Quick Hits: Chrysler Almighty!
Brief scrutiny of today's headlines
Okay, maybe that's a bit of an exaggeration: Foreign investment in American capital has yet to boost the dollar or strip the flag of its stripes - but it has managed to buy a few American icons along the way, including New York City's totemic Chrysler Building.
The Abu Dhabi Investment Council will pay $800 million for a 90% stake in the 1,046-foot Art Deco tower, one of the defining points of the Manhattan skyline and the tallest skyscraper in the U.S. at the time of its construction.
This prestige purchase follows a Ukrainian mogul's $23 million splurge on Jeff Koons' famous "Hanging Heart" sculpture:
Of course, steel magnates are allowed occasional lapses in taste.
And can you think of a more red-blooded American than real estate (and comb-over) king Donald Trump? Say it ain't so: A Russian fertilizer billionaire (you can't make this stuff up) kicked the Donald out of his own damn home, dropping $100 million on Trump's Palm Beach mansion.
As much as it hurts to let go of these priceless pieces of Americana, foreign investments could pull the U.S. economy out of its current slump. It may just be a way to put a positive spin on transcontinental identity theft, but exporting the dollar -- especially in such bling-tastic amounts -- may be the best way to put bang back in the buck.
Not to worry: America's got icons to burn - and it's not like the foreigners are going after Budweiser (BUD).
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