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Goldman on Dubai "Dubai Doubts & Implications on Finance"
Goldman on Dubai (12/01/2009) "Dubai Doubts & Implications on Finance" (1:03 hours).
Some hightlights:
"Unfortunately we don't have very much data... unfortunately we don't even know how much outstanding debt Dubai has...."
"We don't have official GDP numbers...."
"...this suggests that Dubai's outstanding liabilities may be close to 200% of GDP...."
"...the underlying fiscal position is structurally unsustainable...."
h/t: Hedged In
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Absolutely unbelievable, esp. considered KIA's moves re: Citi
This may be unrelated. BUT, I was wondering if someone give me a break-up off the profit that Goldman makes. Like , profits from trading and profit from investment banking, profit from stealing government money etc.
Well, billions of dollars as bonuses when millions of Americans have lost their shirts.
Well, frankly, the careless American lowerclass deserves this treatment. Look at the leaders you have chosen and the way they have been scandalised by the Banksters.Wuh!. Unbelievable. The bastards have the balls to give the money as bonus. the least they could have done is declared a good dividend. I am sure, there is a lot that has been hidden from the pubic.
MY QUESTION "Why the Government Of US of A so afraid of Goldman Sachs".
Any explanantion other than Fed being the private bank created by the crooks etc would do.
DELETED .Dupliocate Post. My apologies.
Spartacus- (Director- Million Mutinies Now or never)
Like the .mp3 format. Didn't think you could squeeze over an hour+ on such a small file, but then I saw that the bit rate was 8.
I'm eating soup for dinner.
I'm drinking soup...from my water glass. Less dishes. Less water. Must. Consume. Less.
What GDP?I lived in the Gulf area and I can tell you without oil,there is no GDP in any single one of them. And if you think American consumers spend beyond their means,think again. The whole native gulf population(as opposed to expatriates),spend many times beyond their means relative to their American counterparts. Well at least here people work(granted,not production jobs mostly),but thier natives don't even work. Mostly guaranteed jobs with minimal productivty. So I can assure you, any one of them that don't have oil(Dubai, Bahrain,Oman)are not in a position to repay their debt if it is many fold of whatever they have to offer in natural recources.
But what do you need a financial advisor for? Twenty years ago you had the highest Gross National Product in the world, now you're tied with Albania. Your second largest export is secondhand goods, closely followed by dates which you're losing five cents a pound on... You know what the business community thinks of you? They think that a hundred years ago you were living in tents out here in the desert chopping each other's heads off and that's where you'll be in another hundred years, so on behalf of my firm I accept your offer.
--Bryan Woodman to Prince Nasir Al-Subaai, Syriana
A British diplomat told one of the Arab states:
"Your grandfathers rode camels and when your oil runs out your grandson's will ride camels."
I will have to look up the who and when.
The British Diplomat was sending a message to all you, Problem. many of your future generations will be roaming around in Ghettos when grandsons of Sheikhs and Goldman Sachs huys will be roaming around with body guards in Mecedes Benzes. Sorry to say this, but that is the truth.
You folks are now already subjugated,slaves of the imperialists. THINK. Think fast and go out and educate your folks.
P.S. - I just have a feeling that you work for one of the Banks. Why such hatred for the Arabs just after they told Citi to fuck off. It is now the Banksters(includes all those who are on their payroll) vs the rest.
I believe that it was Sheikh Mohammad Bin Rashid Al Maktoums father, who brought about that quote about the Camels and the Land Rovers.
My dear Spartacus. Me work for the banks? Oh shit you should read the hyperbole I post. I am quite sure I am on the Terrorist Watch List for my inflammatory writings.
I am faux US Secretary of the Treasury-- see my icon/persona.
I am as legitimate a Treasury Secretary as that Geithner clown.
I am a student with social anarchist and anti corporate tendencies.
I am honing my organic ag and animal husbandry skills while finishing my education.
I am a student of history (not my major) and I try to view the patterns and analyze them.
Outside of being a white male... I am as far from a banker as you could imagine. No disdain for Arabs or Islam. I was simply adding an interesting quote I read somewhere to the ZH conversation...
You guys never let up and never fail to impress me with your connections. TY Tyler et al.
Love,
Howard
Jibber Jabber. I like the "no global effect" as if actually all the money was loaned by the Amir from his private money. Dah,all the loans came from global sources...
Unfortunately we don't have dubai's gold. Unfortunately we can't deliver it to them. Unfortunately they are not paying us back our paper trash.
+1 bar sitting pretty in ft. knox
I do believe that Hephasteus just posted the unmentioned story behind this Default. Who was the first to Default, Dubai or London. If you all googler Dubai Gold securities, their Gold ETF, see how long they were Delayed in listing [a year+] and then look up Dubai Silver ETF, you can understand...becha most didn't know that Dubai has a Silver ETF planed, and its already a year past due---oh yeah, the UK, London, is who hasn't Delivered, now 7 months past due [is that a Default], and add this too. Come on people, check all the dates, and then put yourself in Dubai's shoes :
http://www.btflive.net/news/index.php?markid=22&catid=1&news=41639
Market Skeptics: *****Comex And London Gold Vaults Being Emptied*****May 29, 2009 ... Conclusion: On top of investor demand prying gold out London and COMEX ... and Dubai planning to withdraw its gold from London. ... The real amount of physical gold available to meet delivery demand is probably far,
Dubai and China Explore Opportunities to Increase Cooperation in Gold TradeJuly 29,2009
DUBAI — In line with increasingly strong trade ties between Dubai and China, the emirate and the People’s Republic are actively exploring opportunities to enhance cooperation in the gold trade, according to senior executives at DMCC.
It's interesting that since the Dubai problems, gold has fallen - they may have been the ones accumulating (with leverage) from comex and pressuring the PTB.
the plot does thicken when you scratch beneath the surface yes?
I knew that tinny sound reminded me of something!
http://www.youtube.com/watch?v=5QUjGxgbC68
"We do not fear global systemic risk"
Famous last words.
translates to
"We do not believe Goldman Sachs is at risk"
I was reading some hedge funds ae buying up Nakheel's debt.
It will either be one of the greatest trades of all time or the trade that makes you look like an idiot.
probably a good trade, look at Jefferson County, AL sewer debt. I can't find the really crappy stuff to buy. No one is selling
Not to worry, you and I will own it all soon enough. I toast you, Nolsgrad, my business partner. And to you Hysterisis, and Tip e canoe, and Hephasteus, Howard_Beal, Problem is, FischerBlack, Unscarred, Iuubob, all my business partners, American or not, I salute you!!
Tink!
+1
LOL
I don't like taking care of my things. Does anyone mind if I break it if you all are going to buy it? LOL
I've got a theory that what is happening in Dubai is they are going to walk away from the obligations of Dubai Holdings and the other funds, which owe money to the banks for various crazy transactions, but will end up covering the debts out of Nakheel, which they consider honorable. They have created the chaos in this fashion to enable their friends to dump their exposure to DH and buy Nakheel, thereby covering any losses... only time will tell.
interesting view and fits with the buying of Nahkeel bonds .... as u say, only time will tell.
GS sucks
PLS STOP WASTING SPACE WITH THIS CHILDISH CRAP - THIS LOOKS LIKE MY 3 YEAR OLD WROTE IT
womp, womp, wommmppppp.
... and fade to black.
how about du-bull$#!+ .. have yet to hear that one.
yay ? or nay ? holla. or, discuss amongst yourselves.
"We are at the beginning of a broader process consolidation.
Lack of transparency will result in widening corporate spreads through out the region."
It's amazing how much they don't know about the extent of the problem....
PS And the spending never stops...
Emirates plans to spend $1.3 Billon on 6 new Airbus A380 super-jumbo jets.
http://www.emirates.com/us/english/about/news/news_detail.aspx?article=5...
For people who realy want to study the Dubai question I made a Topic about it with loads of Articles.
I started on February 02, 2009 title "Dubai in fact went Bankrupt back in November 2008 sources now confirm"
Scroll down 3 pages for loads of info, Enjoy!
....for what it is worth, best add this read on Dubai debt/GDP I came across earlier today
As an expat who lives in Dubai I can't believe what i'm reading in regards to so much negativity when it comes to these ARAB states. The amount of gold held by individual wealthy families in dubai alone and this doesn't include government holdings would make your eyes pop. This wealth held in gold would pay off the minute dept that is owed at present many time over. The reasons my friends not many people know about it is because it's was all purchased via the LBMA market out of London which as you know is an off exchange market. So has dubai made mistakes in growing an incredible city in such a short amount of time "ABSOLUTELY". Is it going to dissapear tomorrow "ABSOLUTELY NOT"
so BS, everything's OK then.
spent a year in Dubai/AD in 1980 as luck would have found myself an exceptionally attractive French girl, Dominique, who kept me reasonably sane. I understand her ELF petroleum engineer hubbie took a liking to Arab boys. There you go. How much is a nice pad in Jumeirah these days?
here's a page from AMEinfo Jan 08 titled
Dubai real estate soon to be the most expensive in the world?http://www.ameinfo.com/144317.html
What a disaster for all involved. Naturally it is all "better" now. You would hope that if you have homophobia deeply intrenched into a culture, the one benefit you could derive from it is keeping boys safe.
They are as screwed up as we are. Thanks for the snapshot.
Yes, Dubai has about 20% of all he above ground Gold, and they want it in Their Vault, not with HSBC in London vaults, their Gold ETF is supposed to be holding Allocated, unlendable Gold in their vault, and London/HSBC hasn't Delivered, now 7 months late....and the Silver ETF that Dubai is being stalled on listing, just like the Gold ETF was stalled, has the West scared...google Dubai Silver ETF, because most don't even know they've been trying
what's even more of an interesting sidebit to all of this is the HK/HSBC angle. HKers (even the most well connected & wealthy) still see HSBC as their bank, even though it represents the final grip of the British Empire over China.
thanks topshelf for connecting some more dots.
btw, is that a tampon in your avatar or are you just happy to see us?
Another report from International Crime Syndicate
With regards to the 30 senior managers at GS who are going to be paid only in restricted shares, it would interesting to know actually what is the amount. Even if it is not cash, it'd be intersting to know how much the top 30 people are making
This entire Dubai story/posts has me spinning in circles. It's an overreaction one day, lurking disaster the next, bonds paid in full next day-nothing to see here and now back to doubts...
Ali Baba and the forty thieves are now Ali Baba and thirty thieves,Ten were laid off due to the recession.