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Tuesday, December 1, 2009

Dubai's Mirage


What turned the market's reaction to Dubai around? Was it just a few words from the UAE, or was it also China's interest in Dubai? Morgan Stanley thinks it was China's interest.

And do you think, since the Govt. is basically the owner of Citigroup, that they wants stories like these floating in the press? And once again, the Dubai sell-off was just another Black Friday sale!

That had to be what Citigroup, with its firsthand expertise with bailouts, must have been thinking when it lent $8 billion to Dubai last year. Oh, and here’s an interesting fact: Citigroup made the loan to Dubai on Dec. 14, 2008. Take a look at the calendar — that’s after it received tens of billions in TARP funds. Citigroup’s chairman, Win Bischoff, said at the time, “This is in line with our commitment to the U.A.E. market in general, and reflects our positive outlook on Dubai in particular.” Good call.
Morgan Stanley Strag Forum $$                                                                                                                                                       

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