THE GOVERNMENT of Singapore Corporation (GIC) has invested US$6.88 billion (S$9.83 billion) for a slice of troubled banking giant Citi. GIC, which manages Singapore's reserves, will invest the largest share of the US$12.5 billion in funds that Citi is raising from a group of investors that include the Kuwait Investment Authority. GIC's surprise move comes less than a month after it pumped a massive 11 billion Swiss francs for a stake of up to 9 per cent in Swiss bank UBS. ...and Not a word of "thank you" from cnbc, bloomberg for helping to bail out these subprime gamblers.. which will probably keep asking for more and more by claiming more "writedowns" and demanding further rate cuts (which started the problem in the first place and now going back into the same cycle). What about ordinary people facing inflationary problems? http://www.elitetrader.com/vb/showthread.php?s=&threadid=114202&perpage=6&pagenumber=1
"Inflation is under control. Don't worry about it, go watch Fox News or American Idol, go work your 9-5, pay your taxes and STFU"
Jamie Diamond must be laughing his ass off. Sandy picked Prince over Jamie. Jamie went to BankOne then merged with JP Morgan now is CEO. He runs a tight ship, bet JP Morgans earnings are solid.
Their biggest mistake was letting go of ME (used to do IT consulting there in '04). If I'd still been there, things would be a lot different now.