Gulf investors may not save Citigroup, Dubai executive says

[Chief]

http://www.marketwatch.com/news/story/gulf-investors-may-not-save/story.aspx?guid=%7B6C374435-5314-4A8E-B689-B8916D529B7B%7D

By Mirna Sleiman
Last update: 6:20 a.m. EST March 4, 2008

DUBAI (Zawya Dow Jones) -- Mideast sovereign wealth funds may fail to save troubled U.S. banking giant Citigroup Inc. unless more cash is pumped into the lender, the head of a $13 billion Dubai-owned investment firm said Tuesday.

Sameer Al Ansari, Chief Executive of Dubai International Capital told delegates at a private equity conference that it will take more than the combined efforts of the Abu Dhabi Investment Authority, the Kuwait Investment Authority and Saudi investor Prince Alwaleed bin Talal to save the bank.

"It's going to take more than that to rescue Citi," Ansari said. He added that more write downs are expected and that Gulf investors would be required to bolster Citi.

The Abu Dhabi Investment Authority, or ADIA, a sovereign wealth fund owned by the world's fourth-largest oil exporter, last year bought a 4.9% stake in Citigroup.

The Kuwait Investment Authority also said in January it would invest $3 billion in Citigroup.

Al Ansari said "it would take a lot more money to rescue Citigroup." A spokesperson for Citi was unable to comment immediately when called Tuesday.

**SCHNIPP**

Anyone care to speculate on the Global repurcussions if CitiBank fails??

This is gonna be very ugly boys and girls. Good time to hunker down and hold fast...

[Waterbuffalo]

Since WAMU, JPMorganChase and many other American institutions are in a similar boat as Citigroup. Countrywide, Beneficial, etc. The list goes on and on.

So yes, its a tsunami. And honestly, I don't think we should help any ONE of those banks or investment houses. Let the chips fall where they may. They played the game, won some money.. Now here comes the corrections..

[Chief]

It will be tough to do, but the best way to look at this is a Market Correction...right you are WB.

Still gonna be ugly...like watching an endless trainwreck take place in slow motion.

[Waterbuffalo]

Take a back seat Chief, because your taxes are going to make a correction Upward if things come to pass to make up for all of these short falls in government spending just to make the basic payments.