Gulf investors may not save Citigroup, Dubai executive says

[RedEarth]

Source: Dow Jones

DUBAI (Zawya Dow Jones) -- Mideast sovereign wealth funds may fail to save troubled U.S. banking giant Citigroup Inc. (C: news) unless more cash is pumped into the lender, the head of a $13 billion Dubai-owned investment firm said Tuesday.

Sameer Al Ansari, Chief Executive of Dubai International Capital told delegates at a private equity conference that it will take more than the combined efforts of the Abu Dhabi Investment Authority, the Kuwait Investment Authority and Saudi investor Prince Alwaleed bin Talal to save the bank.

"It's going to take more than that to rescue Citi," Ansari said. He added that more write downs are expected and that Gulf investors would be required to bolster Citi.

........

Middle East sovereign funds flush with cash from record oil earnings are looked upon as possible saviors for many international lenders reeling from continued U.S. sub-prime losses.




Read more: http://custom.marketwatch.com/custom/myway-com/news-story.asp?guid={6C374435-5314-4A8E-B689-B8916D529B7B}

[ixion]

1. time to get those citicard debts paid off and close the account

because all you're doing is funding the Saudis at this point.

[tblue37]

8. Working on it. Will be all done by the end of this year. n/t

[no_hypocrisy]

2. It's nothing personal. It's business.

[bagrman]

3. What happens if your mortage is with CitiGroup and they go bankrupt?

[grytpype]

4. I don't think that would affect you.

CitiGroup probably doesn't own your mortgage anyway, they get sold off in derivative securities, which is how this whole mess started.

[Acadia Blue]

11. Glad I have a small local S and L for mine

[1776Forever]

5. Another one bits the dust - How much longer is this going to go on before we are -

The United States of Dubai/China/Japan/Venezula +++++++++++????????????

Scary stuff!!!!!!!!!

Bush and Cheney - You should be strung up by your toes!!!!!!!!!!

:banghead: :banghead: :banghead:

[InkAddict]

6. Perhaps they don't want ALL the states.

They could choose to cherry-pick by natural resource, human resource, real estate value, tourism potential, etc...

[1776Forever]

9. Good one! Spain is buying the Trans-Texas corridor in Texas! Terrible!!!!!!

Newsarticle
2006-06-29

http://www.infrasite.net/news/news_article.php?ID_nieuwsberichten=5094&language=en


Cintra lands the first concession for a toll road in the Trans-Texas Corridor project in the US.

Madrid, Spain - The project represents an investment of approximately 1.3 billion dollars in the construction phase and the concession will run for 50 years. Segments 5 and 6 of State Highway 130 (SH130), which have a total length of 40 miles (64 kilometres), represent an alternative to the highly-congested IH35 between San Antonio and north Austin.

The operation is coherent with Cintra's strategy: profitability, long-term concession, majority stake, and sizeable investment in the world's most developed economy.

Cintra continues to work under its 50-year strategic partnership for the design and planning of the 1,300 km Trans-Texas Corridor. With this project, Cintra will have a stake in companies managing 23 toll roads (3 pending final award) in Europe, North America and Chile; it is also Spain's leading car park operator, managing over 240,000 parking spaces.

[Acadia Blue]

12. A friend from CA tells me the banking system is going to fail and

he is from a rich timberland family. he put lots of his $$$$ in cash where he can get to it. I really hope he is over the top on this one.

[Purveyor]

7. Well at least those in the Mideast have the guts to tell us the reality of the matter.

The 'western' banks are in a boatload of trouble and our 'leaders' dare not admit to it for fears of a run on the banks.

[Angela Shelley]

10. Hit the nail on the head ...

Be thankful for the smoke signals from across the land, and react.

If you are waiting until you feel the flames, you´ll get burned.

[leveymg]

13. The Saudis and Gulf Arabs are swimming in (devalued) Dollars.

They can well afford to buy down Citi's debts, but are threatening not just to make a point. They don't want the BAE-Yamama slush fund and bribery cases to be prosecuted.

They have A LOT of leverage in negotiating with the US and British on this issue.

[aquart]

14. Citi should have been axed long ago.

It's been an ongoing criminal enterprise for years.

[Karenina]

15. Maybe now it will collapse under its own weight...

always look on the bright side of life! ;-)

[sarcasmo]

16. Good, another one bites the dust, and another ones gone and another ones gone.

R.I.P. Freddie.

[roamer65]

17. No major American bank will fail...period.

Unlike the Great Depression, there is no gold standard restraining the Federal Reserve. They will print trillions if necessary and YOU will pay the tax for it...hyperinflation.

[bobthedrummer]

18. Not just oil "profits"-BAE, BAE, BAE, BAE...

:nuke:

[PittPoliSci]

19. maybe their ceo should take a pay cut

what'd he get, 300 million last year?

[LiberalMandrake]

20. Collapse of Major Banks - phase script in progress using UBS swiss bank,

http://www.google.com/search?hl=en&q=%22Collapse+of+Major+Banks%22+-+phase+script