Nov. 27 (Bloomberg) The United States of America will sell the White House, and receive a $2.5 billion cash infusion from Abu Dhabi to replenish capital after record spending coupled with excessive tax cuts, officials announced today.
"Clearly, the U.S. has a problem with capital adequacy." said Giyas Gokkent, head of research at National Bank of Abu Dhabi PJSC, Abu Dhabi's biggest bank by market value. "Abu Dhabi has seen an opportunity to get purchase one of the most famous properties and addresses in the World."
The White House, located in Washington, D.C., and home to many U.S. Presidents, has seen such historic residents as Abraham Lincoln, Franklin Roosevelt, and Richard Nixon. George Bush was preparing to move across the street to the Blair House, but sources indicate that an agreement has been reached which will allow the U.S. President to remain in residence while leasing it from Abu Dhabi.
Abu Dhabi will convert the East Wing into a showcase for Abu Dhabi business and tourism, as well as Muslim and Arabic history.