United Arab Emirates

  • 03 Dec 2009 at 11:42 AM

How To Turn $7.5 Billion Into $966 Million

Thumbnail image for vikrampanditface.jpgThis is extremely funny to me.The Emir of Dubai said a few days ago that we in the media “do not understand anything.” We would kindly ask him to have his neighbors (and reluctant benefactors) explain to us the wisdom of this:

Because of an investment deal struck two years ago, early in the financial crisis, the United Arab Emirates’ sovereign fund will soon start purchasing $7.5 billion in Citigroup shares at $31.83 apiece, even though the New York bank’s stock closed at $4.10.

Abu Dhabi’s Citigroup Investment Turns Costly [WSJ]