Foreign funds continue to pourinto Wall Street’s big banks. Merrill Lynch said it is issuing $6.6 billion inconvertible, preferred stock to Korean Investment Corp., Kuwait InvestmentAuthority, and Mizuho Corporate Bank of
Citigroup, which today reportshuge losses, says its new funds include a $6.88 billion from the Government ofSingapore Investment Corp., Capital Research Global Investors, Capital WorldInvestors, the Kuwait Investment Authority, the New Jersey Division ofInvestment, Prince Alwaleed bin Talal of Saudi Arabia, and former Citi Chairmanand CEO Sanford Weill, according to Journal.
“One of my main prioritiesover the last several weeks has been to ensure Merrill Lynch’s balance sheet isstrong, and these transactions make certain that Merrill Lynch iswell-capitalized,” John Thain, the former New York Stock Exchange chief who succeeded outgoing Merrill CEO Stan O”Neal last fall, told the Journal. Thefinancial breakdown among the three new investors wasn’t immediately clear.