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Written by Richard R. Oswald
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Thursday, 23 August 2007 |
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Dubai, having given up on owning US ports, has decided instead to gamble on some prime Nevada Desert land, Las Vegas style.
In a deal valued at $5.1 billion, Dubai plans to become Kerk Kerkorian's partner in MGM Mirage.
The deal gives 90 year old Kerkorian a needed capital boost for his real estate venture involving hotels and casinos.
Dubai announced plans at the beginning of the year to invest $13.5
billion of surplus oil profits. The Las Vegas investment keeps them on
track to meet their goal.
One analyst terms it a bargain for Dubai, but it looks more like snake eyes to me.
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In the news
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The following article was written by Peter Morici, a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
The Treasury is injecting another $27 billion into AIG and raising the
taxpayers’ investment to $150 billon. Secretary Paulson appears more
intent on helping his pals on Wall Street than protecting taxpayer
interests.
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