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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (65081)	7/25/2002 12:21:29 PM
From: Return to Sender	Read Replies (1) \| Respond to of 70976

This is incredible. The SOX down over 11 1/2%. There has to be some snap back coming. You think so too don't you? RtS

To: Gottfried who wrote (65081)	7/25/2002 12:34:46 PM
From: Sam Citron	Respond to of 70976

Prince Alwaleed Has No Plans to Buy More U.S. Shares (Update3) By Sean Evers Riyadh, July 25 (Bloomberg) -- Saudi Prince Alwaleed bin Talal, the world's 11th richest person, said he had no plans to buy more U.S. shares and is concerned by recent swings in the stock market. ``The market is still very jittery, and it doesn't look like changing,'' said the 45-year-old nephew of King Fahd whose net worth Forbes magazine valued at $20 billion. ``The dramatic swings up one day and down the next are a great concern.'' The Saudi prince, whose strategy has been to buy shares after they decline, said he isn't interested in raising his 4.5 percent Citigroup Inc. holding after its value plunged $1.5 billion in three days. He also holds AOL Time Warner Inc. and Priceline.com Inc. The prince last week said he bought $500 million worth of Citigroup. He first invested in the company's predecessor, Citicorp, in 1991 when the bank was reeling from loan losses in Latin America and real estate. Shares of Citigroup, which earned $8.9 billion in the first half of the year, rose 9.6 percent yesterday after falling 16 percent on Tuesday. The Standard & Poor's 500 Index has tumbled 26 percent this year, on track for its worst drop since 1974 as companies including WorldCom Inc. admitted falsifying accounts and sought protection from creditors. AOL ``These are strange times -- the slightest thing is blown out of proportion,'' the Saudi prince said in a telephone interview. Another of the prince's holdings, AOL Time Warner, has joined the list of companies being investigated by the Securities and Exchange Commission. The prince wouldn't comment, saying ``we have to see what happens.'' Citigroup, along with J.P. Morgan Chase & Co., are accused by Senate investigators of aiding the bankrupt energy trader Enron Corp. in disguising loans and skirting securities laws and accounting rules. The banks have disputed the allegations. The Congress subcommittee has said it will ask the chief executive officers of both banks for affidavits relating to the control of two offshore entities. Alwaleed confirmed that he keeps between $1 billion and $1.5 billion of his portfolio in cash and said he welcomed the ``cleaning up of corporate America.'' He added that Citigroup and J.P. Morgan did ``nothing unique -- discounting future income is done by a lot of banks.'' Fairmont Hotels & Resorts Inc., a Toronto-based company, today said the Saudi billionaire will acquire about 4 percent of the luxury hotel chain's shares in exchange for his stake in Fairmont's management company. The stake is valued as high as C$116.8 million ($73.4 million). www.bloomberg.com