Former Citigroup (NYSE: C) Chief Executive Chuck Prince isn't going to feel the pinch of the worst real estate market in a generation that he helped create.

Prince has put his place in Greenwich, Connecticut -- a tony New York City suburb that is home to countless hedge funds and celebrities such as Tommy Hilfinger and Regis Philbin -- up for sale at the asking price of $6.15 million, according to Bloomberg News. The Tudor-style manor house was sold in 1996 for $2.27 million, according to ZIllow.com. By my calculations, that would be a profit of 170%.

Too bad that most homeowners aren't as fortunate as Mr. Prince. The National Association of Realtors is due to release its figures for December home sales later this week, and it isn't going to be pretty. Economists surveyed by Bloomberg News expect sales to have fallen 1% to 4.95 million, the fewest since records began in 1999.

The former Wall Street hot-shot, though, doesn't need to concern himself with the needs of ordinary folks anymore. He was pushed out the door at Citigroup with a retirement package worth about $60 million. "By retiring rather than being fired, he preserved the right to keep about 743,640 Citigroup shares with a market value of about $26.7 million, compensation consultant Brian Foley based in White Plains, New York, said at the time," Bloomberg notes.

Prince's realtor told Bloomberg that the Greenwich house, which includes an entrance hall with barrel-vaulted ceilings, an exercise room with a sauna and shower and a dining room that sits 12, "no longer meets his needs." Prince also has a place on New York's Park Avenue.

It must be nice to be able to live your life not having to face the consequences of your actions.

The mortgage business may be doing poorly and credit card default rates may rise since people can no longer tap home equity, but JPMorgan Chase & Co. (NYSE: JPM) does not appear to care. Nor should it.

Revenue at the big bank rose 25% to $18.97 billion in the first quarter. Net income was up about 55% to $4.8 billion.

The improvement came in the investment banking and private equity areas. Growth from retail banking was lackluster and credit card revenue was down.

Investment banking revenue rose to $6.8 billion from $4.8 billion and net income for the group was up 81% to $1.5 billion. The engines for the increase were private equity transactions and debt and equity underwriting.

The company now trades at a 52-week high of $51.95.

The risk to JPMorgan is that demand for investment banking will slow. The shares have already had a good run, gaining 45% over the past two years, compared with a 16% increase at Bank of America Corp. (NYSE: BAC) and a 15% jump at Citigroup Inc. (NYSE: C).

If the private equity environment and underwriting businesses soften due to a falling stock market or higher interest rates, JPMorgan's stock could go down as fast as it went up. It happened in 2002, and it was bloody.

Douglas A. McIntyre is a partner at 24/7 Wall St.