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You Helped Pay For Desert Mirage.

by James Denison / December 1, 2009 10:39 AM PST

The impending bankruptcy of Dubai & the new city in the desert. Remember the man made palm tree resort in the Red Sea? The kicker for you, and me, and every USA taxpayer is at the end of the article. It's conversion of funds, in another setting it would be called a con, a ripoff. You are the victim. Thanks TARP! Thanks Citigroup! Thanks Dubai!

LINK

The view was, and apparently still is, that if Dubai gets in trouble, its oil-rich neighbors in Abu Dhabi will bail everyone out to avoid damage to their collective reputation and, by extension, the region's economy....That had to be what Citigroup, with its firsthand expertise with bailouts, must have been thinking when it lent $8 billion to Dubai last year. Oh, and here's an interesting fact: Citigroup made the loan to Dubai on Dec. 14, 2008. Take a look at the calendar -- that's after it received tens of billions in TARP funds. Citigroup's chairman, Win Bischoff, said at the time, "This is in line with our commitment to the U.A.E. market in general, and reflects our positive outlook on Dubai in particular." Good call. And what became of all those Shariah-compliant financial instruments that were the hot topic of that panel I attended? (more)

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But heaven forbid they should loan money
by Diana Forum moderator / December 2, 2009 11:32 AM PST

to the small business down the street.

Diana

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Pie in the sky
by James Denison / December 2, 2009 5:18 PM PST

or pie in the desert schemes are so much more fun than boring old regular economics.

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Let's remember where their help will come from.
by James Denison / December 2, 2009 10:27 PM PST
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I can't understand why we in the West
by JP Bill / December 2, 2009 10:52 PM PST

I can't understand why we in the West would ever invest funds in such countries.

Oil?

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Oil...
by J. Vega / December 3, 2009 2:34 AM PST

Dubai wasn't as luck as other countries in the area with oil. The reserves they have are expected to last about 20 years. They saw it coming, and have been trying to get into other areas of income.

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So their copuntry was built with money FROM oil
by JP Bill / December 3, 2009 3:12 AM PST
In reply to: Oil...

So if the countries with oil dry up, Dubai dries up.

My answer still stands.....Oil.

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Re:So if the countries with oil dry up, Dubai dries up.
by Steven Haninger / December 3, 2009 4:29 AM PST

How many really care about what's not likely to happen in their own lifetimes? Wink

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Follow the money
by Willy / December 2, 2009 11:38 PM PST

I keep on hearing of the Dubai entity that used all those funds had it written in the loans that "they", NOT the Dubai govt. or UAE in general were on the hook if defaulted. Now, I would have thought they the "lenders" would know that or counted on facing face was to kick-in. Nope, it seems more and more that the Dubai entity is going to sink or swim out of this mess. I always find it amazing when the sh*t hits the fan just where all the spatter will come from and land. It really puts the light on, sorta speak. The real question is, "how will the whole region react"? It seems more and more that those more non-Western in thinking are ignoring Dubai entity and allowing it to falter and see it as result of God's wrath.

Now, here is a city build like a Las Vegas mecca with no manufacturing and/or real production of any kind, yet became a financial center. It was a house of cards which were made out of sand. It really seems more like a scam and/or a very polished scheme that went awry. Yeah, who knew if I didn't buy a pair of shoes, a 52in. LCD, or ate more imported beef that the world would fall apart because it lands on US shoulders the worlds problems.

-----Willy Happy "a chicken in every pot"

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Funny you should mention...
by J. Vega / December 3, 2009 2:30 AM PST
In reply to: Follow the money

Funny you should mention Las Vegas. They are just finishing a hotel/residence/shop complex there - a city within a city. With the economy, construction was stalled for a while, but they decided to complete it and hope for the best.
Why should I bring that up? Because Dubai has a piece of the action. Part of it is a hotel/residence/shop sub-complex in which they invested 8.45 Billion USD. I couldn't help but notice that the story in the OP mentioned CitiGroup loaning Dubai the sum of 8 billion. I can't help but wonder, with the similarity of amounts, how closely is that loan linked to the Las Vegas project. Interesting point about the Dubai Las Vegas property, it won't have a casino.

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Interesting link below this thread - Islamic Financing
by Diana Forum moderator / December 3, 2009 3:51 AM PST

Wonder why they didn't get funding from these types of places?

Diana

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