Dubai shock after debt standstill call

Quote from ralph00:

This just in ...

In what they call a "necessary move" the US Treasury and Federal Reserve have announced a special credit line of $30 billion to Dubai World. Dubai World will be allowed to draw on this credit line as necessary in order to make its debt payments in a timely fashion.

In a prepared statement, Tim Geithner and Ben Bernanke suggested that several US banks could sustain "billions of dollars of losses" on Dubai World debt that they own. These banks include Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup. The statement also stated that the Federal Reserve will accept as collateral, any bonds issued by Dubai World.

Wall Street banking analyst Dick Bove praised the move ...
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well done,I actually looked for this in the news.this probably is good prediction though.all depends on if Goldman has losses.
 
lol - Right if Goldman has losses the fed will jump in. Their probably on the phone now working a bailout deal.

My guess is Abu Dhabi will show up, to save the day & the markets will pop up on the news. :-}

Quote from saxondog:

well done,I actually looked for this in the news.this probably is good prediction though.all depends on if Goldman has losses.
More...
 
Quote from ralph00:

This just in ...

In what they call a "necessary move" the US Treasury and Federal Reserve have announced a special credit line of $30 billion to Dubai World. Dubai World will be allowed to draw on this credit line as necessary in order to make its debt payments in a timely fashion.

In a prepared statement, Tim Geithner and Ben Bernanke suggested that several US banks could sustain "billions of dollars of losses" on Dubai World debt that they own. These banks include Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup. The statement also stated that the Federal Reserve will accept as collateral, any bonds issued by Dubai World.

Wall Street banking analyst Dick Bove praised the move ...
More...

I fell for this and didn't even question its authenticity. Why would I, what you've put forward is the Greenspan Bernanke de facto policy for all debt defaults, large corporation, sovereign...it doesn't matter?

...We'll just print more money, bail out the banks because 'Joe Public' would suffer, keep rates at zero for ten+ years...

Oh yes, and you forgot to mention the agreement for another co-ordinated government stimulus package at the upcoming G20...some more Keynesian economics to go with the monetray stimulus is what we need!
:)
 
Quote from ASusilovic:

Presenting a list of the more colourful names understood to have invested in Nakheel’s Dubai Palm development (Source: tabloids and press).

* Michael Jackson (king of pop)
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Does it matter anymore? :D
 
Quote from ralph00:

This just in ...

In what they call a "necessary move" the US Treasury and Federal Reserve have announced a special credit line of $30 billion to Dubai World. Dubai World will be allowed to draw on this credit line as necessary in order to make its debt payments in a timely fashion.

In a prepared statement, Tim Geithner and Ben Bernanke suggested that several US banks could sustain "billions of dollars of losses" on Dubai World debt that they own. These banks include Goldman Sachs, Morgan Stanley, Bank of America, and Citigroup. The statement also stated that the Federal Reserve will accept as collateral, any bonds issued by Dubai World.

Wall Street banking analyst Dick Bove praised the move ...
More...

Nice one. :)
 
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