Green Energy
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As you all probably know, I foster a particular unfondness for ShittyGroup. I wouldn't shed a tear if they went under. In fact I may throw a party. Big one. You're all invited. So, thanks to Will for this one. Bloomberg: Citigroup Whistle-Blower...
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From CNS News: (CNSNews.com) -- Eighty percent of Muslim Americans approve of the way Barack Obama is handling his job as president, according to a newly released survey conducted by the Abu Dhabi Gallup Center, a partnership between Gallup and the Crown...
- Alan Dershowitz Buys 20% Of Al Jazeera And Al Arabiya, Manar Purchase Coming!
Well that got your attention, didn't it Saudi billionaire eyes new links with News Corp. The Saudi billionaire whose investment firm is one of the biggest stakeholders in Rupert Murdoch's News Corp. said he is looking to expand his...
- Economic Jihad: $700 Billion Bail-out Aids Oil Rich Arab Sheikhs
By Paul L. Williams (author of The Day of Islam) Oh, you Muslims everywhere, sever the ties of their nation, tear them apart, ruin their economy, [and] instigate against their corporations. --- Blind Sheikh Abdel Rahman, principal architect of the...
- If You Thought Hollywood Sucked Before ...
... it's gonna suck even more now: Fresh from buying into English Premier League football, Abu Dhabi has its eye on another trophy. The emirate on Wednesday set out plans to become one of the world’s largest film producers, with $1bn to invest...
Green Energy
CitiGroup Sells Out To United Arab Emirates
No iceberg can sink this ship, right?
Nov. 27 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out almost half its market value.
Citigroup rose 2.6 percent in New York trading today following acting Chief Executive Officer Win Bischoff's statement late yesterday that funds from the state-owned Abu Dhabi Investment Authority will help ``strengthen our capital base.''
Abu Dhabi will buy securities that convert to stock and yield 11 percent a year, almost double the interest Citigroup offers bond investors, underscoring the New York-based company's need for cash. Fourth-quarter profit will be reduced by as much as $7 billion because of losses from subprime mortgages, which led to the departure of CEO Charles O. ``Chuck'' Prince III and a 46 percent slump in its stock this year.
``Clearly, Citi has a problem with capital adequacy after the subprime crisis,'' said Giyas Gokkent, head of research at National Bank of Abu Dhabi PJSC, Abu Dhabi's biggest bank by market value. ``ADIA has seen an opportunity to get cheaply into a blue-chip stock.''
With the purchase of a 4.9 percent stake, Abu Dhabi, the largest emirate in the United Arab Emirates and its capital, would rank as Citigroup's largest shareholder ahead of Los Angeles-based Capital Group Cos. and Saudi billionaire Prince Alwaleed bin Talal, data compiled by Bloomberg show.
Of course, the fact that they are buying in tells us the UAE has confidence in CitiGroup's future. Additionally, it tells us they have confidence in the future of American markets.
On the other hand, now Saudi Arabia and UAE are two of the three largest holders in CitiGroup and one has to wonder what agenda they will assert on the Board of Directors.
Nov. 27 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out almost half its market value.
Citigroup rose 2.6 percent in New York trading today following acting Chief Executive Officer Win Bischoff's statement late yesterday that funds from the state-owned Abu Dhabi Investment Authority will help ``strengthen our capital base.''
Abu Dhabi will buy securities that convert to stock and yield 11 percent a year, almost double the interest Citigroup offers bond investors, underscoring the New York-based company's need for cash. Fourth-quarter profit will be reduced by as much as $7 billion because of losses from subprime mortgages, which led to the departure of CEO Charles O. ``Chuck'' Prince III and a 46 percent slump in its stock this year.
``Clearly, Citi has a problem with capital adequacy after the subprime crisis,'' said Giyas Gokkent, head of research at National Bank of Abu Dhabi PJSC, Abu Dhabi's biggest bank by market value. ``ADIA has seen an opportunity to get cheaply into a blue-chip stock.''
With the purchase of a 4.9 percent stake, Abu Dhabi, the largest emirate in the United Arab Emirates and its capital, would rank as Citigroup's largest shareholder ahead of Los Angeles-based Capital Group Cos. and Saudi billionaire Prince Alwaleed bin Talal, data compiled by Bloomberg show.
Of course, the fact that they are buying in tells us the UAE has confidence in CitiGroup's future. Additionally, it tells us they have confidence in the future of American markets.
On the other hand, now Saudi Arabia and UAE are two of the three largest holders in CitiGroup and one has to wonder what agenda they will assert on the Board of Directors.
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As you all probably know, I foster a particular unfondness for ShittyGroup. I wouldn't shed a tear if they went under. In fact I may throw a party. Big one. You're all invited. So, thanks to Will for this one. Bloomberg: Citigroup Whistle-Blower...
- Gallup: Muslim Americans Give Obama 80 Percent Approval, Highest Of Major Religions
From CNS News: (CNSNews.com) -- Eighty percent of Muslim Americans approve of the way Barack Obama is handling his job as president, according to a newly released survey conducted by the Abu Dhabi Gallup Center, a partnership between Gallup and the Crown...
- Alan Dershowitz Buys 20% Of Al Jazeera And Al Arabiya, Manar Purchase Coming!
Well that got your attention, didn't it Saudi billionaire eyes new links with News Corp. The Saudi billionaire whose investment firm is one of the biggest stakeholders in Rupert Murdoch's News Corp. said he is looking to expand his...
- Economic Jihad: $700 Billion Bail-out Aids Oil Rich Arab Sheikhs
By Paul L. Williams (author of The Day of Islam) Oh, you Muslims everywhere, sever the ties of their nation, tear them apart, ruin their economy, [and] instigate against their corporations. --- Blind Sheikh Abdel Rahman, principal architect of the...
- If You Thought Hollywood Sucked Before ...
... it's gonna suck even more now: Fresh from buying into English Premier League football, Abu Dhabi has its eye on another trophy. The emirate on Wednesday set out plans to become one of the world’s largest film producers, with $1bn to invest...