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For Hurting US Companies, World Supplies Band-Aid

Posted Jan 16, 08 12:02 PM CST in World,  Business 

(Newser) – The subprime collapse has US financial institutions in uncharted waters—asking for help from foreign investors and governments, the Wall Street Journal reports. Citigroup, Merrill Lynch, and Morgan Stanley all have recently sought bailouts, a dramatic switch from a tradition that saw US banks coming to the “rescue of nations and businesses across the world."

Japan, Abu Dhabi, Saudi Arabia, Kuwait, Singapore, Korea, and China: A list of countries that in the past could have been the recipients of US aid projects instead now makes up the bucket brigade of cash pouring into the bottom lines of troubled financial institutions. And, the Journal writes, it’s a trend that’s not likely to change anytime soon.

Source Wall Street Journal

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Citigroup Inc. provided this file photo of CEO Vikram Pandit. Pandit, who replaced Charles Prince in December, said his company's fourth-quarter results were "unacceptable", and that he was "not yet...   (Associated Press)
The Citigroup Center is photographed Tuesday, Jan. 15, 2008 in New York.   (Associated Press)
People arrive at the Merrill Lynch building on a rainy morning in New York in this Nov. 15, 2007 file photo.   (Associated Press)
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China  • Japan  • subprime mortgages  • Citigroup  • Saudi Arabia  • Merrill Lynch  • Morgan Stanley  • Abu Dhabi  • Singapore  • Kuwait  • sovereign wealth funds  • foriegn investors


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