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Occupy Wall Street: former Citigroup boss has some advice for rich Americans

The former chairman and CEO of Citigroup is also putting his giant pile of money where his mouth is.
Citigroup fraud settlement 2011 10 19Enlarge
A cyclist rides his bike past the Citigroup center on April 18, 2011 in San Francisco, California. (Justin Sullivan/AFP/Getty Images)

Another big Wall Street type has reportedly spoken out on the Occupy Wall Street protest movement, which is ongoing across the United States and now spreading to cities around the world.

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According to the Wall Street Journal, former Citigroup chairman and chief executive Sanford Weill said it is a "pretty good time" for wealthy Americans "to be quiet."

But that's not all. Weill is also putting his giant pile of money where his mouth is.

Weill told the Journal that he's selling his posh Penthouse apartment in New York City, and will donate the proceeds to charity. 

"We don't need as big an apartment as we did," Weill told the WSJ. "We are downsizing a little bit."

In 2007, Weill and his wife paid $43.7 million for the place, or what works out to more than $6,400 per square foot. That was the highest price per square foot at the time, according the Journal.

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Manhattan real estate pros say this latest Weill sale could also set another record. 

Weill, who stepped down as Citigroup CEO in 2003, is a noted philanthropist. He's served on boards or given money to a number of cultural institutions (he's the chairman of the board of Carnegie Hall), and universities (Cornell and the University of Michigan). 

In addition to the Weills, the Central Park West building has some other famous tenants: Sting, Denzel Washington, and Goldman Sachs chief Lloyd Blankfein.

Last month, billionaire hedge fund manager John Paulson had a somewhat different message for Occupy Wall Street protesters:

“Instead of vilifying our most successful businesses, we should be supporting them and encouraging them to remain in New York City and continue to grow,” Paulson said.

For more from Thomas Mucha on Twitter: 

http://www.globalpost.com/dispatches/globalpost-blogs/macro/occupy-wall-street-former-citigroup-boss-has-advice-rich-americans

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