Word: gao
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Dates: during 2000-2009
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...once burned, twice shy" isn't an old Chinese proverb, it probably should be. As Gao Xiqing, the chief investment officer of China's $200 billion sovereign wealth fund, meets in New York City this week with Morgan Stanley CEO John Mack to discuss increasing the Chinese government's stake in the venerable - and flailing - investment bank, he bears an obvious burden. Last December, the CIC (the China Investment Corp.) invested $5 billion for a 9.9% stake in Morgan Stanley (for which the bank must pay CIC a 9% annual dividend until 2010). On paper, that investment is now down...
...couple of months ago not to invest looks pretty smart today, and it's not clear, despite this week's carnage on Wall Street, that anything has changed significantly. To the extent that sovereign wealth funds are talking to desperate-for-capital bankers in the U.S. - and, as Gao's trip shows, they are talking - the terms of the discussions, one senior Hong Kong-based banker said today, are likely to be very harsh for any potential recipient of capital: "You're basically looking at structuring a deal at this point in which there is no downside - none. Even...
...after the GAO released its report, Iraq's parliament adopted a $21 billion 2008 supplementary budget...
...world market. That leaves the Iraqi government with a budget surplus this year of roughly $50 billion, which is managed by the Central Bank of Iraq along with the country's other revenues. Yet Iraq has spent only a fraction of its own money on reconstruction. The GAO report found that the Iraqi government spent just $12.2 billion of its capital investment budget in 2007. Iraqi central ministries spent only 11% of their capital investment budgets in 2007, shelling out a relatively small sum of $896 million for reconstruction projects...
...funneled into offshore bank accounts on Grand Cayman Island or in the Bahamas. Alluding to President Reagan's controversial comparison of the contras to America's founders, Democratic Congressman Gerry Studds quipped, ''Our Founding Fathers did not maintain bank accounts in the Cayman Islands.'' The GAO investigation also found that some $743,000 in contra aid went to an unnamed Central American army and that the force's former commander in chief was paid $450,000 earlier this year. Democratic Congressman Michael Barnes identified the army as Honduras' and the commander in chief as General Walter Lopez Reyes. Secretary...