Word: dubai
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Early this year, the company was in the grip of what Murren calls an "intense, very dire liquidity crisis." MGM Mirage's joint partner on CityCenter, the Dubai World subsidiary Infinity World, had sued MGM Mirage and stopped putting money into the project. Unable to find other sources of capital, the casino company was left with two choices: walk away from CityCenter or try to work out a deal with MGM Mirage's bankers. (See the 10 worst business deals...
...company owed a $200 million payment to CityCenter's contractor, Perini Construction. It was due on a Friday in March. Murren spent that day on a conference call with the company's banks, trying to persuade them to lend MGM the funds until it could resolve its problems with Dubai. Murren could promise them nothing. "We don't know the outcome of CityCenter. We don't know how we're going to get there...
...bank's Latin American operations before being promoted to co-head of investment banking. In 2006, trade publication the Banker named Verme one of the top 10 movers and shakers in the Latin American business. It was big news in banking circles when Citi tapped Verme for Dubai. (See the best business deals...
...Massive building projects funded by debt offerings was driving Dubai's economy, creating lot of opportunities for bankers. Many other banks followed Citi's lead. Citi reportedly built up a staff of 50 bankers in the area. But as things started to unravel Citi remained deeply invested in Dubai. In late 2008, just weeks after Citi had received its initial TARP funding from the government, Citi helped arrange an $8 billion loan for Dubai's state-linked companies. It's unclear how much of the loan Citi held onto. By that time, Citi's own research staff had begun...
...original version of this story has been updated to reflect Citi's contention that Verme's job change was not a demotion, but a promotion, that Dubai was not a 'financial house of cards,' and that the bank is 'comfortable with [its] investment across all of the UAE.' When TIME originally asked about its operations in Dubai, Citi declined to discuss the situation in detail, or for publication...