http://money.cnn.com/2009/11/27/news/companies/Dubai_bank_risks/index.htm
The state-run investment company, Dubai World, owes about $60 billion. It rang up much of that in a building boom that included the world’s tallest skyscraper and the Palm Islands in the Persian Gulf, settlements shaped like palm trees.
According to CMA DataVision, which tracks credit markets, there’s a 35.82% probability that Dubai will default on that debt.
New York-based Citigroup (C, Fortune 500) has the most exposure to default risk at Dubai World, which a J.P. Morgan (JPM, Fortune 500) equity research note estimated at $1.9 billion.
NOTE : CITIGROUP ( which is practically owned by the AMERICAN TAXPAYERS ). More bailouts for a bad decision ??
Zero Hedge has a piece scroll down thru the comments this is just one of them
Damage Control team are hard at work... Just like after Lehman/Bear collapses.
I find this interesting:
NY times saying Citi Bank only has $1.9B under loan.
http://www.nytimes.com/2009/11/28/business/global/28dubai.html?hp
Dennis Kucinich says otherwise.
http://www.7days.ae/storydetails.php?id=75035&title=US+outrage+over+Citi+loan