Source: Businessweek

Prince Alwaleed bin Talal is chairman of Kingdom Holding Co., a Saudi firm with billions invested around the globe. He is ranked among the 25 wealthiest people in the world and is the largest single investor in embattled Citigroup (C), which just posted a $7.6 billion net loss for the fourth quarter. It is said that his displeasure with another Prince, Chuck Prince, contributed to the ouster of the Citi CEO in late 2007. The economic crisis has taken a toll on Prince Alwaleed’s holdings, and he recently injected nearly $600 million of his personal wealth into his firm after a year of steep losses. He is a nephew of King Abdullah of Saudi Arabia and one of the most outspoken members of the royal family.

CHARLIE ROSE

How do you see the global economic recovery?

PRINCE ALWALEED BIN TALAL

The decline has stopped. The question now is, will there be an L-shaped or V-shaped recovery? I hope that the L will be at least a U.

You just saw Vikram Pandit and Richard Parsons, and you’re confident that Citigroup is back on the road…to what?

We had a very healthy discussion about the past two years and what Vikram inherited from the previous management. If you follow what he has been doing, he has been extremely meticulous, and he has been delivering on all his promises. But I’m telling him, you have to deliver in 2010.

What’s your reaction to President Obama’s plan to impose a tax on banks?

I’m against that. The banks, with a few exceptions, have gone through major crises. So while these banks are just coming out of the ICU, you bang them with another tax? I believe it’s premature and unwarranted…and more of a vendetta against those banks that are still giving extravagant bonuses to their management.

You’re a huge investor in News Corp. (NWS) Are you confident about its future?

I’m the second-biggest shareholder there. I was with Mr. Murdoch yesterday and have a very close relationship with Mr. James Murdoch. James is now managing Europe and Asia. I would be the first one to nominate him to be the successor of Mr. Rupert Murdoch, God forbid something happens. I have full trust in him. He is really a Rupert Murdoch in the making, and he’s almost there. And I told that to Mr. Murdoch.

Have you seen the Fox movie Avatar?

I had to see it before I met Mr. Murdoch. If I didn’t, he would be upset.

Did you like it?

Well, it was the first time I’ve seen a science fiction movie. What I like is the fact that people like it and it will gross more than $2 billion and could possibly add $400 million to the bottom line of News Corp. Imagine that. Whether I like it or not I will keep between me and Mr. Murdoch.

What do you think of America and our future?

America is down but not out. You know, you are in a mess in the United States. I have to be honest with you because I love the United States.

And you are heavily invested here.

Yes, sir. You know, the United States is going to be the leader of the world for many years to come. But when you have a country that has $14 trillion of cumulative debt, that’s not good.

So what should happen?

I’m not the U.S. President…but taxes have to be raised across the board.

It’s a hard political sell in America.

I understand, very dangerous. I see no way out, though. You’re going to have to pay the debt, eventually.

Tags: Prince Alwaleed Bin Talal

This entry was posted on Friday, January 22nd, 2010 at 9:25 am and is filed under Weekend Edition. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.