Word: sovereignity
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...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 in the face of yet another write-down, expected to be $15 billion...
...breakaway province. Again and again, the Communist regime has been infuriated by Chen's efforts to push the island closer to independence, completing its transformation from an exiled regime - the Republic of China, with its pretensions of ruling the mainland - into an entity completely separate from China, a fully sovereign nation called Taiwan. And so, on Saturday, one could almost hear the cheering in China after Chen's Democratic Progressive Party suffered a humiliating loss in Taiwan's legislative elections. Just almost. The Chinese have learned to keep their feelings to themselves over Taiwan...
...independent state for the Muslim-majority provinces of northwestern and eastern India - promised to be the success story of the subcontinent, a democratic entity divested of India's terrible legacy of caste entitlement. Little more than a year after Mohammed Ali Jinnah signed the document declaring Pakistan a sovereign state, the erudite, Savile Row-suited father of the nation died of lung cancer and tuberculosis, leaving the infant democracy bereft of his enlightened guidance. With him died the charismatic leadership that his new nation, divided into West and East Pakistan (later Bangladesh), desperately needed in order to grow...
...other words, up to 12.4% of a conservative Swiss bank was sold to foreign entities. Weeks before, shaky Citi, also in need of capital to repair its subprime-holed balance sheet, was handed a lifeline by a similarly unlikely rescuer. The Abu Dhabi Investment Authority, a $625 billion sovereign wealth fund (SWF) run by the tiny Persian Gulf emirate, announced it was forking over $7.6 billion for a 4.9% stake in Citi. Though Citi still faces difficulties, the cash infusion helped stabilize its plunging stock price and signaled to rattled markets that money was available to help subprime victims...
...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.n