Word: worthing
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...Arab banks are finding it harder to provide financing on their own for the often wildly ambitious real estate and development projects that had become commonplace in the region. "Every day you could open the newspaper and read about new mega-projects worth billions of dollars," says Nazem Al Kudsi, the chief executive officer for Abu Dhabi Investment Co., which is part of a sovereign wealth fund that recently bought New York's Chrysler building. "Today, there are not as many projects in the system...
...Wary sovereign wealth funds from Arab countries aren't likely to rush in to buy the assets of Western financial companies just yet, according to Sfakianakis. Some have already been burned, like the Kuwait Investment Authority, which bought Merrill Lynch shares worth billions earlier this year only to see the stock plummet in recent months. So for now, Arab investors are likely to refocus on infrastructure projects in their own countries that create real value and services for their economies, which are bound to keep growing even in the midst of a Western financial crisis...
...holds an AIG-linked trust worth roughly $7,000, said if he managed to get inside the insurer's besieged offices - which could take him many more hours - he planned to close out his investment. "There's nothing like cash in your hands," he said. It seems the expression "like money in the bank" has fallen out of favor with a public that is weighing what they stand to lose as the shakeout of financial-industry titans continues. - by Neel Chowdhury
...bankruptcy. In his offices on the 66th floor of the iconic Kingdom Tower, the prince (a nephew of King Abdullah) seems a world away from the tumult in New York City. But a giant TV screen in his office was tuned to CNBC, and he conceded that his personal worth may have taken a hit with the stocks slide, though he stressed that he was doing well with investments closer to home...
TIME: How has your personal net worth, your personal fortune been affected by the way the stock markets have performed in the past six months...