Citigroup to Sell $7.5 Billion Stake to Abu Dhabi

[FreeStateDemocrat]

Source: NY Times/Reuters


By REUTERS
Published: November 27, 2007
Filed at 6:14 a.m. ET

Skip to next paragraph NEW YORK/DUBAI (Reuters) - Citigroup Inc <C.N> is selling up to 4.9 percent of itself for $7.5 billion to the Gulf Arab emirate of Abu Dhabi, giving the largest U.S. bank fresh capital as it wrestles with the subprime mortgage crisis and the resignation of its chief executive.

The capital injection will shore up Citi's balance sheet, which has been hurt by some $6.8 billion of writedowns and losses in the third quarter, and the potential for another $11 billion in the fourth quarter.Many investors feared Citi would have to cut its dividend to boost its capital base.

The sale to the $650 billion Abu Dhabi Investment Authority, the world's largest sovereign wealth fund, may also signal the freefall in U.S financial stocks is close to ending, analysts said.

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Family ruled Abu Dhabi -- whose citizens number no more than 400,000 -- will be Citi's largest shareholder. The investment reflects the increasing financial might of oil-producing countries, which have benefited from a five-fold increase in the price of crude oil during the last six years.


Read more: http://www.nytimes.com/reuters/business/business-citi-abudhabi.html?_r=1&oref=slogin

[Robbien]

1. CNBC is cheering this on

Calling it The White Knights Riding In To Save The Day.

Dow futures are up this morning.

America is having a xmas sale of its own. Everything on sale with deep discounts.

[aquart]

2. My sister says: Sell it all. Then nationalize.

She's a wicked creature.

[Robbien]

4. Ha. Glass half full kind of gal I see

At least in her scenario there is a light at the end of this tunnel we are digging. All I got is we should put down the shovels, which of course just leaves us in the middle of a deep dark tunnel.

[Fool_Me_Once]

3. Welcome to Dubai....

It's the new AmeriKa!!!!
http://www.burjdubai.com/

Burj Dubai will be known by many names, But only a privileged few will call it home...


Like Bush, Cheney, Rice, Rummy, and the rest of the crooks. After they totally destroy our economy, Bush's Dubai friends will have his home waiting for him.

[BadgerKid]

5. Dhabi buying several different pieces lately of

Citigroup, Sony, Advanced Micro Devices, Apollo Management, ...

[FreeStateDemocrat]

7. Private Equity Company From Dubai Buys a Stake in Sony

By REUTERS
Dubai International Capital said Monday that it had made a “substantial investment” in the Sony Corporation, its first investment in a Japanese company.

http://www.nytimes.com/2007/11/27/technology/27sony.html?ref=technology

[fasttense]

6. Seems the money laundering they did for Al Qaeda and Bin Laden

for the 9/11 attacks has worked out well for them. Not only did they invest in the destruction of America, they invested in Citigroup..., Ok so they invest in the destruction of America.