Word: citigroup
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...Financial-services companies starving for cash during the subprime-credit crises, where bailout money comes from is less important than the fact that it's available at all. Just ask investors in Citigroup. The global banking giant has reported billions of dollars of subprime losses, raising concerns that some of Citigroup's assets might have to be sold off at fire-sale prices just to keep the company sufficiently capitalized. But on Nov. 26, New York-based Citi was handed a lifeline by an unlikely rescuer. The Abu Dhabi Investment Authority, a $625 billion sovereign wealth fund...
...pools of wealth, controlled by governments in countries that have been getting fat off high oil prices and a booming global economy, are viewed skeptically by those who fear foreign powers might use them to gain competitive advantages or push political agendas. But now, thanks in part to the Citigroup deal, some fears have been allayed; companies in need of capital are courting investments from oil-and-gas-rich states such as Abu Dhabi and Russia, as well as from rising economies like China, which recently formed a $200 billion SWF to help the government invest its burgeoning foreign-exchange...
...That's a conservative strategy, considering the bargains that may be available by investing in subprime-stressed financial institutions in the West. After all, Abu Dhabi's SWF will reap an 11% annual yield from its Citigroup stake, nearly double the dividend yield currently available to ordinary shareholders. Having been burned once by Blackstone, the Chinese are now twice shy. But other sovereign wealth funds out there are flush with cash - and fortune favors the bold...
Introduced by HBS Dean Jay O. Light as “a leader who I think knows a little bit about being in times of uncertainty,” Rubin spoke about his recent Citigroup's appointment as chairman of the board after the sudden departure of former CEO Charles O. Prince III. The company reported several billion dollars worth of write-downs as a result of the summer’s credit crisis...
Regarding his new role at Citigroup, which he joined as a vice chairman after leaving Washington in July 1999, he emphasized finding a long-term solution to the company’s current fiscal woes...