESPONSIBILITY DO YOU THINK, PERHAPS, THE CFO AT THE TIME, I BELIEVE IT WAS SALLIE KRAWCHECK, WAS SHE AWARE OF THE RISK BEING TAKEN ON IN TERMS OF THE MORTGAGE RISK BEING TAKE BEEN ON THE BALANCE SHEET? HOW MUCH RESPONSIBILITY SHOULD SHE HOLD? WHAT ABOUT THE BOARD OF DIRECTORS? THE SAME BOARD MEMBERS ARE IN PLACE FOR THE LAST SEVERAL YEARS, YOUR HIGHNESS.
PRINCE ALWALEED: LOOK, IN THE UNITED STATES, THE BUCK STOPS WITH CEO, PERIOD. THE BOARD OF DIRECTORS REALLY, I WILL NOT SAY THEY ARE CEREMONIAL, BUT REALLY ONLY THE BACKUP FOR THE CEO. NOW CFO IS REALLY THE BACKUP FROM BOTTOM UP AND I WOULD SAY THE BOARD OF DIRECTORS IS BACKUP FOR THE CEO FROM UP-DOWN. AT THE END OF THE DAY, IT IS CEO AND MANAGEMENT TEAM THAT RUNS THE COMPANY.NOW I THINK WE'VE TALKED ENOUGH ABOUT CHUCK PRINCE, ABOUT THE PAST. AND NOW WE HAVE TO LOOK AT TODAY, WE HAVE TO LOOK AT HOW MR. VIKRAM IS DOING, AND WE HAVE TO GIVE HIM VOTE OF CONFIDENCE. HE HAS BEEN THERE ONLY ONE YEAR AND ONE YEAR YOU CAN BARELY SET YOUR FOOT INTO AN ENTITY AND GET STRONGHOLD INTO WHAT IS GOING ON. SO, WE NEED TO GIVE MR. VIKRAM SOME TIME TO REALLY DO THE RIGHT THINGS THEY'RE THINKING OF. AND FROM MY MEETING WITH HIM, FROM MY CONTINUOUS PHONE CALLS WITH HIM, I BELIEVE HE'S DOING THE RIGHT THING. HE'S A MAN OF STRONG WILL. HE'S A MAN OF A MISSION. HE'S A MAN OF VISION. AND I THINK WE HAVE TO GIVE HIM THE CHANCE EXACTLY LIKE TODAY. HE'S GOT A HUGE VOTE OF CONFIDENCE FROM THE TREASURY DEPARTMENT, THE FDIC, AND THE FEDERAL RESERVE.
BARTIROMO: PRINCE ALWALEED, WOULD YOU LIKE TO SEE SANDY WEILL BACK AT THE COMPANY AS CHAIRMAN AT SOME POINT?
PRINCE ALWALEED: LOOK, SANDY'S MY FRIEND. AND SANDY HAS RETIRED. SANDY HAS BUILT THIS EMPIRE. WE HAVE TO GIVE HIM CREDIT FOR IT. EVEN, IF WE HAVE SOME RESERVATIONS ABOUT SOME APPOINTMENTS, QUOTE/UNQUOTE. BUT SANDY WEILL IS A LEGENDARY MAN. AND I BELIEVE THAT THIS PARTICIPATION AS AN ADVISER, AS A CONSULTANT TO MR. VIKRAM AND EXISTING MANAGEMENT IS SOMETHING TO BE COMMENDED FOR.
BARTIROMO: LET ME ASK YOU THIS IN LIGHT OF THE DEBATE THAT WE'VE BEEN HAVING IN THE UNITED STATES AS WELL AS AROUND THE WORLD WITH THE AUTOMAKERS, DO YOU BELIEVE, IN YOUR GUT, THAT THE UNITED STATES GOVERNMENT SHOULD SAVE THE U.S. AUTOMAKERS, SINCE WE'RE TALKING ABOUT FINANCIAL SERVICES? WHAT DO YOU THINK ABOUT THE AUTOS?
PRINCE ALWALEED: YOU KNOW, I'M NOT INVOLVED IN THE AUTO INDUSTRY. AUTO INDUSTRY IN THE UNITED STATES IS VERY IMPORTANT. THE AUTO INDUSTRY ITSELF AND ALL OF THE COMPANIES AFFILIATED AND ASSOCIATED WITH IT CREATE MORE THAN 2.4 MILLION EMPLOYMENT JOBS. SO IT IS VERY IMPORTANT TO MAINTAIN THAT. HOWEVER, IF THE U.S. GOVERNMENT IS GOING TO BE READY TO BAIL OUT THE THREE COMPANIES, THE BIG COMPANIES IN THE UNITED STATES, GM, FORD, AND CHRYSLER, I BELIEVE THIS THING HAS TO BE DONE IN A WELL-STRUCTURED MANNER, IN VERY WELL-DEFINED OBJECTIVES, AND THEY HAVE TO IMPOSE THEM ON CONDITIONS WHEREBY THEY HAVE TO BE ABLE TO COMPETE WITH THE TOYOTAS AMD THE HONDAS OF THE WORLD, AND EVEN WITH THE BMWs AND VOLKSWAGENS OF THE WORLD. YOU CANNOT JUST PUT MONEY INTO THESE THREE COMPANIES AND AFTER SIX MONTHS, ONE YEAR OR TWO YEARS YOU GO BACK TO WHERE YOU ARE TODAY. SO I THINK THAT THE AUTO INDUSTRY IN THE UNITED STATES NEEDS SOME INJECTION OF EQUITY, THIS OBVIOUSLY HAS TO BE KEPT TO THE NEW ADMINISTRATION OF PRESIDENT-ELECT BARACK OBAMA. BUT IF THESE THINGS DO HAVE TO HAPPEN, IT HAS TO HAPPEN INTO VERY WELL-DEFINED AND STRICT CONDITIONS WHEREBY THE THREE U.S. AUTOMOBILE COMPANIES HAVE TO BE ABLE TO COMPETE WITH THE JAPANESE, WITH EUROPEANS AND SOMETIMES FAR EASTERN COMPANIES LIKE ONES IN KOREA AND OTHER PLACES.
BARTIROMO: PRINCE ALWALEED, WE'RE ALL SUFFERING IN THIS FINANCIAL CRISIS, OF COURSE, THE BANKING SYSTEM IN PARTICULAR. BUT ALSO WE'RE LOOKING AT PRICE OF OIL HAVING DROPPED AS FAR AS IT HAS. WE'RE TALKING SO MUCH ABOUT THIS IN THE UNITED STATES AND WE SEE THAT THE MARKETS AROUND THE WORLD ARE SUFFERING. TELL ME HOW SEVERE THINGS HAVE BEEN IN THIS REGION OF THE WORLD.
PRINCE ALWALEED: WELL, YOU KNOW, THE PRICE OF OIL WENT UP SPECULATIVELY TO AROUND $148 DOLLARS AND IT WENT DOWN AT THE SAME SPEED TO AROUND 50, 60. AND CLEARLY, PART OF THE INCREASE IN THE PRICE OF OIL WAS SPECULATION NO DOUBT ABOUT THAT.
HOWEVER, PART OF IT ALSO WAS THE FEW -- THE DEMAND GROWTH THAT WAS IN THE WHOLE WORLD. AND CLEARLY WITH THE RECESSION FEARS AND ACTUAL RECESSION THAT SOME COUNTRIES ARE GETTING INTO, INEVITABLY THE DEMAND FOR OIL WILL HAVE TO GO DOWN.
SO BOTH REASONS THE SPECULATION AND THE DEMAND BOTH SUBSIDED AT THIS STAGE AND IT'S NOW AROUND 50, 60, I BELIEVE THAT 50, 60 IS A PRICE THAT COULD HELP WEST HAVING THEM GET OUT OF THEIR RECESSION AT THIS STAGE. HOWEVER, NO DOUBT THAT TOMORROW, ONCE SOME OF THE WESTERN ECONOMIES, EVEN INCLUDING JAPAN AND CHINA, INDIA, ONCE THEY BEGIN GOING OUT OF THEIR RECESSION AND IN HAVING A GROWTH IN GDP, NO DOUBT THAT THE PRICE OF OIL WILL GO UP. BUT I HOPE AT THIS TIME IT GOES UP IN A STEADY MANNER WITH SPECULATIVE ELEMENT THAT MAKES IT GO TO TRIPLE DIGIT IN A MATTER OF MONTHS. SO WE IN SAUDI ARABIA, WE ARE AGAINST HAVING THESE BIG JUMPS BECAUSE OUR INTERESTS AS A PRODUCER IN SAUDI ARABIA VERY MUCH COINCIDES WITH INTEREST OF THE OECD COUNTRIES AND WEST AND ESPECIALLY THE UNITED STATES.
BARTIROMO: PRINCE ALWALEED, WE SO APPRECIATE YOU SPENDING TIME WITH USTO DISCUSS CITIGROUP AND THE FINANCIAL CRISIS. THANK YOU VERY MUCH FOR YOUR PRECIOUS TIME.
PRINCE ALWALEED: IT'S A PLEASURE TO BE ON CNBC WITH YOU, MARIA, ANYTIME. THANK YOU.
BARTIROMO: THANK YOU SO MUCH. PRINCE ALWALEED IN SAUDI ARABIA TONIGHT.
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