Dubai Sub-Prime

In another example of the growing influence of the Dubai government in global finance, the government-held group Istithmar announced plans Monday to possibly buy two US firms hard-hit by exposure to subprime mortgages. With predictable bravado, Istithmar CIO Felix Herlihy stated that "For every loser there is a winner and some institutions may have to sell some good assets, because of bad assets hit by sub-prime." In the world of finance, it somehow seems that Dubai is always the winner...