Daytrading to earn a living: Kuwaiti dispose citigroup stake

Kuwait is an Arabic word meaning "fortress built near water."
Kuwait came under the influence of the Ottoman Empire and after the World War I, it emerged as an independent sheikhdom under the protection of the British Empire and gained its independence in 1961. Kuwait's large oil fields were discovered in the late 1930s.

Kuwait is regarded as one of the most economically developed countries in the Arab League and is designated as a major non-NATO ally of the United States.
Kuwait is one of the world's leading oil producers.

The Kuwait Stock Exchange is like an airport lounge. There was a restaurant, a Starbucks and a lot of people just sitting in chairs exactly like the ones you would find at airports. There was also a huge Times Square like electronic screen on the wall and that people can now watch the news and the stocks all from that "lounge". It was huge and just totally packed with people. The third floor is where all the action takes place and this is where you can find people dancing or people fainting. Ambulances lined up outside the stock exchange building because when the stocks went down badly so did a lot of people.

Sources hinted that Citigroup is seeking to repay billions in federal bailout aid but so far haven't received permission from the government.
The main sticking point is how much capital the banks would need to raise to repay taxpayers the money they received at the height of the financial crisis.

Citigroup received $45 billion in bailout money and is now 34 percent owned by the government.

The government has told Citigroup that it would need to raise at least $20 billion in common equity to be able to quit the Troubled Asset Relief Program.

Gulf Arab nations like Kuwait sovereign wealth funds have been heavy investors in U.S. and European companies, using their oil wealth to buy large stakes in companies ranging from Citi to Germany's Volkswagen AG and Mercedes-Benz parent Daimler AG.

Kuwait took its stake in Citi last year after another Gulf fund, the Abu Dhabi Investment Authority, paid $7.5 billion for a 4.9 percent stake in the company.

Kuwait Investment Authority (KIA) transferred the preferred stocks it owned in Citigroup to normal stocks and sold all of them for $4.1bn,a profit of $1.1bn from the sale, or a 37 percent return on its initial investment.