The financial world is becoming more global every day, as the sub-prime crisis is forcing investment banks to shore up their capital. Singapore Temasek has been the biggest investor; over the past couple of years it has bought stakes in Standard Chartered, Barclay's, UBS and now it looks as though it will put $5 billion into Merrill. And China is getting into the act by giving Morgan Stanley $5 billion.
It's not over yet by any means. This sub-prime debacle will not only mean huge losses but will see our belief that we are #1 in the world of finance sorely challenged.
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