An irreverent look at Wall Street
I wonder what Abu Dhabi was thinking to let Dubai to announce the restructuring of the 2009 bonds 11 days before they mature? For trying to save a few shekels this will end up costing them far more than it's worth. Unless something else is up... You got any ideas/theories to throw out Palmoni?
Abu Dhabi could buy the Nakheel bonds for 40c if they wanted to, thereby saving $2b in 4 days. They are trying to clean up the Nakheel management, put some fear among other bond investors, get some concessions.
There definitely is a clean up going on in ALL Dubai corporate management. Abu Dhabi is involved via Rothschilds current advisory role in Dubai, as someone has already mentioned in another post. And of course something else is up. If you know how Wall Street works, you understand how Dubai works. But this is still a city that has much more going for it than some other credit crunch victims like Ireland and East European states. Dubai is a regional mecca and probably the most developed urban center, and most desirable city to live in for literally tens of millions of people across a wide geographical range.
Hey Palmoni,Was oil selling off in anticipation of Dubai default and was sensing the coming glut of oil for dollars?Burntout
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