A Growing Foreign Stake in U.S. Banks (1 Viewer)

bclemms

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The nation's biggest financial firms, battered by huge losses in their mortgage businesses, are relying on an enigmatic source for cash: foreign governments in the Middle East and Asia.

Citigroup announced yesterday that it had sold a 7.8 percent stake in the company worth $14.5 billion to a group of investors, including the government of Singapore and Saudi Prince Alwaleed bin Talal, as it revealed a colossal $10 billion loss for the fourth quarter. Merrill Lynch, which is expected to report a massive loss tomorrow, said that it sold a special class of stock worth $6.6 billion to funds managed by South Korea and Kuwait.

This is the second time in recent months that the two banks have sought help from foreign government investment pools, known as sovereign wealth funds.

http://www.washingtonpost.com/wp-dyn/content/article/2008/01/15/AR2008011503664.html?hpid=moreheadlines
 

threexcharm

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China brings their junk into this country by the boat load. The food is filled with poison and the toys contain lead based paint.

They leave with our money and loads of scrap metal, which they will use to build armaments.

Kruschev(sic) was almost right. We will be taken without a shot being fired. His mistake was that it will not be the Russians doing it. They may be participants.

I only have about 20 to 30 years left. You better hope that I am just a silly old fool.

There are modern day Paul Revere's. The only problem is that whenever people are warned about possibilities, you can see their eyes glaze over.

Nobody's listening...not even in Washington.

Good luck with your future.

Joe
 

CitySaint

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Everything will be A-OK as long as we have Wallyworld to work for and buy all of our "stuff" from.
 

champ76

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Having lived through the "Japanese are buying up the US" hysteria, I'm taking a little more of a wait and see attitude on this one.
 

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