http://www.reuters.com/article/marketsNews/idINL0471044920080304?rpc=44 Gulf investors not enough to rescue Citigroup-Dubai DUBAI, March 4 (Reuters) - Gulf investment agency Dubai International Capital (DIC) said on Tuesday it would take "a lot more money" to rescue Citigroup Inc (C.N: Quote, Profile, Research) following investments from Abu Dhabi, Kuwait and Saudi Arabia's Prince Alwaleed. Sameer al-Ansari, chief executive officer of the investment agency owned by the ruler of Dubai, was asked by Reuters what it would take to rescue the bank. Dubai International Capital, which manages about $13 billion of assets, has invested in HSBC Holdings Plc (HSBA.L: Quote, Profile, Research) and India's ICICI Bank (ICBK.BO: Quote, Profile, Research). "It's going to take more than that to rescue Citi," he had earlier told a private equity financial conference. The Abu Dhabi Investment Authority, a sovereign wealth fund owned by the world's fifth-largest oil exporter, last year bought a 4.9 percent stake in Citigroup, which has been hammered by write-downs linked to the U.S. subprime mortgage crisis. The Kuwait Investment Authority said in January it would invest $3 billion in Citigroup. Citigroup suffered a record $9.83 billion fourth-quarter loss tied mainly to mortgage write-downs.
I wonder how many ETers are holding the bag, trying to catch the falling knife. Jim Rogers is looking prophetic when he predicted it would go down to the teens.
Here's a great video on Jim Rogers leaving New York. http://finance.yahoo.com/tech-ticker/article/1708/Great-Investor-Leaves-America?tickers The guy is a genius shorting Citibank since last year.
<p>This country may be finished, but I ain't sure it is about C. The American people have done their darnedest keeping sitting Representatives and sitting Senators from the Presidency. But this year, it seems they have no choice. One of those three buffoons is going to be President. The opinion polls say that Congress has an approval rating of 10 to 15 per cent which makes Bush look like a prom king in comparison. Talking heads and the pundits can blame the market tanking on sub-prime and a lot of other things. But it seems to me, that the market started tanking when it came to the conclusion that this is an election unlike no other, and either of three do not offer much in the way of solutions except more empty promises, stupid laws, and more incompetent bureaucracies.