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Arab Government Bites Off a Big Chunk of G.E.

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A powerful Abu Dhabi government fund is stepping in to rescue General Electric in return for becoming a major shareholder.

This breaking news is just another blow to the reeling U.S. economy, not to mention the U.S. citizenry.

As I noted on June 24, in “Capitalist Kumbaya”:

With every new step that big money takes into places like China or the UAE or Qatar, average Americans’ clout, wishes, desires, and needs become less important.

Mubadala, this Abu Dhabi government entity that you never heard of but that you’ll have a better and better idea about in the years to come, tore off a chunk of powerful U.S. investment firm Carlyle last year, paying $1.35 billion for a 7.5 percent share — a major holding.

Last November, Mubadala bought 8 percent of ailing chip maker AMD, which is perpetually losing its race with Intel but still powers a lot of your computers.

The New York Times has both of those stories, but as I write this item, it hasn’t reported this latest infusion of money into a U.S. company. It’s the “Arabs Oil Weapon,” as Bunny Wailer once sung, but the wailing you’re hearing is down on Wall Street, as U.S. big shots see their power erode.