Tuesday, November 27, 2007

Abu Dhabi to Bolster Citigroup

From the Wall Street Journal Online:

Citigroup Inc., seeking to restore investor confidence amid massive losses due in credit markets and a lack of permanent leadership, is receiving a $7.5 billion capital infusion from the investment arm of the Abu Dhabi government.

The investment by the Abu Dhabi Investment Authority will help rebuild Citigroup's capital levels, which have been eroded by a credit crunch that began in the summer. Citigroup Chief Executive Officer and Chairman Charles Prince resigned earlier this month after the bank, which had already written off billions of dollars, said it was facing as much as $11 billion more in losses....More

From Forbes:

Abu Dhabi Pumping $7.5B Into Citi

From the Financial Times Alphaville blog:

Junk Citi