Word: citigroup
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...their fortunes in the family by letting them pass assets on to beneficiaries tax-free. And the perks strongly favor foreigners. "To get all the benefits one must not be Singaporean, nor should one's beneficiaries be Singaporean," says Michael Troth, Asia-Pacific head of global wealth-structuring for Citigroup. As a result, says Troth: "Singapore is becoming the predominant provider of trust services to our Asian clients...
...billion Abu Dhabi is CITIGROUP's single largest shareholder...
...role as savior. "It's nice that we could to some degree have an effect that would calm the markets" is all he will admit. BofA can't bail out the Wall Street banks, which have been busy trying to save themselves after absorbing some $100 billion in losses. Citigroup, reeling under the weight of its own sub-prime damage, announced a $9.8 billion loss for the fourth quarter of 2007, forcing it to seek $12.5 billion in new capital from investors including sovereign wealth funds run by Kuwait and Singapore. Merrill Lynch was also combing the world for cash...
...Trust), and with the Countrywide deal, it will soon be No. 1 in mortgages. If Wall Street once looked at this bank as some sort of Southern arriviste, that notion was erased for good in November 2006 when BofA's $243.7 billion market capitalization surpassed that of Citigroup. Blackstone CEO Stephen Schwarzman, the insider's insider on the Street, praises BofA as "a phenomenally successful earnings machine...
...enterprises all over the world, including much of the industrial development of the U.S. after the Civil War.) But the job has become too big for one place to handle. Now Nylonkong, that interconnected tripartite city, greases the wheels of trade and development. This is where the great banks - Citigroup and HSBC, Goldman Sachs and JP Morgan - have their headquarters and their key regional offices; this is where ambitious companies go to seek financing or go public. Hong Kong - whose stock market's capitalization jumped almost fourfold in the 10 years from 1996 - has especially been able to benefit from...