PetroChina is now worth more than the U.S. Banking System!

Discussion in 'Economy' started by DavidS, Feb 23, 2009.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    PetroChina, largest company in emerging markets, is worth more to stock investors than the biggest U.S. banks combined.

    The Bloomberg chart below shows the market value of the KBW Bank Index, which tracks 24 of the largest American lenders, plunging to $272.4 billion last week from a peak of $1.36 trillion two years ago. The gauge tumbled 51 percent in 2009 to the lowest level since October 1992. Citigroup and Bank of America lost more than 70% of their value on concern the U.S. government will nationalize the lenders and wipe out stockholders.

    [​IMG]


    While PetroChina's shares have dropped 71%from an all-time high in November 2007, they rallied 35% since 27 Oct 2008. That pushed the oil producer’s market value to $285.1 billion, surpassing the U.S. bank index for the first time.

    China's Shanghai Composite Index rallied 24% this year for the top performance among stock benchmarks worldwide while the S&P500 Index retreated 15%.
     
  2. editec
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    editec Mr. Forgot-it-All

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    And yet they were masters of our universe just six months ago.

    And yet many of us still wonder why allowing supply sider economist like these guys so obviously were to set the source of the ship of state has been disasterous for the American people?

    And, just in case you think this was a stab at the Republicans, I note that Obama's chums in power are mostly WALL STREET MAVENS, too.

    Richard Reicht, a person I held in rather high regard for his position regarding the economy generally, was, I am informed an officer of Citibank who realized $110,000,000 in salary last year.

    When you society is run by a kleptocracy, finding heros among the leaders is a mighty daunting task, isn't it?
     
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    China goin' after Iraqi oil...
    :mad:
    China goes after big stake in Iraq's oil
    Oct. 11,`12 (UPI) -- Chinese oil companies are showing a growing interest in Iraq's oil industry.
    See also:

    Mideast cyber war widens, oil targets hit
    Oct. 11, 2012 - The Middle East's cyberwar with Israel and the United States on one side and Iran on the other is steadily escalating.
     
    Last edited: Oct 11, 2012

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