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This is a big story. What a bunch of jerks run our money in this country.

Asian, Middle Eastern governments aid big banks
Merrill may be latest to fill holes left by write-downs with government cash
By Alistair Barr, MarketWatch
Last update: 1:48 p.m. EST Dec. 21, 2007
SAN FRANCISCO (MarketWatch) -- Some of the world's biggest banks, pinnacles of capitalist enterprise, are increasingly turning to governments in Asia and the Middle East for cash to fill gaping holes left by mortgage-related write-downs.
Several top Wall Street firms have reported heavy losses in recent weeks, confirming the effects of the subprime-fueled global credit crisis. As write-downs accumulated, more banks unveiled deals with foreign governments. See related story.
Merrill Lynch & Co. (MERMerrill Lynch & Co., Inc
MER) , the largest U.S. brokerage firm, may be the latest in search of government aid from Asia.
Temasek Holdings Pte. Ltd., an investment company owned by Singapore, is in advanced talks to inject up to $5 billion in Merrill, The Wall Street Journal reported on Friday. The report cited an unidentified person familiar with the situation.
Jessica Oppenheim, a spokeswoman for Merrill, declined to comment. Mark Lee, a spokesman for Temasek, didn't return a phone call and e-mail seeking comment on Friday.
Merrill, like several of its investment-banking rivals, has taken billions of dollars in write-downs this year as subprime mortgage-related assets, such as collateralized debt obligations, declined in value.
The firm may take another $8.6 billion in write-downs from the fourth quarter, Fox-Pitt Cochran Caronia analyst David Trone estimated on Thursday. See full story.
Earlier this week, Morgan Stanley (MSmorgan stanley com new
News, chart, profile, more MS) announced a $5 billion investment from China Investment Corp., a fund controlled by the Chinese government -- and also disclosed $5.7 billion in additional write-downs as it reported a fourth-quarter net loss of $5.8 billlion.
In similar recent deals aiding big banks in distress, Citigroup (CCitigroup, Inc C) recently sold a stake of nearly 5% to an Abu Dhabi fund for $7.5 billion and UBS (UBSUBS Ag