Daily Digest

Daily Digest - November 26

Thursday, November 26, 2009, 10:59 AM

Happy Thanksgiving, Digest readers! There's a little bit of optimism at the bottom, enjoy!

-The CM.com Team

  • Connecticut to Sue Rating Firms for ‘Reckless’ Work 
  • Housing Sector Mirage 
  • Our Possible Future: The World's New Marxist #1 Superpower 
  • Goldman Sachs and US demise 
  • U.S. Fund for Bank Deposit Insurance Falls Into the Red
  • Great 5 year note auction, they still love us
  • House Prices: Real Prices, Price-to-Rent, and Price-to-Income 
  • Lining up at Midnight at Wal-Mart to buy Food is part of the new Recovery.
  • Greece tests the limit of sovereign debt as it grinds towards slump
  • Chinese credit tightening chills Asian markets 
  • Russia Signals More Rate Cuts to Stem Hot Capital
  • The Path To Riches For The Next Generation
  • Businessman Gives Town $20 Million Donation
  • Group Of Ohio Banks Helps People Save Their Homes
  • Local Lenders Helping Small Family Businesses
  • Mayor Revives Distressed Town By Converting Abandoned Properties
  • Farmer Opens His Field To Give Free Vegetables To Thousands
  • A Good Deed Grows Into National Campaign To Help Stave Foreclosures
  • The Backpacks
  • Local Doctor Gives Free Healthcare To Entire Community
  • Easy Ways To Show Your Gratitude On Thanksgiving
  • Doing More With Less
  • Recession Gave Them New Opportunities
  • A Way Out Of Foreclosure
  • Fairytale Homes From Leftover Construction Materials
  • How to build My 50 Dollar Greenhouse


Connecticut to Sue Rating Firms for ‘Reckless’ Work (Claire H.)

Connecticut plans to join Ohio in suing Standard & Poor’s, Moody’s Corp. and Fitch Ratings for their “negligent, reckless and incompetent work” in grading investments made by state pension funds, according to Attorney General Richard Blumenthal.

Housing Sector Mirage (Claire H.)

In the real world, the massive “overhang” of inventory continues to grow, and is currently at its highest level ever. Official “inventory” statistics which pretend that inventories are falling are nothing but exercises in wishful thinking – where the publisher of such numbers must make a conscious effort to avoid noticing the massive, actual inventories.

Our Possible Future: The World's New Marxist #1 Superpower (Claire H.)

In his speech, Xi coined a new term in China's ultra-coded political rhetoric: "The ruling party study model of Marxism." The definition is cryptic for people in the West, but it is still clearly miles away from the days when the party called itself "Communist Marxist-Leninist".

Goldman Sachs and US demise (Claire H.)

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.

U.S. Fund for Bank Deposit Insurance Falls Into the Red (Ben Johnson)

"The government-administered insurance fund that protects depositors fell into the red for the first time since the fallout from the savings-and-loan crisis of the early 1990s as the pace of bank failures accelerated. The fund had a negative balance of $8.2 billion at the end of the third quarter, federal regulators said Tuesday. 

Great 5 year note auction, they still love us (E.S.)

The record 5 yr $42b auction was excellent as the yield was 3-4 bps below the when issued and the bid to cover at 2.81 was the best since Sept ‘07 and well above the average seen this year of 2.28. Indirect bidders totaled a solid 60.9%, above the average of 51.1% over the past 5. 

House Prices: Real Prices, Price-to-Rent, and Price-to-Income (E.S.)

Here are three key measures of house prices: Price-to-Rent, Price-to-Income and real prices based on the Case-Shiller quarterly national home price index.

Lining up at Midnight at Wal-Mart to buy Food is part of the new Recovery. (E.S.)

"There are families not eating at the end of the month,” said Stephen Quinn, executive vice president and chief marketing officer at Wal-Mart Stores, and “literally lining up at midnight” at Wal-Mart stores waiting to buy food when paychecks or government checks land in their accounts.”

Greece tests the limit of sovereign debt as it grinds towards slump (nncita)

Greece is disturbingly close to a debt compound spiral. It is the first developed country on either side of the Atlantic to push unfunded welfare largesse to the limits of market tolerance.

Chinese credit tightening chills Asian markets (E.S.)

China has stepped up efforts to halt the explosive growth in credit, ordering the country's five top banks to raise capital over coming weeks or face lending sanctions.

Russia Signals More Rate Cuts to Stem Hot Capital (M.W.)

Russia needs to keep cutting rates to stem the use of the ruble as a vehicle for the carry trade, and after the economic decline removed inflation risks, Ulyukayev said at a conference in Moscow today organized by the Vedomosti newspaper.

The Path To Riches For The Next Generation (M.W.)

Today, I'm going to give you the same advice I've given my children, the same advice I've given my friends, the same advice for which people pay me thousands of dollars every year.

Businessman Gives Town $20 Million Donation (M.W.)

For three decades, residents of Townsend, Mass., could not raise the money needed for a new public library. Now they have a state-of-the-art facility valued at more than $20 million that was built and donated by a reclusive local executive.

Group Of Ohio Banks Helps People Save Their Homes (M.W.)

Eight banks are participating in the Federal Home Loan Bank of Cincinnati's ''Preserving the American Dream'' program, offered locally. The program has been so successful, that the FHLB is providing an additional $200,000 to help struggling homeowners. Overall, the federal bank — which has a congressional mandate to devote 10% of its annual profits to housing programs — is handing out $2 million to bolster foreclosure programs that began last year.

Local Lenders Helping Small Family Businesses (M.W.)

For some entrepreneurs, having a long-standing relationship with local community banks has been a way to survive, when commercial banks wouldn't have been interested in helping them bridge the financial gaps.

Mayor Revives Distressed Town By Converting Abandoned Properties (M.W.)

John Fetterman, mayor of Braddock, Pa., is a rare man with an even rarer mission: to pump new life into his 142-year-old town. He has been leading efforts to creatively reknit the community, working with remaining residents to convert abandoned spaces into community spaces, including an old millworker’s row house converted into a foster home for abandoned children, and an old middle school that is now a gallery for local artists.

Farmer Opens His Field To Give Free Vegetables To Thousands (M.W.)

For the second year in a row, Miller Farms opened its fields to anybody who needed free vegetables. Armed with shovels, picks, barrels and bags, thousands of people turned out to gather food for themselves and for others.

A Good Deed Grows Into National Campaign To Help Stave Foreclosures (M.W.)

Marilyn Mock was at a foreclosure auction when she was drawn to Tracy Orr, who was crying because her home was about to be sold. Mock borrowed against her dump truck to buy the house. Then she gave it back to Orr, arranging do-able terms on a note for the auction value. Now, Mock has established the Foreclosure Angel Foundation to help homeowners facing foreclosure throughout the country.

The Backpacks (M.W.)

The backpacks tell a story that can both break your heart and make your heart swell with admiration. And if you've ever had any doubt about what the financial crisis in the United States is doing to families across the country, well, 106 backpacks in Moberly, Missouri will erase those doubts pretty quickly.

Local Doctor Gives Free Healthcare To Entire Community (M.W.)

When their small town was hit hard by the economic crisis, Dr. Dan Bell and his wife, Suzie, made it their mission to make sure everyone in their community had access to free healthcare. Twice a month, with a staff of 250 dedicated volunteers, they transform a church gymnasium into a full-service medical center with private exam rooms, a makeshift pharmacy, free meals and a triage area, which offers immediate care to those in need.

Easy Ways To Show Your Gratitude On Thanksgiving (M.W.)

Nine ways to give back and share what you're thankful for.

Doing More With Less (M.W.)

The big thing in philanthropy these days is all about doing more with less, and doing it yourself. Think ad hoc funding circles with small memberships and small-scale, targeted objectives.

Recession Gave Them New Opportunities (M.W.)

Some people say the tough times have helped them seize opportunities they might have otherwise ignored.

A Way Out Of Foreclosure (M.W.)

During the Great Depression, people sold apples in the streets to get enough money for their next meal. Fast-forward 80 years to another recession. Like so many great ideas, some are born of sheer desperation.

Fairytale Homes From Leftover Construction Materials (M.W.)

The homes look like something out of a fairytale, marked by whimsy and imagination. Each is a story of resurrection, told by designer and builder Dan Phillips.The home construction industry generates 31 million tons of waste each year. Here's how one man has come up with a way to give new life to some of that material, a new beginning to unskilled laborers, and energy efficient, earth friendly homes to those in need.


How to build My 50 Dollar Greenhouse (cat233)

I’ve rounded up all of the materials and it looks like I’m going to end up with about $50 in a 165 square ft. green house.


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Re: Daily Digest - November 26

"Nov. 26 (Bloomberg) -- China’s foreign-exchange reserves face a “triple whammy” as inflation, oversupply and the “inevitable” decline of the dollar threaten to erode the value of its holdings of U.S. Treasuries, said Yu Yongding, a former adviser to the Chinese central bank.

China needs to divert its trade and investment surpluses away from U.S. debt if it is unable to reduce them, Yu, a member of the central bank’s monetary policy committee from 2004 to 2006, said in a speech in Melbourne last night. The nation, with the world’s largest foreign-exchange reserves of $2.3 trillion, is the U.S.’s biggest creditor, holding $798.9 billion of Treasuries as of September."

""This last-minute moratorium on debt repayments at Dubai World is unacceptable has all the smacking of an Ireland -- nay worse, an Iceland -- in the making."

.......2A) European banks may have $40 billion Dubai exposure

.....2B) Moody's downgrades Dubai government-related issuers ratings

"DP World issuer and debt ratings were downgraded to Baa2 from A3;

- Dubai Electricity & Water Authority (DEWA) issuer and debt ratings were downgraded to Baa2 from A3;

- DIFC Investments (DIFCI) issuer and debt ratings were downgraded to Ba1 from A3;"

"Los Angeles could face a $1-billion deficit by the time Mayor Antonio Villaraigosa wraps up his second term in 2013, a dire forecast driven primarily by escalating employee pension costs and stagnant tax revenues, the city's top budget analyst said Wednesday.

The grim financial outlook came a day after the city's credit rating was downgraded by Wall Street-based Fitch Ratings. That could worsen L.A.'s already precarious financial situation by making it more expensive for the city to borrow money."

"TRENTON — New Jersey's budget problem worsened in October, with a $222 million shortfall that exceeded its deficit in tax collections from July, August and September combined.

In a prospectus sent Wednesday to prospective bondholders, the state says its deficit could be $1 billion. It said that could be closed in part through "up to $400 million actions affecting major cost centers, including: school aid, municipal aid, higher education, hospitals and the state contribution to the pension plans."

However, the 5.1 percent, $412.7 million year-to-date tax shortfall would, if maintained over the course of the next eight months, leave collections almost $1.5 billion behind budget."

"Iowa next year will face the largest budget gap in its history: more than $1 billion, a new budget review projects.

The review, released Wednesday by the state's Legislative Services Agency, shows Iowa lawmakers will face a projected shortfall between revenue and expenses of $1.07 billion in the fiscal year that begins July 1.

That's nearly $300 million more than the previous record gap - the one projected before lawmakers began hammering out the current budget."

"Normally, we have turkey donations coming, and the freezer here would be filled to the brim. In fact, when you open the door they'd fall out on your feet," she said. "This year, it's almost empty."

.....6A) Record number of recipients use county food pantry (Maryland)

.....6B) West Texas Food Needs Reach High 11/25/09

"Need has exploded this year," said Folsom.

"We have one agency that had to close because they couldn't handle the need, they served 21 in January, and it went up to 92 in August."

And the list goes on; in fact many of the agencies have reported doubling or even tripling needs since last October.

"Consumer ads for clopidogrel began in 2001. Between then and 2005, spending on DTCA for clopidogrel in the United States was more than $350 million, an average of $70 million a year. In that same time frame, use of the drug in Medicaid programs did not increase, but cost per unit per quarter increased by 40 cents (12 percent), leading to an additional $40.58 in pharmacy costs per 1,000 Medicaid enrollees per quarter, the study found."

"Similarly Toyota Motor Corp. assumes the dollar will trade at the 90 yen level in the latter half of its fiscal year, meaning a rise of 1 yen will erase about 25 billion yen from its operating profit on an annual basis, Japan's number one automaker said.

"We are reaching a level where cost cuts alone will not get us anywhere," a senior official at Sony Corp. said, adding that a stronger yen will further hurt its price competitiveness in the marketplace.

A representative at a major heavy industry firm also weighed in on Thursday saying, "There will be a huge impact so we hope this (current level of the yen versus the dollar) is temporary," an official at Fuji Heavy Industries Ltd. commented."

"Next fiscal year may include up to $100M in education cuts, official says"

    (Bloomberg: I'm not going to say anything about that headline about Vietnam Sealed)

"The interventions by Hong Kong, which is part of China but administered separately, reflects the challenge facing policy makers in many Asian economies: managing the influx of investments, fueled by cheap U.S. dollars, while at the same time preventing their local currencies from appreciating sharply and hurting their export industries, for many of these countries the key driver of growth.

Hong Kong's close links with China make it particularly attractive to foreign investors, but other export-driven Asian economies--from Indonesia to Thailand--have intervened to keep their domestic currencies from appreciating sharply."

"The U.S. Mint said Wednesday it will suspend sales of the popular American Eagle 1-ounce bullion coins as rising demand depleted its inventory.

"The United States Mint has depleted its current inventory of 2009 American Eagle 1-ounce gold bullion coins due to the continued strong demand for this product," the Mint told its authorized dealers in a memorandum on Wednesday."

"Increasing worries about inflation, a falling U.S. dollar and geopolitical tensions are prompting individual investors to take physical possession of gold coins and other bullion products due to the metal's appeal as a safe haven in financial and political crises."

"In a forum organized by the University of the Philippines School of Economics (UPSE) late Wednesday, Bangko Sentral ng Pilipinas (BSP) Sterling Chair Professor of Economics Maria Socorro G. Bautista said that with the global economic crisis and the depreciating value of the US dollar, policymakers should now consider creating and using a "supranational currency" such as special drawing rights (SDRs) as their new main global reserve currency."


...........Another day of everything in the red, and more dollar rejection.

Happy Thanksgiving!

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Re: TEDTalks: Rob Hopkins: Transition to a World w/o Oil

Another wonderful TEDTalks video. I loved the idea Hopkins puts forth--"Resilience."

Happy Thanksgiving all!


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Fake Jefferson quote


Hi Chris, thanks for the good work!, I regularly check on your blog. Smile

For everybody's information, (it's a lost battle by now but here I go for the zillionth time Embarassed)   

The quote " ..... first by inflation then by deflation ..... wake up homeless on the continent ... etc...."

which starts the "Goldman Sachs and US demise" article in the asian times referred to above

is fake. Was never uttered by Jefferson. It dates from the 1930s when people also didn't like banks too much.

Reference: http://wiki.monticello.org/mediawiki/index.php/Private_Banks_(Quotation)

[The brackets are part of the web address, which makes it unclickable in this comment]

For geniune Jefferson texts, see for example:




Thanks for the interesting blog, keep up the great work!



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Re: Daily Digest - November 26

M.W.  - thanks for the holiday stories.  All excellent finds :)

Happy Thanksgiving

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Re: Daily Digest - November 26

Sri Lanka buys 10 tonnes of gold from IMF
26 Nov, 2009 21:03:02
Nov 25, 2009 (LBO) - Sri Lanka has bought 10 metric tonnes of gold for 375 million US dollars from the International Monetary Fund, following in the wake of India and Mauritius, the international monetary watchdog said.
The IMF said the deal was made at November 23 prices.

Sri Lanka's central bank Governor Nivard Cabraal has said that gold would be a "very important anchor" for its foreign reserves.

As of September 2009, Sri Lanka had reported gold holdings of 5.3 tonnes.

The IMF said its latest sale was of the 403.3 metric tonnes it was selling to raise money. It had already sold 202 tonnes to India and the Mauritius.

IMF said it was first selling to gold "directly to central banks and other official holders" instead of to the general gold market.

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Re: Daily Digest - November 26

Cat, thanks for the link to the $50 greenhouse article.  We have a short growing season here, and I've been thinking that building some kind of small greenhouse might be a good idea for us. 

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Re: Daily Digest - November 26
saxplayer00o1 wrote:

    (Bloomberg: I'm not going to say anything about that headline about Vietnam Sealed)

Hey, what could be funny about a slump in the Dong?  Laughing

Some other quotes in the article: “The dong has lost its value.” ; "The dong has slumped 24 percent in the past decade..." ; "The dong is the second worst-performer..."

I was going to take the high road and keep my trap shut.  That is until I saw the piece de resistance.... a Viagra advertisement on the sidebar of that very article. 

Truly a Beavis and Butthead moment.  I should do a screen print and send it to Jay Leno's "Headlines".

- Nickbert

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Re: TEDTalks: Rob Hopkins: Transition to a World w/o Oil

I loved the Rob Hopkins video, Orangedem!  While I've heard several people on this site mention the idea of transition towns, I don't think I've ever actually seen or heard him before.  He's quite impressive!   Rob reminds me of Chris in that they both are really intelligent, and they are both excellent at communicaing their knowledge of what's going on in the world, as well as their positive vision for where we can go from here.  Thanks for bringing it to our attention!

Happy Thanksgiving everyone!


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Re: Daily Digest - November 26
pinecarr wrote:

Cat, thanks for the link to the $50 greenhouse article.  We have a short growing season here, and I've been thinking that building some kind of small greenhouse might be a good idea for us. 

That is a good link, repeated here: 


Their initial construction was last year.  Look for the other links at the end of the posting.  There are several follow-ups, including a report 6 months after construciton.

Wish I had found that link when I was looking for ideas.  I ended up with a very similar design that I shared here:


 We have been having a lot of cloudy/rainy weather this fall.  Our results so far have been less than exciting,but not disasterous.  Started a little later than optimum I suspect.

- Jim

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Re: Daily Digest - November 26 Greenhouse

I'm in southern NM and have used a hoop affair for years...However, I have raised beds, about 3 feet high (bad back) built of cinderblock, so I just wedge the pvc hooping in the block and secure with big rocks. I also make "teepees"....crisscrossing the hoops and using wire to secure at the peak. My beds are 8-10+ feet long, so I do two teepees for the 8 footer and 3 for the 10+ bed.  The "teepees" are VERY STURDY, and hold up well in our wind.  I used to do a simple hoop across the beds, but they were too flimsy that way!  I use 2 ml. plastic which I read somewhere..It lets in more light and lasts a few years if cleaned and allowed to dry before storing...It's quite sturdy, and you do need the maximum light....and that's in our intense sunlight, even in winter!  I secure the plastic with LARGE binder clips...the kind you get at Staples...those brown clips with the two "handles"....I use them all over the garden!~

I ventilate by opening one end of the bed, partially or fully, depending on the day, but close up before it gets cold in the late afternoon.

I grow kale, pak choi, Chinese cabbage, spinach, lettuce, mustard and peas and keep the chard, too.....It's easier than in the summer when the heat is very hard to deal with...then, I put sunshade material over the teepees!


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Re: Daily Digest - November 26
The End of the World is Nigh.
Presumably the gold explosion is the result of those in the know -
like those at HSBC and Barclays Bank in London who have lent Dubai those billions.
Barclays shares lost 7.4% overnight,
Standard Chartered lost 6.5%,
HSBC lost 5.2%.
"The cost of insuring sovereign Dubai debt against default rose to $570,000 to insure $10 million of bonds, up from $440,000 at Wednesday's New York close, according to data provider CMA. "
Great day to have Thanksgiving :-)
Bloodbath tomorrow maybe.
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...and more on the dong
Stocks Tumble, Bonds Rally on Dubai; Credit-Default Swaps Soar

By David Merritt

Nov. 26 (Bloomberg) -- European stocks fell the most in seven months and bonds jumped as Dubai’s attempt to reschedule its debt rattled investors seeking higher returns in emerging markets. The dollar slid to a 14-year low against the yen.

Europe’s Dow Jones Stoxx 600 Index retreated 3.3 percent at 5 p.m. in New York as a gauge of volatility posted its steepest surge in a year. The Shanghai Composite Index slumped 3.6 percent, the largest drop since August, and Brazil’s Bovespa Index slipped 2 percent. Credit-default swaps tied to debt sold by Dubai rose as much as 135 basis points to 575 according to CMA DataVision. U.S. markets are closed today for the Thanksgiving holiday.

Dubai World, the government investment company burdened by $59 billion of liabilities, roiled markets around the world yesterday by seeking to delay repayment on much of its debt. The dollar’s slump prompted Finance Minister Hirohisa Fujii to say Japan’s government is watching currencies “very closely,” while traders said the Swiss central bank sold the franc after it climbed to the highest value against the euro since June.

“Dubai isn’t doing risk appetite any favors at all and the markets remain in a vulnerable state of mind,” said Russell Jones, head of fixed-income and currency research in London at RBC Capital Markets. “We’re still in an environment where we’re vulnerable to financial shocks of any sort and this is one of those.”

Sovereign Debt

The Dubai announcement drove up the cost of protecting emerging-market sovereign debt against default. Contracts linked to Saudi Arabia climbed 18 to 108, while Bahrain rose 22.5 to 217, CMA prices show. Debt swaps linked to Abu Dhabi government bonds increased 23.5 to 160, Vietnam rose 35 to 248, Indonesia climbed 25 to 227 and Russia added 13.5 to 205.5.

Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fail to adhere to its debt agreements.

Vietnam’s dong, the world’s worst-performing currency, declined to a record low against the dollar after the central bank devalued the currency to curb inflation.

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Re: Daily Digest - November 26
Dubai has moved into 6th place on the list of basket cases
based on the cost of Credit Default Swaps
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Re: ...and more on the dong


Some great finds.  I saw some mention on MSM.  I can't help but think that yesterday was a great day to bury bad news given the US holiday.  I'll have to watch CNBC and see if today is full of stories about Black Friday and shopping frenzies.


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Re: Daily Digest - November 26

Hey JRB, thanks for pointing me to your greenhouse link!  I've printed that out as well.   You greenhouse looks great!  Thanks for sharing the info!

I'm curious what planting zone you are in (really what kind of climate you are dealing with).  We have pretty snowy, cold  winters, and I wonder if such a greenhouse would be feasible for us, given our conditions. I'm wondering if it would be more of a tool for extending my growing season in the fall?  I should probably go check out local florists and nurseries, and see what they do in their greenhouses (whether they have some heating source). 

NMNJGRL, thanks also for your info!  Very good to hear people's first-hand experience!


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Dubai's woes shake UAE, region - WSJ

From Briefing.com

Dubai's woes shake UAE, region - WSJ

The Wall Street Journal reports investors sold banking stocks across Europe and Asia and raised the price of insuring against Dubai defaults, a day after the government said it would take charge of restructuring its corporate flagship, Dubai World, and asked creditors to accept delayed payments. A Wednesday announcement of a six-month standstill in debt payments took investors and analysts by surprise. It followed months of positive moves and comments from government officials suggesting Dubai and the federal government of the United Arab Emirates were willing to step in to plug financing holes. Amid a scramble by international bankers and analysts to assess global exposure to Dubai, the co said Thursday that its cash-generating ports division, DP World, wouldn't be included in the restructuring. Co executives and representatives didn't respond to requests for comment. Sheik Ahmed bin Saeed al Maktoum, head of Dubai's finance committee, said in a statement Thursday that "our intervention in Dubai World was carefully planned and reflects its specific financial position," according to Zawya Dow Jones. "We understand the concerns of the market and the creditors in particular. However, we have had to intervene because of the need to take decisive action to address its particular debt burden," he said, promising more details next week. Dubai World is seeking a six-month moratorium on interest payments, a person familiar with the matter said. During that time, it could negotiate with creditors a restructuring that would pare liabilities, which include $20 bln of loans and bonds coming due in the next 18 months, according to estimates. If the lenders don't agree, Dubai World will default on the notes, the person said. The banks with the greatest exposure to Dubai World are Abu Dhabi Commercial Bank and Emirate NBD PJSC, people familiar with the matter said. Among the international banks that have large exposure are the Royal Bank of Scotland (RBS), HSBC (HBC), Barclays (BCS), Lloyds Banking Group (LYG), Standard Chartered PLC and ING Groep (ING), the person said. RBS has lent roughly $1 bln to Dubai World, another person said. Barclays's exposure to Dubai World is roughly $200 mln, and that exposure is effectively hedged, according to people close to the matter.



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Re: Dubai's woes shake UAE, region - WSJ
cat233 wrote:


Dubai World will default on the notes,  international banks that have large exposure are the Royal Bank of Scotland (RBS), HSBC (HBC), Barclays (BCS), Lloyds Banking Group (LYG), Standard Chartered PLC and ING Groep (ING)

All I need to read.

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