Bailed out by the Mideast
November 27th, 2007 10:29 am · 2 comments
And really, how embarassing is this:
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. …
<snip>
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.
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Tags: Economy
There are currently 2 comments on this blog postView Topic | Comment on this bloghahaha
11/27/07
11:19 AM | Why is it embarrassing?
Citigroup has offices in more then 100 countries around the world, including the Middle East. They offer credit cards to over 20 million people outside the United States. They offer consumer financing and retail banking to 40 countries around the world. They are truly an international company which has international investors.
Truly embarrassing!
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usedmeat
11/27/07
11:39 AM | QUOTE Why is it embarrassing? Because they bought up wrothless paper as an investment. Ya gotta wonder if the guy that went out and bought sub-prime mortgages still has a job. If he's out of work he could run as a republican  |
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