Latest: US Govt Seeking To Borrow US$300b In Cash..NO JOKE!

CEO from the 3 big auto maker in US, flew in to D.C in their privat jet, to ask for more money.

They went back emptied handed, I guess the privat jet part is difficult to justify.

More bad news on the way as we see US economy dragging the whole world down.

Another piece of bearish news which not many know about.

According to my mate, a senior executive of Petrol Braz, one of the largest oil-rig builders in the world, many oil
exploration companies were rushing in to place orders to build oil-rigs when crude oil was trading near US$150 per
barrel in July 08.

Now that crude oil price has collapsed down to near US$50 many of these orders are being defaulted.

Today OCBC put up a bullish report on Keppel Corp in the Business Times, but I think this report is not accurate
at all.

US govt to give Citigroup US$20b

Posted: 24 November 2008 1322 hrs

WASHINGTON - The US government said late Sunday it will protect banking giant Citigroup against "unusually large losses" and give it 20 billion dollars from a financial rescue package approved by Congress.

The announcement came after the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation reached an agreement with Citigroup to provide a package of guarantees to the struggling banking giant.

In a joint statement issued after the talks, the three agencies said they will provide Citigroup "protection against the possibility of unusually large losses on an asset pool of approximately 306 billion dollars of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet."

In addition, the Treasury Department will invest 20 billion dollars in Citigroup from the Troubled Asset Relief Program, a 700-billion-dollar package approved by Congress earlier this year to soften the banking crisis, in exchange for preferred stock with an eight-percent dividend to the Treasury, officials said. .......

May not be too bad afterall...If Arab States refuse to lend how? War liao!!!!

Devil Within said:

USA is a bottomless pit now. Anyone trying to save them is committing financial suicide. :(

Click to expand...

US strategy is to suck all liquidity in the world right now. Once they do that, they will survive best while the rest collapse. Dollar imperialism at its finest moment, a policy in force since after the Second World War. LKY not kiang enough to understand its implications even with 70 over years to learn it.

Devil Within said:

USA is a bottomless pit now. Anyone trying to save them is committing financial suicide. :(

Click to expand...

obama has inherited a bottomless shithole. and this is going to affect the whole world for the next 5 years. USD will be toilet paper and that will trigger another global meltdown. be prepared for the worst. now u know why they pass the baton to obama!

the world are suckers. i hope they wake up in time to prevent this american asshole from sucking all their money into a bottomless pit. wake up world to this massive global fraud of the century. this is the mother of all frauds. hallelujah!!!

I have said b4 here, Obama was given the win to die cock standing. It will be a long long time b4 the next black one. This black one has no pedigree some more.

Obama will save the world! Fuck yes. Now he save his own kind!

Devil Within said:

USA is a bottomless pit now. Anyone trying to save them is committing financial suicide. :(

Click to expand...

"Yeah thats why you never see me borrow them $, my laupeh and I will only carry their balls again only if they can get back from the crisis, now we only carry Chaina balls first. Hei hei hei hei hei.."

Merl Haggard said:

Another piece of bearish news which not many know about.

According to my mate, a senior executive of Petrol Braz, one of the largest oil-rig builders in the world, many oil
exploration companies were rushing in to place orders to build oil-rigs when crude oil was trading near US$150 per
barrel in July 08.

Now that crude oil price has collapsed down to near US$50 many of these orders are being defaulted.

Today OCBC put up a bullish report on Keppel Corp in the Business Times, but I think this report is not accurate
at all.

Click to expand...

MARKET TALK: Petrobras May Scale Back S'pore Rig Orders - DBSV



0353 GMT [Dow Jones] Need for Brazilian energy giant Petrobras (PBR) to borrow US$879 million from state-owned Caixa Economica Federal bank suggests company may scale back new orders from Singapore rig builders next year, says DBS Vickers.

Petrobras said last week it took up loan from Caixa in October to meet short-term cashflow needs.

Broker notes Brazilian lawmakers demanding more details about loan; "should the Congress findings reveal more long-term financing issues for Petrobras, it would likely have a negative impact on new orders win for local rig builders in 2009."

Notes Keppel Corp. (BN4.SG) has S$1.8 billion worth of orders from Petrobras, or 10% of total orders due for delivery after 2008. Says while Sembcorp Marine (S51.SG) has no existing contract with Petrobras, company remains frontrunner for up to S$1 billion worth of orders Petrobras may place in 1Q09; "these (developments) reveal fresh evidence that the global credit crunch is spreading faster than expected to the rig builders' supposedly more cash-rich customers."

Keppel off 2.6% at S$4.09, SembMarine off 1.9% at S$1.57, Sembcorp Industries (U96.SG) off 5.9% at S$2.07. (FKH)