Desperate Citigroup looks East for cash

So much for the idea that banks are so well capitalised that they can weather the credit crunch, as Citigroup is forced to raise $7.5bn from the state-owned Abu Dhabi Investment Authority.

It's come to something when America's biggest bank has to "go cap in hand" to the Middle East for money, said Jeremy Warner in The Independent.

Citigroup (C) has raised $7.5bn from the Abu Dhabi Investment Authority (ADIA), a state-owned investment fund from the United Arab Emirates.

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