Truly Going Global

An Arab investment group, The Abu Dhabi Investment Council, is bidding approximately $800 million to purchase a 75% ownership stake in the Chrysler Building, a building said to be the Art Deco-style treasure of New York City.

The oil-rich "sovereign funds," such as the Abu Dhabi Investment Council, have large sums of cash that they're looking for a place to invest. It should be noted that the other 25% of the Chrysler Building is owned by Tishman Speyer Properties, which is trying to sell part of its interests to the Abu Dhabi group too. Along with majority ownership in this iconic building, it's been reported that other famous buildings in the U.S. have also been eyed as well.

But before you get too upset that this piece of American culture may fall into the hands of Arabs, please know that the stake they are wanting to buy is already owned by "foreigners," namely a German investment firm.

Much of the U.S. in now "owned" by foreign investors. Free trade has sent billions of dollars to foreign counties from the U.S. in exchange for cheap -- and not so cheap -- goods. Aside from the obvious oil imports from foreign countries, Wal-Mart has become the largest importer of Chinese goods, and American's seem to love it.

With cash piling up in these countries, what are they to do with it?

Of course, Hawaii became largely owned by the Japanese in the 1970's & 1980's.

In banking, Citigroup recently received large Chinese investments. It has had its largest block of stock owned by a Saudi prince for several years.

Also in the banking realm, investment banker Lehman Brothers is currently looking at a $6 billion equity injection due to the American credit crisis. Suitors so far have been two large Korean banks.

Our economy is turning to be truly global in scope.