| User Info
| Hmmm.... Dubai (Again) - More? in forum [Market-Ticker]
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Marginnayan
Posts: 11278
Incept: 2007-06-27
Annihilate Goldman Sachs Bastards. Period.
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"If the trend is your friend until it meets a bend, that trend is now the investor’s enemy." - SocGen’s Albert Edwards
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Randy123
Posts: 5767
Incept: 2008-09-24
Earth
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Could be a more than a bump in the road after all.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Frat
Posts: 1934
Incept: 2009-07-15
NKY
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Randy, is that something like "it's merely a flesh wound?"
This could start to get "good!" <<Sigh>> Bring it on; it's about time some people start to PAY for their transgressions - and I ain't talkin' in money.
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We're ****ed. Where's Henry Bowman when you need him?
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Mo
Posts: 12158
Incept: 2007-06-26
Pa.
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This story just gets better and better.
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Welcome to Pottersville
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Willi_in_oz
Posts: 209
Incept: 2007-08-21
adelaide
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via http://www.7days.ae/storydetails.php?id=....Japanese companies are owed $7.5 billion by the Dubai government and affiliated companies, according to a report from the Nikkei Business Daily. According to Nikkei, an estimated $1 billion of these debts have gone unpaid past their due dates, with some of them more than a year overdue. The total owed, which does not include loans from banks, was spent on 18 projects worth roughly $15 billion. These projects involve general contractors, trading hou-ses and electric machinery manufacturers in Japan, the Nikkei said. The debt is calculated as of October 31. The Dubai Metro is one of the major projects for which the Dubai Government still owes money to Japanese construction firms. Earlier this year the Roads and Transport Authority chairman Mattar Al Tayer admitted that the Dubai Metro costs had skyrocketed to over 75 per cent higher than its original dhs16 billion budget. “We did not take any loans and the financing for this project is there and guaranteed,” Al Tayer said at the time. The Nikkei Business Daily said that while the Japanese firms expect to recover some of the outstanding payments depending on how negotiations proceed, they may give up collecting others, which will force them to end up sustaining significant losses. Dubai’s debts have come to the fore recently after government-owned Dubai World announced that it was seeking to delay payments on up to $26 billion worth of debt during a restructuring of its operations. The announcement led to falls in global and local stock markets amid fears that Dubai could not pay its debts. |
Randy123
Posts: 5767
Incept: 2008-09-24
Earth
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Wow, just what Japan needed.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Bandler6
Posts: 382
Incept: 2008-07-01
Under a rock
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Contractor does work for me/on my house, and I don't pay him? He puts a lien on my property until he gets paid. Guess the Japanese can't put a lien on the Royal Dubai Clusterduches and their see me from outer-space bull****. This should get interesting. 
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"Betray Your Bank Before Your Bank Betrays You"
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Berkleyreindeer
Posts: 665
Incept: 2008-07-22
Minneapolis , MN
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Dubai just needs to stimulate retail demand and everything will be fine.
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It'll get worse. Just wait.
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Statusquojoe
Posts: 2784
Incept: 2008-11-20
Land of the fees Home of the slaves.
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Keeping accurate accounts of your periodic billing is essential in construction. 2 months past due, no more work until payment of past billing is rendered, period. But how many construction firms continue with unapproved change orders and contracted work with past invoices outstanding?
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There are so many rules no one knows which rules to follow. The only sure rule is more rules will follow. SQJ.
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Jazen
Posts: 3416
Incept: 2007-07-17
****cago
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Relax Karl, they had a gentlemen's agreement, a good handshake.
Man's as good as word, no?
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I hate our Government, but I still love America.
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Smartmoney
Posts: 226
Incept: 2009-07-18
Banned
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I would be surprised if the banks did not already figure out the collateral was a farce. Within days of Citi bailout Billions were wired out to Dubai. Pure looting in my opinion. Has anyone seen looter guy lately.
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Baldy
Posts: 7390
Incept: 2008-05-16
Pittsburgh
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Karl- I posted this in wrong Ticker thread- Quote:there appear to be a who scad of contractors |
Johnny_crab
Posts: 1935
Incept: 2008-10-09
Boonieland south Texas
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If you want to know truth, start by turning off your television.
"They didn't just***** in the coffee, they took a **** on the hood of a '73 Eldo, let it bake in the DC sun, ground it up and sold it to us as coffee."--Duc888
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Howie
Posts: 4848
Incept: 2007-11-02
Wilmington, DE
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This is how Bear Stearns and Lehman started last year. At first, no big deal. After time, DOW 6000.
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"Banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." - Thomas Jefferson
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2banana
Posts: 337
Incept: 2008-02-25
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Quote:which likely wouldn't enforce a judgment from an English court, the document matter-of-factly explains. Translation: No infidel court is going to tell a muslim company or muslim country what to do. Welcome to sharia law. |
Trades50
Posts: 4214
Incept: 2007-10-30
Land of Tax and Spend
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Expect the CNBS damage control team out in force force calling any downturn a buying opportunity.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Kylafoon
Posts: 2455
Incept: 2009-02-05
Zombie Portal Lookout
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I am no expert on Sharia law. But, isn't it a sin to borrow or lend money?
Also, isn't it considered a sin if a muslim does not work to destroy
a non-believer(infidel)?
Isn't the very definition of infidel a "Modern Western Bank with a 14:1 leverage ratio"?
If Dubai squats and ****s on any and/or all of it's loans from
western infidel banks. Rest assured, it's OK with their beliefs.
Sold to you.
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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910
"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
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Little_eddie
Posts: 592
Incept: 2009-04-30
Delaware
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It's hard to have good cash-flow without any cash
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Quote:If the math says one thing and the law says something different, it will be the law that ends up changing Charles Calomiris From an article in Foreign Affairs entitled “The End Of The Euro” |
Howie
Posts: 4848
Incept: 2007-11-02
Wilmington, DE
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Seems that it should be a sin to borrow from an infidel.
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"Banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." - Thomas Jefferson
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Little_eddie
Posts: 592
Incept: 2009-04-30
Delaware
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Quote:Seems that it should be a sin to borrow from an infidel. Only if you plan on paying it back
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Quote:If the math says one thing and the law says something different, it will be the law that ends up changing Charles Calomiris From an article in Foreign Affairs entitled “The End Of The Euro” |
2banana
Posts: 337
Incept: 2008-02-25
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Takeyya is the word in Islam for lying to the infidels to achieve your objective.
Takeyya
The fact is that Muslims feel no pang of conscience to lie if that lie is said for Allah’s sake and his religion. If the lie is said for a good cause it is okay.
Stealing money from infidels to build up muslim lands is an EXCELLENT cause.
I just hope the west learned its lesson.
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If
Posts: 1193
Incept: 2008-01-06
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When a friend of mine didn't get paid for some construction work he would just go over to the home and start pulling his stuff out of the home-got results pretty quickly. I guess that is not possible here unless Japan wants to take its military over there-oh wait they can't really do that can they? Do you think everybody is starting to wake up to this huge mess?
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I finally took the red pill. I have a lot of catching up to do. Please excuse my ignorance.
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Elliottwaver
Posts: 176
Incept: 2009-02-09
Banned
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Well....with MBS crap, at least you can count on the U.S. Fed buying it up for 100 cents on the dollar. Don't think the UAE central bank, if there is even one, is going to be 'making whole' the defrauded parties with 'oil' notes. Nope....in this case the fraud actually results in deflation of values since there's no Helicopter Ben to perform miraculous healings with a printing press.
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"If we can't recognize losses in a capitalist system we have no future." - William Black
"We will never really understand important economic events unless we confront the fact that their causes are largely mental in nature." - Animal Spirits: How Human Psychology Drives The Economy
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Rantocanada
Posts: 81
Incept: 2009-12-06
South of the North Pole
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Beautiful mirage
A Citi that is of sand
Liquidity melts
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The Truth is right here... err, wait. Well, it WAS there just moments ago!
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