Has there ever been a more blatant example of insider trading? Amazing, but they will get away with it.
On another note, 10B$ is only ten percent of the 'estimated' debt obligations of Dubai and look what it took to get that amount of money secured by Abu Dhabi. It required massive negative publicity, stock markets taking a hit and for once, a hint from the authorities that Dubai was not exactly how they had portrayed it.
Money is leaving, instead of coming into Dubai. The bankers know it and they have been told to keep the issue from us common folk, in order to hopefully avoid a run on the banks in Dubai. They seriously fear that possibility, which should scare the hell out of all of us.
You ever get the feeling you are on a sinking ship, yet most of the passengers are happily drowning (no pun intended), their misgivings at the ship's bar?
EK will eventually take a hit too. EK's employees already have, with the continual erosion of our T&C's but there has also been the secret pillaging of EK's coffers to support Dubai. For months we were told on our weekly update email, that we were barely making a profit and then suddenly we had made 200M$ in the first half, which was announced just prior to DW's request for a debt extension and the resultant fallout.
At some point EK will have to be offered to the Lords of Money in AD, if we already haven't been. I just don't see any other outcome.
My denial has ceased finally, this place is in serious trouble and the latest announcement should not be a sign of positive and progressive action to alter the downturn, IT SHOULD BE a clear indication that things are going to get worse.
Hope I'm not the last rat to leave this sinking ship.
ps for WhiteKnight.... GO GEORGE GO!