CitiGroup Is Sinking

Gulf investors may not save Citigroup, Dubai executive says

DUBAI (Zawya Dow Jones) — Mideast sovereign wealth funds may fail to save troubled U.S. banking giant Citigroup Inc. unless more cash is pumped into the lender, the head of a $13 billion Dubai-owned investment firm said Tuesday.

Sameer Al Ansari, Chief Executive of Dubai International Capital told delegates at a private equity conference that it will take more than the combined efforts of the Abu Dhabi Investment Authority, the Kuwait Investment Authority and Saudi investor Prince Alwaleed bin Talal to save the bank.

And get this:

Middle East sovereign funds flush with cash from record oil earnings are looked upon as possible saviors for many international lenders reeling from continued U.S. sub-prime losses.

Emphasis added by me.

Every gas-guzzling SUV owner out there is giving away our sovereignty.

Explore posts in the same categories: C.O.A.T. - Money

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