Abu Dhabi breaks from its past with Citigroup investment

[katty]

more: http://iht.com/articles/2007/11/27/business/citi.php#end_copy

Abu Dhabi breaks from its past with Citigroup investment
By Heather Timmons and Julia Werdigier Published: November 27, 2007

By agreeing to purchasing a $7.5 billion stake in the faltering banking giant Citigroup, the secretive, government-controlled Abu Dhabi Investment Authority is breaking with tradition.

As the largest sovereign wealth fund in the world, with assets estimated at $650 billion, it poured money in the past into low-return, low-profile investments or small emerging market deals, unlike its flashy emirate neighbor, Dubai.

But a falling dollar and a growing cash pile are spurring Abu Dhabi to change strategy, according to analysts, economists and deal makers, who said that more big-ticket deals might be ahead.

Flush with cash from its oil exports, Abu Dhabi turned to Wall Street, using a complicated transaction late Monday to buy 4.9 percent of Citigroup, acquiring high-yield, convertible stock that must be exchanged for common stock between March 2010 and September 2011.

Abu Dhabi is the largest oil producer of the seven United Arab Emirates and is eager to spend its petrodollars.

[benld74]

1. Who's hand is in your wallet?

[Lint Head]

2. This is exactly what the mega rich oil moguls want.

It's America on a silver platter. It's what George Bush promised to his 'butt-hole buddies' when he was bailed out of oil bankruptcy by the Saudis. To own the American dream of home ownership is a wet dream for the Cartel. Folks, we are on our way to a paradigm shift of major proportions and freedom in this country is on the line. If you think beheading as a form of execution in this country is unthinkable, there are elements in this country that think torture is A-OK and beheading is a quick and humane. Testosterone filled right wing nuts have something in common with radical Islam and they think it will be the way to agree themselves into an understanding of Arab mindsets. A woman that is gang raped then punished by the government is another wet dream for right wing nut jobs that want to see women subjugated. :dem: