Top 10 Worst Biz Deals
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#8. Citigroup Sells Cheap to Abu Dhabi
Citi needed cash in the worst way to shore up its leaky balance sheet in the aftermath of the subprime debacle that cost CEO Chuck Prince his job. And Citi got it. Petrodollar-rich Abu Dhabi Investment Authority bought 4.9% of Citigroup for a cheap $7.5 billion — and Citi is paying out a stiff 11% coupon to the Middle Eastern investment fund. Some analysts say that's way too high a rate. Maybe Citi should have gone to a bank for a loan.
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