Let me tell you about the Dubai I know (from my years as a private banker).
Number one place where all scammers unite ....
Their laws always protect the locals ; even if you are right about a business deal, run ! Take your loss and avoid the local jails :)
Banking laws ? Madoff and Stanford will look like kids .....
Having a company in Dubai ? Ok, go ahead, have one, then send me an email about "your" horror story.
What kind of money floods into Dubai ? (Would love to have an international pannel look into that).
Shopping in Dubai ? Stay at home, and shop on Amazon.com or Ebay.com (much cheaper).
Now, the key question ; what else are they hiding ????
Banks in Asia, India and in the UK will suffer most .....
A real castle built on the sand ....
7 comments:
Thank you for telling it like it is...
moise,
since the Dubai fiasco is primarily focused in emerging markets and Europe. would not big money leaving those markets head to the US? unless i am missing something, it seems any related selloff in US markets only creates a buying opportunity here?
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1qw_RPdWcCE&pos=1
http://finance.yahoo.com/news/Dubai-woes-hit-world-stocks-apf-492603705.html?x=0
http://stocktwits.net/blog/2009/11/27/what-i-cant-know/#more-7338
http://www.smh.com.au/business/world-business/dubai-wont-derail-recovery-leaders-say-20091128-jxcc.html
Yeah Lehman had no effect and money isn't money?
UK Lloyds bank is begging it's shareholders to buy shares. Financial way down http://finviz.com/groups.ashx
Moise any idea if FRE has a chance?
Do you think the Dubai Reality will bring it down?
Dubai Shares Plunge, Abu Dhabi Index Slides Most in Eight Years
By Vivian Salama
Nov. 30 (Bloomberg) — Dubai shares tumbled and Abu Dhabi’s stock index fell the most in at least eight years on the first trading day since the government announced state-run Dubai World, with $59 billion of liabilities, may delay debt payments.
The Dubai Financial Market General Index dropped 7.3 percent, the biggest decline since October 2008, and Abu Dhabi’s ADX Index tumbled 8.3 percent, the most since Bloomberg began compiling the data in 2001. Dubai World’s port operator, DP World, fell by the maximum 15 percent allowed on the Nasdaq Dubai, and Emaar Properties PJSC, the biggest developer in the United Arab Emirates, dropped nearly 10 percent, the most permitted on the DFM General Index.
http://www.bloomberg.co.uk/apps/news?pid=20601087&sid=aFxSdvgvqhps&pos=2
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