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Posted by D. Sherman on Saturday, December 22, 2007 at 22:56:05 :
In Reply to: Re: Chrysler Woes Deepen....not to worry posted by Glen Idaho on Saturday, December 22, 2007 at 21:30:11 :
There's an interesting article in the Economist about who's bailing out our banks right now. This time, it's not US taxpayers:
"Some banks have also taken to tapping fresh sources of capital. Citigroup obtained $7.5 billion from Abu Dhabi’s sovereign-wealth fund. UBS has taken a $9.75 billion investment a Singapore investment fund. On Wednesday Morgan Stanley tried to soften the blow of its loss by announcing the sale of a 9.9% stake to the Chinese government's sovereign-wealth fund, China Investment Corporation, for $5 billion. The next days press reports suggested that another state-owned investment fund from Singapore might also invest $5 billion in Merrill Lynch, which is widely expected to suffer another big write-down.
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Desperation seems to have softened attitudes to accepting money from China and the Persian Gulf."
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